This indicator Show Correlation between the Current Ticker & timeframe and a Customizable Ticker. After adding the indicator you can change the second ticker in the settings.
The Correlation Coeff is between -1 to 1 which 1 means 100% correlation and -1 means -100% correlation (Inverse Correlation).
The color of the area changes when: Blue : CC > 0.5 Aqua : CC > 0.75 Purple : CC < -0.5 Red : CC < -0.75