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Asset Correlation Heatmap [SeerQuant]

Asset Correlation Heatmap [SeerQuant]
Overview:
The Asset Correlation Heatmap is a powerful visualization tool designed to analyze and compare the correlation between multiple assets and a selected benchmark. The indicator provides a heatmap representation of correlation coefficients, allowing for easy identification of highly correlated and uncorrelated assets at a glance.
How It Works:
Inputs & Customization:
Table Display
A dynamic table in the bottom-right corner provides key insights, including:
Use Cases
Enjoy!
Overview:
The Asset Correlation Heatmap is a powerful visualization tool designed to analyze and compare the correlation between multiple assets and a selected benchmark. The indicator provides a heatmap representation of correlation coefficients, allowing for easy identification of highly correlated and uncorrelated assets at a glance.
How It Works:
- Benchmark Asset: The benchmark is the chart that the indicator is applied to. For example, if applied to BTC, the heatmap will display the correlation of various assets relative to BTC.
- Correlation Calculation: The script calculates the correlation coefficient between the benchmark asset and each of the 30 user-selected assets over a user-defined period.
- Heatmap Display: The results are plotted in a stacked format where the bottom-most plot represents Asset 1, and the top-most plot represents Asset 30.
- Each asset’s correlation is color-coded based on its strength (from positive correlation to negative correlation).
Inputs & Customization:
- Correlation Length: Users can adjust the lookback period for correlation calculation (default: 20 periods).
- 30 Selectable Assets: The indicator allows users to input up to 30 assets for correlation analysis.
- Color Gradient: The heatmap dynamically assigns colors based on correlation strength where blue shades → strong positive correlation, neutral white → no correlation (~0.0) and red shades → strong negative correlation.
Table Display
A dynamic table in the bottom-right corner provides key insights, including:
- Benchmark Asset (the chart symbol)
- Highest Correlated Asset & its correlation value
- Lowest Correlated Asset & its correlation value
- Average & Median Correlation across all selected assets
- Composite Signal based on the overall correlation trend
Use Cases
- Portfolio Diversification: Identify assets that are highly correlated or negatively correlated with your benchmark to manage risk.
- Mean Reversion & Trend Following: Spot assets diverging from their historical correlation to identify trading opportunities.
- Pair Trading: Find assets with strong positive or negative correlation to develop hedging strategies.
Enjoy!
受保護腳本
此腳本以閉源形式發佈。 不過,您可以自由且不受任何限制地使用它 — 在此處了解更多資訊。
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免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。
受保護腳本
此腳本以閉源形式發佈。 不過,您可以自由且不受任何限制地使用它 — 在此處了解更多資訊。
Follow along on X for daily market updates!
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。