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Registered User
Joined: 3/14/2005
Posts: 20
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Currently, Blocks has a code block "Correlation" which I could use to develop a correlation indicator to compare the plots for two different stocks. Has Worden or anyone already created an indicator that does this?
If not, could you create one. I am sure a lot of users would find it useful and it would save each of us having to develop a unique version of it.
Thanks
WO
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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What kind of correlation are you trying to measure? Is it something that a ratio cannot do?
- Craig
Here to Help!
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Registered User
Joined: 3/14/2005
Posts: 20
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I am trying to measure the statistical correlation between two stocks (prices).
Correlation is a statistical measurement of the relationship between two variables. Possible correlations range from +1 to –1. A zero correlation indicates that there is no relationship between the variables. A correlation of –1 indicates a perfect negative correlation, meaning that as one variable goes up, the other goes down. A correlation of +1 indicates a perfect positive correlation, meaning that both variables move in the same direction together.
I don't think a ratio would accomplish the same thing. My assumption is that the code block in Blocks for "correlation" is statistical correlation.
Hope this helps.
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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fundtrader,
Please save the attached .pane files to:
My Documents\Blocks Files\Tool Parts\Chart
You can add them to any chart using the ADD STUDY button and then selecting Add Study | My Computer.
You can use QuickEdit to adjust the settings or view the Block Diagrams.Attachments:
Correlation 2 Symbols.pane - 7 KB, downloaded 479 time(s).
Correlation w Comparison Symbol.pane - 7 KB, downloaded 417 time(s).
Correlation w Industry.pane - 8 KB, downloaded 433 time(s).
Correlation w Watchlist(unweighted).pane - 8 KB, downloaded 460 time(s).
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 3/14/2005
Posts: 20
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Excellent, very thorough. Now I can correlate with anything.
This will be very helpful.
Thanks
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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fundtrader,
You're welcome. Our pleasure.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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