PZ Correlation

In the world of finance, correlation is a statistical measure of how two securities move in relation to each other. Correlations are used in advanced portfolio management. This indicator measures how different securities move in relation to a reference one, thus making portfolio management easier.  [ Installation Guide | Update Guide | Troubleshooting | FAQ | All Products ]

• Avoid concurrent trades in highly correlated instruments
• Find trading opportunities among highly correlated instruments
• Correlation is positive when two securities rise in price together
• Correlation is negative when one security increases and the other decreases

The correlation between two securities is measured by a correlation coefficient.

• A coefficient of zero is neutral correlation
• A coefficient of 0.3 is low positive correlation
• A coefficient over 0.8 is high positive correlation
• A coefficient of -0.3 is low negative correlation
• A coefficient over -0.8 is high negative correlation

The correlation is calculated against the native symbol of the chart, and the symbols to evaluate are entered as parameters.

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