Correlation (Correl)

This function is available on the Add Study window and in the Formula Toolbox.

Correlates the price movement of two symbols over a defined number of bars. For example CORREL(CL,QO,10) returns the correlation between West Texas Crude on the NYMEX and North Sea Brent on the IPE over the last 10 bars on the chart. Another variation on the correlation study is the following CORREL(@,SP,10) which correlates any symbol on the chart with the S&P Index over the last 10 bars.

Example: Correl(JNJ,DJI,30)

Uses Pearson’s correlation coefficient.

Parameter	Description
Display	Opens a sub-window with display properties: • Color = Select a line color. • Weight = Type a value for line thickness. • Display = Select line style: line, histogram, or dash. • ShareScale = Assign a behavior for functions and studies sharing the vertical scale: • Auto = System determine whether sharing is feasible. • On = Scale is shared regardless of the functions and studies displayed. • Off = Scale is not shared.
MarkIt	Opens the Specify Conditions for Marking Bar window.
Price	Price used for calculations.
Period	Enter a number to represent the period (number of bars) for the calculations.