The Correlation study calculates the correlation coefficient between a security under consideration and another security or index.
Correlation is plotted on the -1 to +1 scale: correlation coefficient equal to +1 suggests perfect direct correlation while the perfect inverse correlation is represented by the coefficient equal to -1. When prices move independently, the correlation coefficient is 0.
||The number of bars used to calculate the correlation coefficient.|
||Security to calculate the correlation with.|
||The Correlation study.|
*For illustrative purposes only. Not a recommendation of a specific security or investment strategy.