CorrelationMultiplier Indicator

 PVCorrelationMultiplier  Indicator

Just multiply/divide, plus or minus another instrument from the other one with a scaling.

Parameters:

• Instrument 1 (""): if empty, the primary instrument from the chart used as an Instrument1
• Factor 1 (1.0): Multiply Instrument1 with this before operation
• PriceType 1 (Close): Used if instrument1 is not "", otherwise Input used which can even be an indicator..
• Operator (Multiple): Multiple, Divide, Plus, Minus. Operation to use between two instruments
• Instrument 2 ("6E 03-21"): Secondary instrument, need to be set!
• Factor 2 (1.0): Multiply Instrument2 with this before operation
• PriceType 2 (Close): Close, High, Low, Media, Open, Typical, Weighted

Misc:

Those instruments don't need to be visible in the  chart.

Pictures:

Download: NT7 NT8 

Purchase: PriceGroup1

License: PVCorrelationMultiplier

NT7 one  is a some old version, that can be updated by request!

Other:

There are several other indicators comparing the strength of the different instruments each other like TMPair,  PVRelativeStrengthMeter  and PVChangeArb.

Example how to use Indicator as an Input. Example shows how to calculate the difference between price and  the SMA. Leave Instrument 1 empty, then use Input to set Indicator to be used.

And if you want to show it other way around, set Factor 1 and Factor 2 = -1