Multiple Coefficient Correlation with Labels

[Fxxtrader]

Hello Coders/Traders

I added multiple Coefficient Correlation to chart, with labels to identify each symbol. However, label yloc is yloc.price. Label y.loc price value is not matching CC scale value, therefore I can't line up label to CC line.

Any suggestion to align both CC and label value to scale format?

Code: Select all

//** CAD - Coefficient Correlation of AUDCAD, NZDCAD, EURCAD, GBPCAD to USDCAD***

//@version=4
study(title="Correlation Coeff", shorttitle="CC", format=format.price, precision=3)
sym1 = input(title="Symbol", type=input.symbol, defval="OANDA:AUDCAD", confirm=true)
sym2 = input(title="Symbol", type=input.symbol, defval="OANDA:NZDCAD", confirm=true)
sym3 = input(title="Symbol", type=input.symbol, defval="OANDA:EURCAD", confirm=true)
sym4 = input(title="Symbol", type=input.symbol, defval="OANDA:GBPCAD", confirm=true)

src = input(close, title="Source")
length = input(20, minval=1)
res=timeframe.period

ovr1 = security(sym1, res, src)
ovr2 = security(sym2, res, src)
ovr3 = security(sym3, res, src)
ovr4 = security(sym4, res, src)
hline = 0.0

plot(correlation(src, ovr1, length), "AUDCAD", color=color.olive, style=plot.style_line, transp=0)
plot(correlation(src, ovr2, length), "NZDCAD", color=color.fuchsia, style=plot.style_line, transp=0)
plot(correlation(src, ovr3, length), "EURCAD", color=color.blue, style=plot.style_line, linewidth=2, transp=0)
plot(correlation(src, ovr4, length), "GBPCAD", color=color.green, style=plot.style_line, linewidth=2, transp=0)
plot(hline, title="Zero Line", color=color.white, style=plot.style_linebr, linewidth=2)

// Offset label
forward_Offset1 = input(1, title="Offset Label 1")
forward_Offset2 = input(5, title="Offset Label 2")
forward_Offset3 = input(10, title="Offset Label 3")
forward_Offset4 = input(15, title="Offset Label 4")

bar_Index_Duration = time - time[1]
lable_Forward_Offset1 = forward_Offset1 * bar_Index_Duration
lable_Forward_Offset2 = forward_Offset2 * bar_Index_Duration
lable_Forward_Offset3 = forward_Offset3 * bar_Index_Duration
lable_Forward_Offset4 = forward_Offset4 * bar_Index_Duration

//Plot Label
cclbl1 = label.new(x = time + lable_Forward_Offset1, y = close,  text = "AUDCAD", xloc = xloc.bar_time, yloc = yloc.price, color = color.olive, style = label.style_label_center, textcolor = color.white, size = size.small, textalign = text.align_center)
cclbl2 = label.new(x = time + lable_Forward_Offset2, y = close,  text = "NZDCAD", xloc = xloc.bar_time, yloc = yloc.price, color = color.fuchsia, style = label.style_label_down, textcolor = color.white, size = size.small, textalign = text.align_center)
cclbl3 = label.new(x = time + lable_Forward_Offset3, y = close,  text = "EURCAD", xloc = xloc.bar_time, yloc = yloc.price, color = color.blue, style = label.style_label_left, textcolor = color.white, size = size.small, textalign = text.align_center)
cclbl4 = label.new(x = time + lable_Forward_Offset4, y = close,  text = "GBPCAD", xloc = xloc.bar_time, yloc = yloc.price, color = color.green, style = label.style_label_up, textcolor = color.white, size = size.small, textalign = text.align_center)

label.delete(cclbl1[1])
label.delete(cclbl2[1])
label.delete(cclbl3[1])
label.delete(cclbl4[1])

//What are y.loc options for overlay=false?  y.loc for overlay=false, it can't be price, scale is not the same as price.  

Thank you.

[Fxxtrader]

Okay, got the lines aligned with labels. I needed to separate and isolate the calculations, so I can then reference it as a y location in label.

I added this as it's own lines:

Code: Select all

cc1 = (correlation(src, ovr1, length))
cc2 = (correlation(src, ovr2, length))
cc3 = (correlation(src, ovr3, length))
cc4 = (correlation(src, ovr4, length))
cc5 = (correlation(src, ovr5, length))
cc6 = (correlation(src, ovr6, length))

Instead of:

Code: Select all

plot(correlation(src, ovr3, length), "EURCAD", color=color.blue, style=plot.style_line, linewidth=2, transp=0)
plot(correlation(src, ovr4, length), "GBPCAD", color=color.green, style=plot.style_line, linewidth=2, transp=0)
plot(correlation(src, ovr5, length), "CADJPY", color=color.navy, style=plot.style_line, linewidth=3, transp=0)
plot(correlation(src, ovr6, length), "CADCHF", color=color.maroon, style=plot.style_line, linewidth=3, transp=0)

Now I can plot labels with y location referring to the actual CC value: full script

Code: Select all

cclbl1 = label.new(x = time + lable_Forward_Offset1, y = cc1,  text = "AUDCAD", xloc = xloc.bar_time, yloc = yloc.price, color = color.olive, style = label.style_label_left, textcolor = color.white, size = size.small, textalign = text.align_center)
cclbl2 = label.new(x = time + lable_Forward_Offset2, y = cc2,  text = "NZDCAD", xloc = xloc.bar_time, yloc = yloc.price, color = color.aqua, style = label.style_label_left, textcolor = color.white, size = size.small, textalign = text.align_center)
cclbl3 = label.new(x = time + lable_Forward_Offset3, y = cc3,  text = "EURCAD", xloc = xloc.bar_time, yloc = yloc.price, color = color.blue, style = label.style_label_left, textcolor = color.white, size = size.small, textalign = text.align_center)
cclbl4 = label.new(x = time + lable_Forward_Offset4, y = cc4,  text = "GBPCAD", xloc = xloc.bar_time, yloc = yloc.price, color = color.green, style = label.style_label_center, textcolor = color.white, size = size.small, textalign = text.align_center)
cclbl5 = label.new(x = time + lable_Forward_Offset4, y = cc5,  text = "CADJPY", xloc = xloc.bar_time, yloc = yloc.price, color = color.navy, style = label.style_label_left, textcolor = color.white, size = size.tiny, textalign = text.align_center)
cclbl6 = label.new(x = time + lable_Forward_Offset4, y = cc6,  text = "CADCHF", xloc = xloc.bar_time, yloc = yloc.price, color = color.maroon, style = label.style_label_left, textcolor = color.white, size = size.tiny, textalign = text.align_center)

Now I have labels aligning with corresponding Coefficient correlation line

Code: Select all

//** CAD - Coefficient Correlation of AUDCAD, NZDCAD, EURCAD, GBPCAD to USDCAD***

//@version=4
study(title="Correlation Coeff", shorttitle="CC", format=format.inherit, precision=3)
sym1 = input(title="Symbol", type=input.symbol, defval="OANDA:AUDCAD", confirm=true)
sym2 = input(title="Symbol", type=input.symbol, defval="OANDA:NZDCAD", confirm=true)
sym3 = input(title="Symbol", type=input.symbol, defval="OANDA:EURCAD", confirm=true)
sym4 = input(title="Symbol", type=input.symbol, defval="OANDA:GBPCAD", confirm=true)
sym5 = input(title="Symbol", type=input.symbol, defval="OANDA:CADJPY", confirm=true)
sym6 = input(title="Symbol", type=input.symbol, defval="OANDA:CADCHF", confirm=true)

src = input(close, title="Source")
length = input(20, minval=1)
res=timeframe.period

ovr1 = security(sym1, res, src)
ovr2 = security(sym2, res, src)
ovr3 = security(sym3, res, src)
ovr4 = security(sym4, res, src)
ovr5 = security(sym5, res, src)
ovr6 = security(sym6, res, src)

cc1 = (correlation(src, ovr1, length))
cc2 = (correlation(src, ovr2, length))
cc3 = (correlation(src, ovr3, length))
cc4 = (correlation(src, ovr4, length))
cc5 = (correlation(src, ovr5, length))
cc6 = (correlation(src, ovr6, length))

hline = 0.0

plot(cc1, "AUDCAD", color=color.olive, style=plot.style_line, transp=0)
plot(cc2, "NZDCAD", color=color.aqua, style=plot.style_line, transp=0)
plot(correlation(src, ovr3, length), "EURCAD", color=color.blue, style=plot.style_line, linewidth=2, transp=0)
plot(correlation(src, ovr4, length), "GBPCAD", color=color.green, style=plot.style_line, linewidth=2, transp=0)
plot(correlation(src, ovr5, length), "CADJPY", color=color.navy, style=plot.style_line, linewidth=3, transp=0)
plot(correlation(src, ovr6, length), "CADCHF", color=color.maroon, style=plot.style_line, linewidth=3, transp=0)

plot(hline, title="Zero Line", color=color.white, style=plot.style_linebr, linewidth=2)

// Offset label
forward_Offset1 = input(1, title="Offset Label 1")
forward_Offset2 = input(3, title="Offset Label 2")
forward_Offset3 = input(5, title="Offset Label 3")
forward_Offset4 = input(7, title="Offset Label 4")
forward_Offset5 = input(9, title="Offset Label 5")
forward_Offset6 = input(11, title="Offset Label 6")

bar_Index_Duration = time - time[1]
lable_Forward_Offset1 = forward_Offset1 * bar_Index_Duration
lable_Forward_Offset2 = forward_Offset2 * bar_Index_Duration
lable_Forward_Offset3 = forward_Offset3 * bar_Index_Duration
lable_Forward_Offset4 = forward_Offset4 * bar_Index_Duration
lable_Forward_Offset5 = forward_Offset5 * bar_Index_Duration
lable_Forward_Offset6 = forward_Offset6 * bar_Index_Duration

//Plot Label
cclbl1 = label.new(x = time + lable_Forward_Offset1, y = cc1,  text = "AUDCAD", xloc = xloc.bar_time, yloc = yloc.price, color = color.olive, style = label.style_label_left, textcolor = color.white, size = size.small, textalign = text.align_center)
cclbl2 = label.new(x = time + lable_Forward_Offset2, y = cc2,  text = "NZDCAD", xloc = xloc.bar_time, yloc = yloc.price, color = color.aqua, style = label.style_label_left, textcolor = color.white, size = size.small, textalign = text.align_center)
cclbl3 = label.new(x = time + lable_Forward_Offset3, y = cc3,  text = "EURCAD", xloc = xloc.bar_time, yloc = yloc.price, color = color.blue, style = label.style_label_left, textcolor = color.white, size = size.small, textalign = text.align_center)
cclbl4 = label.new(x = time + lable_Forward_Offset4, y = cc4,  text = "GBPCAD", xloc = xloc.bar_time, yloc = yloc.price, color = color.green, style = label.style_label_center, textcolor = color.white, size = size.small, textalign = text.align_center)
cclbl5 = label.new(x = time + lable_Forward_Offset4, y = cc5,  text = "CADJPY", xloc = xloc.bar_time, yloc = yloc.price, color = color.navy, style = label.style_label_left, textcolor = color.white, size = size.tiny, textalign = text.align_center)
cclbl6 = label.new(x = time + lable_Forward_Offset4, y = cc6,  text = "CADCHF", xloc = xloc.bar_time, yloc = yloc.price, color = color.maroon, style = label.style_label_left, textcolor = color.white, size = size.tiny, textalign = text.align_center)

label.delete(cclbl1[1])
label.delete(cclbl2[1])
label.delete(cclbl3[1])
label.delete(cclbl4[1])
label.delete(cclbl5[1])
label.delete(cclbl6[1])

Thanks.

[Matthew]

That's awesome! Well done Fxxtrader and thanks for sharing your detailed solution, I'm sure that will help others who run into similar issues in the future. Keep up the great work :)