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Multiple Coefficient Correlation with Labels

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Multiple Coefficient Correlation with Labels

Posted: Wed Dec 30, 2020 8:40 pm
by 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.

Re: Multiple Coefficient Correlation with Labels

Posted: Thu Dec 31, 2020 12:29 am
by 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.

Re: Multiple Coefficient Correlation with Labels

Posted: Fri Jan 15, 2021 1:21 am
by 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 :)
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