Mancin Bitcoin Correlation

Mancin Bitcoin Correlation
This indicator calculates the correlation coefficient between a selected asset and Bitcoin (default: BYBIT:BTCUSDT) over a specified period, and visualizes it as a line or columns with a dynamic color gradient.

Features:

Correlation values range from -1 (inverse relationship) to +1 (strong direct relationship).

Gradient fill changes intensity based on correlation strength:

Positive correlation uses the “high correlation” color.

Negative correlation uses the “low correlation” color.

Fully customizable:

Colors for positive and negative correlation.

Base transparency.

Gradient strength (sensitivity of transparency to correlation changes).

Correlation length.

Line style and color (Line or Columns).

Use cases:

Track how closely your asset moves with Bitcoin.

Spot moments when the asset starts moving in sync or diverging from BTC.

Useful for pair trading, arbitrage strategies, and assessing BTC’s market influence.