Plotting average of three correlation coefficients

Optuma Forums Optuma Scripting Plotting average of three correlation coefficients

This topic contains 2 replies, has 2 voices, and was last updated by  Prashant 2 months, 2 weeks ago.

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  • #47771

    Prashant
    • Topics: 2
    • Replies: 1
    • Posts: 3

    I have 4 indices – Nifty50, Nifty Midcap 100, Nifty smallcap 100, Nifty 500
    ​Correl1 = Correl(Nifty50, Nifty 500)
    ​Correl2 = Correl(Nifty Midcap 100, Nifty 500)
    ​Correl3 = Correl(Nifty smallcap 100, Nifty 500)
    ​Avg Correl = (Correl1 + Correl2 + Correl3)/3
    ​I want to plot the Avg Correl.

    ​Please HELP how it can be done through your scripting framework

    #47779
    Darren
    Darren
    • Topics: 28
    • Replies: 145
    • Posts: 173

    Hi Prashant,

    Your best option is to open a Script Chart for NIFTY500 and then use this formula to plot the average 100 day correlation:

    The current value is 0.39, which is the average of the tools when plotted on the chart:

    Capture

    Capture2

    #47787

    Prashant
    • Topics: 2
    • Replies: 1
    • Posts: 3

    Thanks a lot Darren. Appreciate your quick reply. It helped

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