Introduction to Correlation Ranking Heat Map

 

Introduction to Correlation Ranking Heat Map

25 June 2018

  1. Correlation Ranking Heat Map Color

In the correlation Ranking Heat Map, color indicates either bearish or bullish movement for each symbol. As a default, Green is the bullish color and Red is bearish color. You can always check the colour scheme of the Correlation Ranking Heat Map by clicking “Heat Map Color” button.

Correlation Insight Heat Map I000

  1. Market Strength Dashboard – Overall market strength measurement

Correlation Ranking Heat Map uses the bullish and bearish movement of each symbol to measure the directional strength of the overall market. Simply speaking, Sum(%) indicates how much bullish or bearish movement the overall market made. Sum: 3.0 % meant that overall market made 3.0% movement (Bullish). Sum: – 2.66% means that the overall market made -2.66% (bearish). Gain (%) is calculated by summing all the bullish movement made by all symbols in the market. Likewise, Loss (%) is calculated by summing all the bearish movement made by all symbols in the market. To find out the relative strength of the bullish or bearish movement, you can simply compare the Gain (%) to Loss(%). If the magnitude of the Gain (%) is much greater than Loss (%), then it means that market is overwhelming bullish. If the magnitude of Loss (%) is much greater than Gain (%), then it means that market is overwhelming bearish. The screenshot below shows that Loss: -2.6938% for Daily timeframe. Gain (%) is just 0.4419% whereas Loss (%) is -3.1357%. This indicates very bearish market for D1 timeframe. You can apply the same logic for all timeframe.

Correlation Insight Heat Map I001

  1. Overall Market Strength Measurement with Bar Graphs

If the colour and number representation of the market strength dashboard is not enough, then you can also use Bar Graph to get idea about the market strength. Bar Graph shows the same information with Market Strength Dash Board. However, it might be easier to understand. If you wish, you can even sort the Bar Graphs according to their Price Change.

Correlation Insight Heat Map I002

  1. Unsorted Ranking Table by Symbol

Correlation Ranking Heat Map provides the unsorted ranking table for each symbol in the market. Ranking 1 indicates that the symbol is the most bullish among all symbols. Ranking 2 indicates that the symbol is the second most bullish among all symbols.

Correlation Insight Heat Map I003

  1. Sorted Ranking Table by timeframe

Correlation Ranking Heat Map provides the sorted ranking table so that you can easily follow which currency pairs is doing better or worse in real time sense. Just imagine the horse race. The fastest horse is ranked as number 1. Likewise, the top symbols in the sorted ranking table, they are the most bullish among the others in the market. The bottom symbols are the most bearish among the others in the market.

Correlation Insight Heat Map I004

  1. All Bar Graph for All Symbols (Historical)

Correlation Ranking Heat Map also provides the Historical All Bar Graph for All Symbols. Once you have gathered some insight about overall market strength and your favorite symbols to trade, you might check how they are performed in history. For example, in the screenshot, you can see that historical bar graph in H1 timeframe. In the All Bar Graph, all the symbols will be shown with their historical performance. You can cross compare their performance relative to the other or you can confirm your insight gained from sorted ranking table or unsorted ranking table using All Bar Graph.

Correlation Insight Heat Map I005

Link to Correlation Ranking Heat Map Product Page

https://algotrading-investment.com/portfolio-item/correlation-ranking-heat-map/

Download Link for the Free Version of Correlation Ranking Heat Map

https://algotrading-investment.com/FreeDownload/TradingInvestmentHelper.zip

Here is also Introduction Video to Free Correlation Ranking Heat Map.

 

 

 

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