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hello,
I am trying to understand how the correlation function works. The
example from the manual is:
correlation( close, ref( close, -5 ), 5 );
In this example I assume that at every bar of the close price a
comparison is made with the close price 5 bars back. The length of
this comparison (periods) is 5 bars. Now how is the correlation
exactly calculated. I see the values range between 1 and -1. Does it
scale at the first bar and then subtract? Is 1 a good correlation or
is 0 a good correlation?
If I see for instance an interesting pattern of 20 bars and I want to
find this pattern elsewhere in a list of symbols could I use the
correlation function for this?
If I want to fit a pattern of 20 bars where the fits would look
something like
fit = SUM( (high - high_pattern)^2 + (low - low_pattern)^2 + (close -
close_pattern) + (open - open_pattern)^2 )
could I use the correlation function for this?
thanks for any help,
rgds, Ed
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