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Hey, folks, we’ve got one of the coolest technical indicators ever just added to SlopeCharts: the Correlation Study.
There are many ways to compare two financial instruments to one another on the Slope of Hope. You can plot two different symbols based on their price in SlopeCharts. You can plot them based on their percentage movement. You can determine their correlative relationship over a period of time you establish on the Correlations Page. Finally, you can make use of the Correlation Study within SlopeCharts.
When we speak of “correlation“, it refers to the positive or negative relationship one symbol has with another, ranging from 1.0 to -1.0. For example, if one were to compare the ETF for precious metals miners (GDX) with that of junior miners (GDXJ), the correlation would be very high, because those two instruments are comprised of companies which largely do the same thing. The correlation would tend to hover rather near 1.0, suggesting that they move closely together.
I have become such an avid user of the Labels function, I asked for a new “twist” to the feature, and here it is………….now, when you use Filter by Labels, it will tell you the quantity of symbols that you have labeled accordingly. This can give you an instant sense as to how the labels are distributed. Simple, but effective!
The Labelsfeatured, introduced very recently, has become a favorite element of the SlopeCharts product. I am pleased to let you know of two more time-saving improvements.
First of all, when you are using the Rapid Labels function, you may find that you want to use a label that doesn’t exist yet. In this case, you would have had to (1) leave Rapid Labels (2) gone into the Labels Editor (3) added the new label (4) left the Labels Editor (5) gone back into Rapid Labels (6) scroll down and find out where you left off (7) add the just-created label.
Pain in the ass, right?
Not anymore. You want a new label? Just type it in! Not only is it created instantly, but it is applied to your current symbol.
Although the SlopeCharts Labels feature was introduced only a week ago, we’ve already made a significant improvement.
If you have a large number of ticker symbols upon which you want to apply labels, it can be extremely time consuming. Using the mouse and the menus to apply a label to a ticker from time to time is perfectly good, but if you want to do them “en masse“, it can be extraordinarily tedious. We thus created a faster means to accomplish this: Rapid Labels.
To use this feature, choose this item by right-clicking any ticker symbol: