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    Spearman
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      Spearman

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        Article summary

        Spearman is a trend confirmation oscillator that is based on the Spearman's coefficient. The coefficient is used to determine correlation between actual price movements and the current trend i.e. the oscillator shows the strength of prevailing trend. The oscillator then plots a Spearman's line and its smoothed with SMA version (SpearmanAverage). The both lines oscillate above or below the zero level on the scale from -100 to +100. The Spearman's line above 80 suggests an uptrend whereas the Spearman's line below -80 indicates a downtrend. Crossover between both Spearman and SpearmanAverage can indicate possible reversal points while crossing above or below zero level might be a signal to buy or sell respectively.


        SpearmanSpearman 


        INPUTS

        Price
        The following data sources are available for the price:
        • Open. The Open Price of every bar for the specified period.
        • High. The High Price of every bar for the specified period. 
        • Low. The Low Price of every bar for the specified period.
        • Close. The Close Price of every bar for the specified period. 
        • Median. The Median Price of every bar for the specified period - (High + Low) / 2.
        • Typical. The sum of High, Low, and Close prices divided by 3 for the specified period- (High + Low + Close) / 3.
        • OHLC average. The arithmetical mean of High, Low, Open, and Close prices for the specified period - (Open + High + Low + Close) / 4.
        • Volume. The Close Price of every bar + average volume of an asset for the specified period.
        InputDescription
        LengthThe number of bars used to calculate Spearman
        AverageLengthThe number of bars used to calculate the SMA of Spearman
        OverboughtThe price to fix the overbought level at
        OversoldThe price to fix the oversold level at

        PLOTS

        The plot renders the data you are working with on the chart. You can show/hide a plot by clicking the corresponding item in the settings. Every plot has a set of basic settings that you can change: color, weight, and type.

        PlotDescription
        SpearmanThe Spearman plot
        SpearmanAverageThe SMA of Spearman indicator
        OverboughtThe overbought level
        ZeroThe zero level
        OversoldThe oversold level
        Color

        Click the color rectangle under the plot's name to open the palette. Use the slider at the bottom to set the opacity of the color.

        Palette

        To create a custom color:

        1. Clickto open the color picker
        2. By using the slider at the bottom, adjust the main color
        3. Then, set a shade for the main color on the palette

        The custom-created colors are added to your palette. To remove a custom color, drag it out of the palette.

        Weight
        Change the value (in px) to adjust the thickness of the plot.
        Type
        The following plot types are available:
        • Linear. The plot is displayed as a line.
        • Column. The plot is displayed as a histogram.
        • Difference. The plot is displayed as a line which represents the difference between High and Low prices of the bar.
        • Points. The plot is displayed as points.
        • Text above candle. The plot is displayed as the price labels above candles on the chart.
        • Text below candle. The plot is displayed as the price labels below candles on the chart.
        • Triangle above candle. The plot is displayed as triangles above candles on the chart.
        • Color candle. The candles on candle-type charts are highlighted with specified colors.

        OVERLAYING

        Check Overlaying to display the indicator on the chart. Otherwise, the indicator is shown in a study pane down below.

        Note: To reset the settings, click Restore to Default next to the SETTINGS: INDICATOR'S TITLE
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