Spearman
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    Spearman

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    Article Summary

    DXcharts powers DXtrade, DXfina, and FinCharts.
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    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.
    • DifferenceThe plot is displayed as a line which represents the difference between High and Low prices of the bar.
    • PointsThe plot is displayed as points.
    • Text above candleThe plot is displayed as the price labels above candles on the chart.
    • Text below candleThe plot is displayed as the price labels below candles on the chart.
    • Triangle above candleThe 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