Here’s a Free Online Pair Trading Tool called the ‘Correlation Tree’ which we found on the AiStockCharts.com Website. This tools helps to find correlations between stocks.
Note that Linear correlation coefficient values range from -1 to 1 with 1 showing a perfect positive correlation and -1 a perfect negative correlation.
AiStockCharts.com calculates correlation coefficients for stocks that meet the following requirements:
- Avg volume of at least 200,000 shares
- Averaged above $1 per share in the last 60 trading days
- Only Correlations of > 0.25 or < -0.25 between stocks are logged in this tool
Please click on this link to access the Correlation Tree