In Metastock 8, Hit F1 and type in Correlation.There's a number...

In Metastock 8, Hit F1 and type in Correlation.

There's a number of different ways of doing this.

You can use Correlation on a chart or use it as part of a formula ( correl() ).

You need to tell it how many samples to look back on too and what sort of averaging to do on the samples to make them smoother.

+1 = positive correlation (ie both move in the same direction). -1 = negative correlation (ie they move in opposite directions) and in-between is a less confident measure of each.

Also, check out the SECURITY feature now present in Metastock v8. Allows you to reference a fixed security in an indicator (good for explorers).