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This method is called Normalized Correlation Coefficient (NCC). I looked through OpenCV source code, and then found paper [1] which contains clear description and probably was used in CV_TM_CCOEFF and CV_TM_CCOEFF_NORMED implementation.

Also I found paper [2] which shows promising NCC computation efficiency, but there is no implementation available.

1. J. P. Lewis, Fast Normalized Cross-Correlation. 1995.
2. M. Arif and K. Sohaib, “Early Termination Algorithms for Correlation Coefficient Based Block Matching.”

This method is called Normalized Correlation Coefficient or Normalized Cross-Correlation (NCC). I looked through OpenCV source code, and then found paper [1] which contains clear description and probably was used in CV_TM_CCOEFF and CV_TM_CCOEFF_NORMED implementation.

Also I found paper [2] which shows promising NCC computation efficiency, but there is no implementation available.

1. J. P. Lewis, Fast Normalized Cross-Correlation. 1995.
2. M. Arif and K. Sohaib, “Early Termination Algorithms for Correlation Coefficient Based Block Matching.”