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Monthly mean values of the coronal index of solar activity and other solar indices are analyzed for the period 1965–1997 covering three solar cycles. The coronal index is based upon the total irradiance of the coronal 530.3 nm green line from observations at five stations. The significant correlation of this index with the sunspot number and the number of the grouped solar flares have led to an analytical expression which can reproduce the coronal index of solar activity as a function of these parameters. This expression well explains the existence of the two maxima during the solar cycles taking into account the evolution of the magnetic field that can be expressed by a sinusoidal term with a 6-year period. The agreement between observed and calculated values of the coronal index on a monthly basis is high enough and reaches the value of 92%. It is concluded that the coronal index can be used as a representative index of solar activity in order to be correlated with different periodic solar–terrestrial phenomena useful for space weather studies.