OPEN-SOURCE SCRIPT

MM Market Range Map

Aktualisiert
What this script does:
The purpose of this script is to help traders identify when the major sectors of the market are moving in one direction - also known as a "market trend day".

How this script works:
The indicator uses QQQ, SMH and NVDA to represent the technology side of the market, and XLF, XLV & IWM to represent everything else. It tracks where price is within the day's range for each of those symbols, and presents that data in a table and in also in a dot-based "map".

How to use this script:
Using the dot-based map, you can see if all symbols were ever at the highs or lows of their range together. You can use this information to decide which direction you should be trading (ie. with trend). For example, in order for there to be healthy bullish moves in the market, you would want this indicator to show you that all sectors are at the highs or trending in that direction.

What makes this script original:
Most indicators and even the TradingView watchlist measure the percent changed on the day from the closing price of a stock on the prior trading day, essentially telling you what sentiment is since yesterday. This script tells you the sentiment today since it is priced from the opening print. It also provides the map so you can see if they were ever at the highs or lows together throughout the day, which can be an early indicator that the market will trend.
Versionshinweise
Updates:
  • Switched NVDA with AAPL to get a better sense of tech overall (SMH should account for NVDA)
  • Added sentiment thresholds & lines for those levels (optionally)
  • Added alerts for (a) all sectors at lows, (b) all sectors at highs, and (c) healthy sector rotation
  • Added strong buy or sell signal messages
Versionshinweise
Added alerts for just QQQ, XLF, XLV at highs/lows. Updating chart.
Versionshinweise
Fixed a bug where the values didn't display on non-equities charts.
Versionshinweise
Changed the indicator to allow users to customize or disable the symbols. Had to change the alerts also to account for this change. Now it will only alert when all enabled symbols are at highs or lows.
Breadth IndicatorsTrend Analysis

Open-source Skript

Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun das Script auch andere Trader verstehen und prüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden. Die Nutzung dieses Codes in einer Veröffentlichung wird in unseren Hausregeln reguliert. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?


I release TradingView indicators and libraries designed to make you a better trader. For detailed info about them, head over to improve.trading
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