This indicator is called "s&p 500 sector strength index"😎 , which allows you to distinguish strengths and weaknesses between different sectors in s&p500 , and to create meaningful trading frameworks around it.
Similar to the indicator , it also has overbought and oversold levels , you can clearly figure out the degree of crowd behaviors in various sectors' stocks .
For me 🤣, I will use it to "BUY LOW⬇️ , SELL HIGH⬆️". When a sector is oversold at the moment, I will try to buy those stocks when I find price actions and chart patterns in comply with the analysis by this indicator , the opposite for shortselling.
Also, for sake of being more user-friendly 👍, I added a function which enables you to only select the sector(s) you want to look at in order to make it less messy.
If you can't help to know what I will share with you coming up, then FOLLOW my account 😙 . Also , your likes and shares are really important 🎊. I will get more motivated to bring you new thing every day!!! ✍
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.