Did this quick reference indicator and figured I would share it as nothing like it exists that I could find.
What this does is it pulls leveraged share data and displays the bull share and bear share volume. There are 5 pre-programmed shares. These include:
SPY Pulls bull share data from: SPXL and UPRO Pulls bear share data from: SPXU and SPXS
IWM Pulls bull share data from: TNA Pulls bear share data from: TZA
DIA Pulls bull share data from: UDOW Pulls bear share data from: SDOW
QQQ Pulls bull share data from: TQQQ Pulls bear share data from: SQQQ
XLE Pulls bull share data from: ERX Pulls bear share data from: ERY
As there continues to be more leveraged shares available (for example, AAPU, APPD, MSFT, TSLA, etc.) there is also the option to use these manual tickers as these shares become available. The image below shows the data input screen:
The indicator will default to show the data as a ratio. The ratio is calculated by the total bear shares over the total bull shares (sell to buy ratio). If you unselect the Ratio option (displayed in the image above), it will show the raw volume. When data is displayed as a ratio, you will see the white SMA line. This will show you the average ratio over a 14 period lookback. This is customizeable under the SMA Length input (shown in the image above).
Indicator's purpose:
The aim of the indicator is to provide context as to where the current sentiment is. Its similar in concept to a put to call ratio. The idea is, the more bearish people are, the more inverse shares are being bought, the higher the ratio or raw volume for bear shares and vice versa for bullish situations.
If you would like some more contextual information about the powers of tracking this type of data for trading purposes, you can check out this idea I published about the relationship between leveraged shares and market sentiment/behaviour:
Otherwise, the indicator is pretty straight forward! Its not meant to be anything but a reference indicator to help give you context of the current market positioning.
If you have any questions or suggestions, please feel free to leave them below.
Thank you for reading and checking out the indicator!
Safe trades everyone!
Versionshinweise
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Quick update.
I added BTC volume. Bull data pulled from BITO. Bear data pulled from BITI.
Versionshinweise
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Another little update;
I included a data table that can be toggled on and off. The table will show the breakdown of bull shares and bear shares being bought in a percent:
Enjoy!
Versionshinweise
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Made a bunch of adjustments and improvements. These include:
1. Putting the Raw Volume vs Ratio Volume into a string select for ease of use 2. Enabling the SMA controls to be toggled on and off 3. Permitting an SMA to be plotted of Raw volume 4. Titles for the various tickers; and 5. A correlation assessment of leveraged volume to close price of ticker.
This is a great thing and Thanks...BUT I would LOVE to see also a Leveraged to Spot comparison on these Markets...is that possible ?
Steversteves
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@Orriginal, Thank you! And I am not really sure I understand the question/what you are looking for? Can you explain further?
Orriginal
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@Steversteves, OK, so , I thought it would be interesting to see what % of completed "Orders" are from SPOT Trades, as compared to Leveraged contracts.. How many people are entering Bitcoin by buying it in a SPOT trade or by a leverage speculative contract. I've seen your script here and I Seen ones that list the number opf SPOT orders by exchange...and I figured it would be interesting to directly compare the 2...But I have NO idea how to do that lol...Hope this makes sense.....
Steversteves
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@Orriginal, Ah yeah, that information is not possible to collect via Pinescript unfortunately :(.
Orriginal
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@Steversteves, Ha Ha, Was worth a shot..Thanks anyway..May your God Keep your socks ever dry
krishina
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what would btc volume be?
Steversteves
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@krishina, It comes from BITO and BITI shares :-).
krishina
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@Steversteves, I really liked the idea of the indicator, I'm going to start testing it. Sorry to bother you again, but I'm not sure which metric is more accurate (SPY, IWM, DIA, QQQ, XLE or BTC). If I click on BTC, the bear market appears, but if I click on QQQ, the market becomes more bull, could you explain why? thanks
Crypto_Popat
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hi , i would like to add it as a main volume over the chart, but those big volume spikes cover the chart candle, is there any way to scale it to small size like normal volume. Thank you
Steversteves
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@Crypto_Popat, Hmm, I see what you mean. I am not sure how the native volume code works for tradingview, but leave it with me and I will see if I can add this functionality through the code :-). I will let you know! Thanks for your interest!