OPEN-SOURCE SCRIPT

Crude Oil: Backwardation Vs Contango

Aktualisiert
Crude Oil, CL

Plots Futures Curve: Futures contract prices over the next 3.5 years; to easily visualize Backwardation Vs Contango(carrying charge) markets.
Carrying charge (contract prices increasing into the future) = normal, representing the costs of carrying/storage of a commodity. When this is flipped to Backwardation(As the above; contract prices decreasing into the future): it's a bullish sign: Buyers want this commodity, and they want it NOW.

Note: indicator does not map to time axis in the same way as price; it simply plots the progression of contract months out into the future; left to right; so timeframe DOESN'T MATTER for this plot

TO UPDATE (every year or so): in REQUEST CONTRACTS section, delete old contracts (top) and add new ones (bottom). Then in PLOTTING section, Delete old contract labels (bottom); add new contract labels (top); adjust the X in 'bar_index-(X+_historical)' numbers accordingly

This is one of several similar Futures Curve indicators: Meats | Metals | Grains | VIX | Crude Oil
If you want to build from this; to work on other commodities; be aware that Tradingview limits the number of contract calls to 40 (hence the multiple indicators)

Tips:
-Right click and reset chart if you can't see the plot; or if you have trouble with the scaling.
-Right click and add to new scale if you prefer this not to overlay directly on price. Or move to new pane below.
-If this takes too long to load (due to so many security calls); comment out the more distant future half of the contracts; and their respective labels. Or comment out every other contract and every other label if you prefer.

--Added historical input: input days back in time; to see the historical shape of the Futures curve via selecting 'days back' snapshot
updated 20th June 2022
© twingall
Versionshinweise
reduced the numbers of contract calls to make this quicker to load. Comment/ uncomment the lines as you prefer
Versionshinweise
-updated to work on WTI (MATBAROFEX): Plots CL (NYMEX) futures curve when selected asset is WTI
Versionshinweise
-updated chart image and code comments
Versionshinweise
-Updated Contracts
Versionshinweise
-changed barstate.islast to barstate.islastconfirmedhistory to avoid 'snapshot' label double print
Versionshinweise
-added function to detect if contract is expired: Now will stop showing contracts once they expire, unless using the backtesting 'snapshot' mode
backwardationCommoditiescontangocrudeenergiesFundamental AnalysisfuturesfuturesmarketOil

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.

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