Dollar Weighted Cumulative SPY Sectors Volume

This plots the combined volume of the subsectors of the SPY using (open+close)/2, both per bar (narrow candles) and cumulative (wide faded candles).

This aims to use dollar volume and weights each sector individually in dollar amounts. NOT with the weighting used in the SPY index. This indicator is NOT equally weighted., it is weighted according to each subsector's own dollar volume.

Green lines means there is more money flowing into the subsectors combined than out. This is a breadth indicator.

Green and red crosses indicate divergence.

Green crosses are shown when the SPY is outperforming this indicator.

Red crosses are shown when this indicator is outperforming the SPY.

Perhaps the best use of this indicator is to stop you from being aggressive when the whole market isn't moving with you.

Enjoy! Feel free to ask any questions.

Versionshinweise:

Modified the workings of the script to better display momentum. If the script is going sideways, the SPY probably is too!

I think this is much more useful for staying out of trades during chop.

Versionshinweise:

Updating the colouring and added some customization. The colouring is expected to work with a black background to better indicate acceleration/deceleration.