Index Weighted Returns [SS]

This is the index weighted return indicator.
It supports a few ETFs, including:

1. SPY/SPX
   
2. QQQ/NDX
   
3. ARKK
   
4. SMH
   
5. UFO
   
6. XBI
   
7. QTUM
   

What it does is it takes the top, approximately 40, of the most heavily weighted tickers on the ETF, monitors their returns using the request security function, and then uses their weight to calculate the synthetic returns of the ETF of interest.

For example, in the chart we have SMH.
The indicator is looking at the top weighted tickers of SMH, calculating their returns, adjusting it for their individual weight on SMH and then predicting the expected return of SMH based on the weighing and holding's returns themselves.

How to Use it

The indicator is pretty straight forward, you select which ever index you are on and your desired timeframe (you can do as low as 30-Minutes or as high as monthly or quarterly).
The indicator will then retrieve the top holdings for that ticker, their corresponding weights and calculate the expected daily return based on the weight and return of these tickers.

It will plot this return for you on the chart.

Other Options
There is an optional table for you to view the actual weight, ticker composition and period returns for each of the top x tickers for an index. You can simply toggle "Show Table" in the settings menu, and it will show you the list of all tickers included, their period returns and their weight on the ETF.

Tips for Use

Works well to see when an index may be over the actual top weighted tickers, implying a pullback/sell, or under. For example:



SPY today fell well below its top tickers and is currently rallying back up to the expected close range.

You can see in the primary chart, SMH fell below and returned to its balance, being at the expected close range based on its component tickers.



That is the indicator!
Its simple but powerful!

Hope you enjoy and as always, safe trades!