This indicator plots the two 'Super Sectors' (Cyclical and Defensive) intraday change, viz-a-viz SPX price
* for convenience, it uses the ETF's, rather than the actual sectors. This might make it 0.0001% inaccurate.
For reference:
Defensive Sectors: XLE Energy (not always considered a true defensive sector, but I've thrown it in here for balance) XLP Consumer Staples XLU Utilities XLV Health Care
Cyclical Sectors: XLB Materials XLC Communication Services XLF Financials XLI Industrials XLK Information Technology XLRE Real Estate XLY Consumer Discretionary
Why the (soft) red/green cloud?
Well, the theory says is that if the Cyclical Sector is down, while the Defensive Sector is up, this isn't exactly bullish (so a soft red cloud), or if Defensive Stocks are down, while Cyclical Stocks are up, this is perhaps bullish.
Of course, if SPX is down 10%, with Defensive Stocks down 20%, and Cyclical Stocks down 5%, you might get a green cloud, but it ain't exactly a bullish sign
Release Notes
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New Features!
* User can choose whether a sector is 'Cyclical' or 'Defensive' * User can display spaghetti, if they really want!
Minor Bug Fix * Small (display-related only) value fix
Release Notes
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Updated to cater for main charts that show trading hours outside the regular cash session (e.g. ES1!)
If you're just displaying SPX, no need to change these sessions
If you're displaying extended hours, please change the settings: a) 'Extended Hours' b) Is it Summer Time (daylight savings) or Winter Time?
Outside of the cash session, the indicator is dormant (don't worry - it'll come to life at 09:30!)
can I know the formula for calculating sector weightage (XLK,XLI,XLC,XLY,XLU,XLRE,XLF,XLB,XLP) with that of SPX.
TIG_That-Indicator-Guy
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@sameboyhere, the script is open source - You're welcome to check the calculations in there!
Tom1trader
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@sameboyhere, It (sector weighting -by market cap of the sector constituents) changes a little over time. It is up dated quarterly and the latest weightings (and explanations) are published among other places here: spglobal.com/spdji/en/indices/equity/sp-500/
sameboyhere
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Thanks, It is working fine.
sameboyhere
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This script is not working. It is not calculating weighted average during market hours. Can you please check.
TIG_That-Indicator-Guy
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@sameboyhere, I have this script open every session. It's working fine today! (in fact, I've never seen it have a problem!) ... I see you've been using this for the past 2-1/2 months, so it must be that something changed your end (if the script changed, it would be noted here).
Why don't you 'restore default settings' - that should get it more or less back to normal :)
Tom1trader
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Nice work, though I admit I still have to look up and study the idea of cyclical and defensive as it applies here (a quick Google has shown the info is all there). Thanks and keep smiling!
TIG_That-Indicator-Guy
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@Tom1trader, typically (but not always, of course) : - Cyclical > Defensive... market is buoyant - Defensive > Cyclical... market is dippy