Gorbie

Strength SPX500 EURUSD XAUUSD USOIL

Strength of SPX500 , EURUSD , XAUUSD and USOIL
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
study("Strength SPX500 EURUSD XAUUSD USOIL", precision=3)
fast=input(5)
slow=input(15)
v1=security('SPX500/USOIL',period,close)
v2=security('SPX500/XAUUSD',period,close)
v3=security('SPX500/EURUSD',period,close)
v4=security('USOIL/EURUSD',period,close)
v5=security('XAUUSD/EURUSD',period,close)
v6=security('XAUUSD/USOIL',period,close)
SPX=(v1+v2+(v3))/3
EUR=((100-v3)+(100-v4)+(100-v5))/3
XAU=((100-v2)+(v5)+v6)/3
OIL=((100-v1)+(v4)+v6)/3
spx=tsi(SPX,fast,slow)
eur=tsi(EUR,fast,slow)
xau=tsi(XAU,fast,slow)
oil=tsi(OIL,fast,slow)
plot(spx,color=green,title='SPX500')
plot(eur,color=fuchsia,title='EURUSD')
plot(xau,color=orange,title='XAUUSD')
plot(oil,color=aqua,title='USOIL')
hline(0,title='midpoint')
hline(0.5,title='overbought')
hline(-0.5,title='oversell')

Comments

Hi Gorbie.....Does it mean SPX is overbought , oil/gold neutral and EU oversold ? Does it work well with shorter time frames ? rgds
Reply
Gorbie sk12722
Hey! It's working good on a daily, weekly and 4h as well. Find your best trade when the indicators placed on the extremes. If indicator into overbought zone on a daily (or weekly), then it should turning to downward.
Reply
Explain?
Reply
Gorbie Kiggan
It's to find the best trade for the moment. If the indicator in the overbought zone, then sell it. So, and vice versa. It's simple!
Reply
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