This aims to use dollar 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 .
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.
I think this is much more useful for staying out of trades during chop.
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.