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.
Release Notes
⋅
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.
Release Notes
⋅
Updating the colouring and added some customization. The colouring is expected to work with a black background to better indicate acceleration/deceleration.
Hi, there's no history data and it needs to run live, right? Asking because the indicator is showing me only the black horizontal line so far.
tommyjg
⋅
Another really great indicator, I am in the UK I trade the ES, Do you suggest changing the reset time?
barnabygraham
⋅
@tommyjg, I think not. The tickers used are traded way more during the cash session. I can't endorse the signals of this indicator outside of regular trading hours. However, the start of the reset time should be at the US open and have a 30 minute space between it and the second box. Hope that helps.
tommyjg
⋅
@barnabygraham, Ok no problem everything is good, could you possibly let me know which subsectors are used for the lines?
barnabygraham
⋅
@tommyjg, All of the lines are total dollar volume of all of the subsectors combined. The used symbols are all simply listed in the code. The SPY has it's own weighting of subsectors whereas this aims to treat all of the subsectors as according to their individual $ volume.