BKLevelsThis displays levels from a text input, levels from certain times on the previous day, and high/low/close from previous day. The levels are drawn for the date in the first line of the text input. Newlines are required between each level
Example text input:
2024-12-17
SPY,606,5,1,Lower Hvol Range,FIRM
SPY,611,1,1,Last 20K CBlock,FIRM
SPY,600,2,1,Last 20K PBlock,FIRM
SPX,6085,1,1,HvolC,FIRM
SPX,6080,2,1,HvolP,FIRM
SPX,6095,3,1,Upper PDVR,FIRM
SPX,6060,3,1,Lower PDVR,FIRM
For each line, the format is ,,,,,
For color, there are 9 possible user- configurable colors- so you can input numbers 1 through 9
For line style, the possible inputs are:
"FIRM" -> solid line
"SHORT_DASH" -> dotted line
"MEDIUM_DASH" -> dashed line
"LONG_DASH" -> dashed line
Search in scripts for "spy"
Correlation Coefficient [Giang]### **Introduction to the "Correlation Coefficient" Indicator**
#### **Idea behind the Indicator**
The "Correlation Coefficient" indicator was developed to analyze the linear relationship between Bitcoin (**BTCUSD**) and other important economic indices or financial assets, such as:
- **SPX** (S&P 500 Index): Represents the U.S. stock market.
- **DXY** (Dollar Index): Reflects the strength of the USD against major currencies.
- **SPY** (ETF representing the S&P 500): A popular trading instrument.
- **GOLD** (Gold price): A traditional safe-haven asset.
The correlation between these assets can help traders understand how Bitcoin reacts to market movements of traditional financial instruments, providing opportunities for more effective trading decisions.
Additionally, the indicator allows users to **customize asset symbols for comparison**, not limited to the default indices (SPX, DXY, SPY, GOLD). This flexibility enables traders to tailor their analysis to specific goals and portfolios.
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#### **Significance and Use of Correlation in Trading**
**Correlation** is a measure of the linear relationship between two data series. In the context of this indicator:
- **The correlation coefficient ranges from -1 to 1**:
- **1**: Perfect positive relationship (both increase or decrease together).
- **0**: No linear relationship.
- **-1**: Perfect negative relationship (one increases while the other decreases).
- **Use in trading**:
- Identify **strong relationships or unusual divergences** between Bitcoin and other assets.
- Help determine **market sentiment**: For example, if Bitcoin has a negative correlation with DXY, traders might expect Bitcoin to rise when the USD weakens.
- Provide a foundation for hedging strategies or investments based on inter-asset relationships.
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#### **Components of the Indicator**
The "Correlation Coefficient" indicator consists of the following key components:
1. **Main Data (BTCUSD)**:
- The closing price of Bitcoin is used as the central asset for calculations.
2. **Comparison Data**:
- Users can select different asset symbols for comparison. By default, the indicator supports:
- **SPX**: Stock market index.
- **DXY**: Dollar Index.
- **SPY**: Popular ETF.
- **GOLD**: Gold price.
3. **Correlation Coefficients**:
- Calculated between BTC and each comparison index, based on a Weighted Moving Average (WMA) over a user-defined period.
4. **Graphical Representation**:
- Displays individual correlation coefficients with each comparison index, making it easier for traders to track and analyze.
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#### **How to Analyze and Use the Indicator**
**1. Identify Key Correlations:**
- Observe the correlation lines between BTC and the indices to determine positive or negative relationships.
- Example:
- If the **Correlation Coefficient (BTC-DXY)** sharply declines to -1, this indicates that when USD strengthens, Bitcoin tends to weaken.
**2. Analyze the Strength of Correlations:**
- **Strong Correlations**: If the coefficient is close to 1 or -1, the relationship between the two assets is very clear.
- **Weak Correlations**: If the coefficient is near 0, Bitcoin may be influenced by other factors outside the compared index.
**3. Develop Trading Strategies:**
- Use correlations to predict Bitcoin's price movements:
- If BTC has an inverse relationship with **DXY**, traders might consider selling BTC when the USD strengthens.
- If BTC and **SPX** are strongly correlated, traders can monitor the stock market to predict Bitcoin's trend.
**4. Evaluate Changes Over Time:**
- Use different timeframes (daily, weekly) to track the correlation's fluctuations.
- Look for unusual signals, such as a breakdown or shift from positive to negative relationships.
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#### **Conclusion**
The "Correlation Coefficient" indicator is a powerful tool that helps traders analyze the relationship between Bitcoin and major financial indices. The ability to customize asset symbols for comparison makes the indicator flexible and suitable for various trading strategies. When used correctly, this indicator not only provides insights into market sentiment but also supports the development of intelligent trading strategies and optimized profits.
Daily MAs on Intraday ChartsThis is a very simple, yet powerful indicator, for intraday and swing traders.
The indicator plots price levels of key daily moving averages as horizontal lines onto intraday charts.
The key daily moving averages being:
5-day EMA
10-day EMA
21-day EMA
50-day SMA
100-day SMA
200-day SMA
The moving averages above can be toggled on and off to the users liking and different colours selected to show the locations of daily moving average price levels on intraday charts.
Below is a chart of the SPY on the 30-minute timeframe. The black line represents the price level of the SPY's 10-day EMA, and the blue line represents the price level of the SPY's 21-day EMA.
Key daily moving averages like those mentioned above can be areas of support or resistance for major indexes, ETFs, and individual stocks. Therefore, when using multiple timeframe analysis combining daily charts and intraday charts, it's useful to be aware of these key daily moving average levels for potential reversals.
This indicator clearly shows where the key daily moving average price levels are on intraday charts for the chosen ticker symbol, thus helping traders to identify potential points of interest for trading ideas - i.e., going long or pullbacks into key daily moving averages, or short on rallies into key daily moving averages subject to the trader's thoughts at the time.
By using the 'Daily MAs on Intraday Charts' the trader can now have a multi-chart layout and be easily aware of key price levels from daily moving averages when looking at various intraday timeframe charts such as the 1-minute, 5-minute, 15-minute, 30-minute, 1-hour etc. This can be essential information for opening long and short trading ideas.
GEX Profile [PRO] Real Auto-Updated Gamma Exposure Levels𝗥𝗲𝗮𝗹 𝗚𝗘𝗫 𝗟𝗲𝘃𝗲𝗹𝘀 𝘄𝗶𝘁𝗵 𝗦𝗲𝗮𝗺𝗹𝗲𝘀𝘀 𝗔𝘂𝘁𝗼-𝗨𝗽𝗱𝗮𝘁𝗲𝘀 𝗳𝗼𝗿 𝗼𝘃𝗲𝗿 𝟭𝟲𝟱+ 𝗼𝗳 𝘁𝗵𝗲 𝗠𝗼𝘀𝘁 𝗟𝗶𝗾𝘂𝗶𝗱 𝗨.𝗦. 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝘆𝗺𝗯𝗼𝗹𝘀 (including 𝟬𝗗𝗧𝗘 𝗳𝗼𝗿 𝗦𝗣𝗫, SPY, QQQ, TLT, IWM, etc...)
🔃 Dynamic Updates : Receive precise GEX levels with auto-updating metrics up to 5 times a day throughout the trading session—no manual refresh needed!
🍒 Strategically Developed : Built by experienced options traders to meet the needs of serious options market participants.
🕒 0DTE? No Problem! : Designed with 0DTE traders in mind, our indicator keeps you updated with GEX levels and seamless auto-refresh to capture every crucial market shift.
📈 Optimized for Option Traders : See accurate GEX and NETGEX profiles for multiple expirations to maximize strategic potential.
🔶 Comprehensive GEX Levels
This indicator provides unparalleled insight into market dynamics with levels like Call/Put Support, Resistance, HVL (High Volatility Level), and Call/Put Walls. These levels are auto-updated based on live market movements and reflect gamma shifts and volatility signals essential for options traders.
🔶 Ideal for 0DTE and Multi-Leg Strategies
Track essential GEX levels across expirations with our unique Cumulative (⅀) and Selected Alone (⊙) calculation models. Customize your view to reveal high-impact levels across multiple expirations or focus on a specific expiration for a targeted strategy.
🔶 Coverage of 165+ Highly Liquid U.S. Symbols
Compatible with over 165 U.S. market symbols, including SP:SPX , AMEX:SPY , NASDAQ:QQQ , NASDAQ:TLT , AMEX:GLD , NASDAQ:NVDA , and more. The watchlist is expanding continuously to meet the needs of active traders. List of Compatible Symbols Available Here: www.tradingview.com
🔶How does the indicator work and why is it unique?
This is not just another GEX indicator. It incorporates 15min delayed option chain data from ORATS as data provider, processes and refines the delayed data package using pineseed, and sends it to TradingView, visualizing the key GEX levels using specific formulas (see detailed below). This method of incorporating options data into a visualization framework is unique and entirely innovative on TradingView.
Unlike other providers that only set GEX levels at market open, this indicator adjusts dynamically throughout the day, providing updated insights across the trading day and capturing gamma shifts as the market moves.
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🌑 𝗗 𝗢 𝗖 𝗨 𝗠 𝗘 𝗡 𝗧 𝗔 𝗧 𝗜 𝗢 𝗡 🌑
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🔶 Understanding GEX (Gamma Exposure) and Gamma Profiling
Gamma Exposure (GEX) is a crucial concept in options trading because it reveals how options market positions can influence the dynamics of asset prices. In essence, GEX measures the collective gamma exposure of options market participants, impacting overall market stability and price movements.
🔹 What is GEX?
At its core, GEX captures the aggregate impact of gamma, a key options Greek, which tells us how an option's delta changes in response to price movements in the underlying asset. Positive or negative GEX levels can reflect the collective bullish or bearish stance of the market:
Positive GEX (far above HVL) : Indicates a net bullish positioning by options holders. When GEX is strongly positive, it suggests that as the asset price increases, market participants might need to buy more of the asset to maintain their hedges. This behavior can fuel further upward momentum.
Negative GEX (far below HVL) : Implies a net bearish positioning. In a strongly negative GEX environment, declines in the asset's price might prompt participants to sell, potentially exacerbating the downward movement.
🔹 The Influence of GEX on Strike Prices and Expiration
A unique feature of GEX is its impact near expiration dates. As options approach expiration, GEX levels can “pin” the price to specific strike levels, where options positions are concentrated. This pinning effect arises as market makers adjust their hedging strategies, often causing the asset price to gravitate towards certain strike prices, where a large volume of options contracts sits.
🟨 Overview of our GEX Calculation Models for Options Traders 🟨
Our GEX indicator models were developed with serious options traders in mind, providing flexibility beyond typical GEX providers. We know that using GEX levels for multi-leg strategies, where the underlying doesn't need a strong trend to be profitable , calls for a nuanced approach that aligns with different trading horizons. Here’s a detailed breakdown of our GEX calculation models and how they support strategic trading across varying timeframes.
Thus, the HVL an orher CALL/PUT WALLS depends on the indicator's selected calculation mode and expiration. The NETGEX profile of the chosen expiration appears on the HVL line , which automatically updates five times during trading hours , except for 0DTE, which reflects the value set at market open.
🔶 Cumulative Expiration (⅀) Calculation Method
This method aggregates GEX data for all expirations up to the selected date , giving you a more comprehensive view of market dynamics. We recommend using this method, as it allows you to see how combined expirations impact GEX levels, which can be critical when setting up trades with a longer time horizon.
🔶 Selected Alone (⊙) Calculation Method
This option displays the GEX profile specific to only the chosen expiration , providing a unique, time-bound view. This approach is ideal for those seeking precise insight into how an individual expiration is performing without the broader context of other expirations.
🔶 Example of using calculation methods:
With options trading, especially for multi-leg strategies, choosing the right expiration and calculation model is crucial. Let’s break down an example:
Suppose you’re considering a Friday (4DTE) front-leg diagonal on the SPX at the start of the week. In this case, the focus isn’t strictly on any single expiration (like 0DTE or 4DTE individually), but rather on what might happen cumulatively by Friday across all expirations . Here, the Cumulative Expiration (⅀) model comes into play, as it shows you an aggregated view of the GEX profile, factoring in all strikes and legs for all expirations leading up to the selected date.
For most use cases, we recommend setting your indicator to the Cumulative (⅀) model , which provides a broad and insightful look at GEX levels across multiple expirations. However, you can always switch to Selected Alone (⊙) for targeted analysis of an individual expiration. Remember, 0DTE defaults to “Selected Alone”, and Every Expiry always shows a cumulative value by default.
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🟦 HVL (High Volatility Level) 🟦
Also known as the Gamma FLIP level or Zero Gamma , it represents the price level at which the gamma environment transitions from positive to negative or vice versa. The High Volatility Level (HVL) is a critical point for understanding gamma shifts and anticipating volatility. This shift influences how market makers hedge their positions, potentially increasing or dampening market volatility.
🔷 Understanding the Gamma Flip and HVL
At its core, the gamma flip represents the point where market makers may transition from a net positive to a net negative gamma position, or the reverse. When prices move above HVL, gamma is positive, often leading to lower volatility due to the stabilizing effects of market makers’ hedging. Conversely, when prices drop below HVL, gamma flips negative, and hedging by market makers can amplify volatility as they trade with the direction of price movements.
The HVL (High Volatility Level) is particularly important as it signals a shift in the impact of price movements on the GEX profile. Using the cumulative calculation mode, GEX values are aggregated across all strikes and expirations up to the selected expiration, helping to pinpoint the point where the GEX curve's slope changes from negative to positive.
🔷 Implications for Traders and Market Makers
For market makers, crossing below HVL into a negative gamma zone means that they hedge in the same direction as price movements, potentially amplifying volatility. For traders, understanding HVL's role is essential to choosing strategies that align with the prevailing volatility regime:
Positive GEX 🟢:
Above HVL, where GEX is positive, market makers hedge by buying stocks as prices fall and selling as prices rise. This has a stabilizing effect, creating a lower-volatility environment.
Negative GEX 🔴:
Below HVL, where GEX is negative, market makers' hedging aligns with price movements, increasing volatility. Here, they buy as prices rise and sell as they fall, reinforcing price direction.
🔷 HVL as a Momentum and Volatility Indicator
The HVL offers traders insight into potential shifts in market momentum. For example, above HVL, if the price increases, Net GEX also rises, which stabilizes prices as market makers hedge in opposition to price direction. Below HVL, however, a price rise decreases Net GEX, creating conditions where market makers’ hedging amplifies price movements, resulting in a more volatile environment.
HVL also acts as a significant support level, often preceding put supports. If the price falls below this level, traders may expect heightened volatility and increased bearish sentiment.
Knowing the location of HVL is vital for positioning yourself on the right side of volatility. By monitoring the HVL, traders can better anticipate shifts in sentiment and align strategies with prevailing market dynamics.
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🟩 Call Resistance and Call Wall Levels 🟩
In options trading, understanding GEX levels like Call Resistance and Call Wall levels is crucial for navigating potential price inflection points. Our indicator provides these levels directly on your chart, allowing you to customize and optimize your trading approach. Here’s a detailed guide to help you understand and use Call Resistance and additional Call Wall levels effectively.
🟢 Call Resistance Level
The Call Resistance Level is a key point where our model indicates heightened Call GEX concentration. This level serves as a potential resistance area where price movement may face a barrier, slowing or even reversing before a breakout. Here’s how the Call Resistance Level can influence market behavior:
Resistance and Price Reversal ⬇️ : Similar to the Put Support level, the Call Resistance acts as a "sticky" price level, where upward movement encounters resistance. When the price approaches this level, it’s common for market makers to begin shorting to maintain delta neutrality. This shorting activity, combined with the potential monetization of calls, introduces a technical bearish force in the short term, often causing the price to bounce downward.
Upside Acceleration Point ⬆️ : If investors reposition calls to higher strikes as the price reaches Call Resistance, this level can roll up, allowing the price to push upward and potentially accelerating the rally. This effect can drive the market to higher levels as market makers adjust their positions accordingly.
🟢 Additional Call Wall Levels
Our model identifies the second and third-highest Call GEX levels, known as additional Call Walls. These levels are often secondary resistance points but hold significance as they add layers of possible resistance or breakout points. They offer similar potential as the primary Call Resistance level, acting as either:
Resistance Zones: Slowing the price momentum as it approaches these levels.
Inflection Points for Upside Momentum: Allowing for a possible continuation of upward movement if prices break through.
🟢 How to Trade the Call Resistance Level
To use the Call Resistance level effectively, look for possible price rejections or consolidations as the price approaches this zone. Here are the main scenarios:
Bounce to Downside: As the price nears the Call Resistance level, market makers’ delta-hedging activity (through shorting) can turn this level into a short-term bearish force, leading to price pullbacks.
Rolling the Position: For bulls, a key objective at the Call Resistance level is to see investors roll their call positions higher, effectively moving the resistance up. This repositioning may lead to incremental price gains as the Call Resistance level rises with each roll.
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🟥 Put Support and Put Wall Levels 🟥
In options trading, understanding GEX levels like Put Support and secondary Put Wall levels is essential for managing potential price support points and gauging downside risk. Our indicator places these levels directly on your chart, allowing for customization to enhance your trading strategy. Here’s a detailed guide to help you leverage the Put Support and additional Put Wall levels effectively.
🔴 Put Support Level
The Put Support Level is a key zone where our model shows the highest concentration of negative GEX, representing an area with substantial put option interest. This level functions as a potential support zone, where price may stabilize or bounce upward, or as an inflection point, signaling increased downside momentum. Here’s how the Put Support Level can affect market behavior:
Support and Price Reversal🔺 : Similar to how Call Resistance operates on the upside, the Put Support Level often acts as a "sticky" level on the downside, where price finds support. As the asset price moves closer to this level, market makers begin adjusting their positions, frequently buying to maintain delta neutrality. This activity can create a temporary short squeeze, pushing prices back up.
Downside Acceleration Point 🔻 : If the asset continues moving lower, triggering more hedging activity, this level can become a tipping point for accelerated downside momentum.
🔴 Additional Put Wall Levels
Our model also identifies the second and third-highest negative GEX levels, known as secondary Put Walls. These levels are often seen as secondary support points and hold significance by adding layers of support or potential downside inflection points. Like the primary Put Support Level, they can act in two ways:
Support Zones: Helping slow price declines as they approach these levels.
Downside Inflection Points: Allowing further price decline if the support fails.
🔴 How Investors Hedge with Put Options
Investors commonly use put options to hedge long positions and protect portfolios, especially during times of market stress when implied volatility rises. This demand for puts increases the Put Skew, as market makers short to remain delta hedged.
As prices approach the Put Support Level, the hedging activity often intensifies because more puts become At the Money (ATM) or In the Money (ITM). To realize the value of their hedges, investors typically monetize these puts at this level, triggering the closing of short positions by market makers and resulting in a price bounce.
🔴 The Role of Implied Volatility
Implied Volatility (IV) is also a critical factor since it directly influences market flows. If IV driving put flows decreases, market makers may buy back shorts, which contributes to the bounce at the Put Support Level. Additionally, another Greek, Vanna—representing changes in delta due to IV shifts—plays a vital role here. As IV changes, Vanna affects delta-hedging adjustments, adding a layer of complexity to understanding market makers' actions around these support levels.
🔴 Possible Price Scenarios at the Put Support Level
When the price reaches the Put Support Level, there are generally two scenarios:
Bounce to Upside🔺 : The Put Support Level is where substantial put hedging activity happens. As prices approach, market makers adjust their delta by buying, which can push prices back up.
Roll Positions🔻 : After monetizing puts, investors have two options: roll hedges to higher strikes if they expect a bullish move, or open new out-of-the-money puts at lower strikes. If new hedges are set at lower levels, the Put Support level may also shift lower, creating a new bearish force as market makers begin hedging these new positions.
🟨 Customizing Put Support/Call Resistance and Put/Call Wall Levels on Your Chart
Our indicator settings provide extensive customization options for displaying Put Support, Call Resistance, and Put/Call Wall levels.
You can:
adjust the depth to highlight the highest positive or negative NETGEX levels
choose to display relative data, show only the colored strike line
adjust the offset for enhanced visibility.
This flexibility helps you focus on the critical details that best align with your trading strategy, ensuring a clearer and more tailored view of the GEX levels on your chart.
Currently, we examine the top three levels with the highest positive and negative NETGEX values, allowing you to view seven key GEX levels on your chart (3 Call + 1 HVL + 3 Put). However, in the near future, we plan to expand this to seven levels per side, resulting in a total of up to 15 significant GEX levels on the chart instead of the current 7. This enhancement will cater to all needs, especially benefiting 0DTE traders.
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🔶 ADDITIONAL IMPORTANT COMMENTS
🔹- Why is there a slight difference between the displayed data and other GEX provider's data like MenthorQ, GammaEdge, SpotGamma, GEXBot, etc?
There are two reasons for this, and one is beyond our control:
🔹 (1) Option-data update frequency:
According to TradingView's regulations and guidelines, we can update external data a maximum of 5 times per day. We strive to use these updates in the most optimal way:
(1st update) 15 minutes after U.S. market open
(2nd, 3rd, 4th updates) 1.5–3 hours during U.S. market open hours
(5th update) 10 minutes before U.S. market close.
You don’t need to refresh your window; our latest refreshed data pack is always automatically applied to your indicator. You can see the time elapsed since the last update by hovering over the HVL.
🔹 (2) GEX Levels with Intraday Updates Based on Price Movements
The TanukiTrade Options GEX Indicator for TradingView provides open interest data with a 15-minute delay after the market opens. Using this data, we calculate and update the relevant levels throughout the trading day, reflecting almost real-time price changes and gamma values. Unlike other GEX providers, who set their GEX levels solely at market open without further updates, we dynamically adjust our levels intraday to capture significant price shifts.
🔹 Automatic & Seamless Intraday Updates and Special Cases
For our indicator, the HVL (High Volatility Level) reflects the selected calculation mode and expiration. We update these NETGEX profiles five times throughout the trading day, with one exception: 0DTE data, which is set at market open and does not update intraday due to the rapid narrowing of gamma levels . Note that similar to other GEX providers, our 0DTE remains fixed at open, while cumulative values update during the day based on almost real-time market movements.
🔹Consistent SPX 0DTE GEX Levels with Morning Open Interest Updates Only
For SPX, the 0DTE (Zero Days to Expiration) options and GEX levels are calculated based on openinterest data provided by the clearinghouse at market open. Due to the exponential narrowing of gamma levels throughout the day, we do not update these levels intraday, unlike other expirations. Therefore, if you select the expiring contract on that day, you’ll see the exact morning level, as it was calculated at market open. This status is also published the previous evening, based on the data available then, so you can already view the levels for the following day’s 1DTE (next day’s 0DTE) before market close. After market open, around 15 minutes later, this level is updated with the latest open interest data and remains unchanged for the rest of the day. Other providers take a similar approach. We do not support intraday volume-based GEX calculations, as our benchmarks show this can produce misleading results.
Disclaimer:
Our option indicator uses approximately 15min-3 hour delayed option market snapshot data to calculate the main option metrics. Exact realtime option contract prices are never displayed; only derived GEX metrics are shown to ensure accurate and consistent visualization. Due to the above, this indicator can only be used for decision support; exclusive decisions cannot be made based on this indicator. We reserve the right to make errors.This indicator is designed for options traders who understand what they are doing. It assumes that they are familiar with options and can make well-informed, independent decisions. We work with paid delayed data and we are not a data provider; therefore, we do not bear any financial or other liability.
Options Oscillator [Lite] IVRank, IVx, Call/Put Volatility Skew The first TradingView indicator that provides REAL IVRank, IVx, and CALL/PUT skew data based on REAL option chain for 5 U.S. market symbols.
🔃 Auto-Updating Option Metrics without refresh!
🍒 Developed and maintained by option traders for option traders.
📈 Specifically designed for TradingView users who trade options.
🔶 Ticker Information:
This 'Lite' indicator is currently only available for 5 liquid U.S. market smbols : NASDAQ:TSLA AMEX:DIA NASDAQ:AAPL NASDAQ:AMZN and NYSE:ORCL
🔶 How does the indicator work and why is it unique?
This Pine Script indicator is a complex tool designed to provide various option metrics and visualization tools for options market traders. The indicator extracts raw options data from an external data provider (ORATS), processes and refines the delayed data package using pineseed, and sends it to TradingView, visualizing the data using specific formulas (see detailed below) or interpolated values (e.g., delta distances). This method of incorporating options data into a visualization framework is unique and entirely innovative on TradingView.
The indicator aims to offer a comprehensive view of the current state of options for the implemented instruments, including implied volatility (IV), IV rank (IVR), options skew, and expected market movements, which are objectively measured as detailed below.
The options metrics we display may be familiar to options traders from various major brokerage platforms such as TastyTrade, IBKR, TOS, Tradier, TD Ameritrade, Schwab, etc.
🟨 The following data is displayed in the oscillator 🟨
We use Tastytrade formulas, so our numbers mostly align with theirs!
🔶 𝗜𝗩𝗥𝗮𝗻𝗸
The Implied Volatility Rank (IVR) helps options traders assess the current level of implied volatility (IV) in comparison to the past 52 weeks. IVR is a useful metric to determine whether options are relatively cheap or expensive. This can guide traders on whether to buy or sell options.
IV Rank formula = (current IV - 52 week IV low) / (52 week IV high - 52 week IV low)
IVRank is default blue and you can adjust their settings:
🔶 𝗜𝗩𝘅 𝗮𝘃𝗴
The implied volatility (IVx) shown in the option chain is calculated like the VIX. The Cboe uses standard and weekly SPX options to measure expected S&P 500 volatility. A similar method is used for calculating IVx for each expiration cycle.
We aggregate the IVx values for the 35-70 day monthly expiration cycle, and use that value in the oscillator and info panel.
We always display which expiration the IVx values are averaged for when you hover over the IVx cell.
IVx main color is purple, but you can change the settings:
🔹IVx 5 days change %
We are also displaying the five-day change of the IV Index (IVx value). The IV Index 5-Day Change column provides quick insight into recent expansions or decreases in implied volatility over the last five trading days.
Traders who expect the value of options to decrease might view a decrease in IVX as a positive signal. Strategies such as Strangle and Ratio Spread can benefit from this decrease.
On the other hand, traders anticipating further increases in IVX will focus on the rising IVX values. Strategies like Calendar Spread or Diagonal Spread can take advantage of increasing implied volatility.
This indicator helps traders quickly assess changes in implied volatility, enabling them to make informed decisions based on their trading strategies and market expectations.
Important Note:
The IVx value alone does not provide sufficient context. There are stocks that inherently exhibit high IVx values. Therefore, it is crucial to consider IVx in conjunction with the Implied Volatility Rank (IVR), which measures the IVx relative to its own historical values. This combined view helps in accurately assessing the significance of the IVx in relation to the specific stock's typical volatility behavior.
This indicator offers traders a comprehensive view of implied volatility, assisting them in making informed decisions by highlighting both the absolute and relative volatility measures.
🔶 𝗖𝗔𝗟𝗟/𝗣𝗨𝗧 𝗣𝗿𝗶𝗰𝗶𝗻𝗴 𝗦𝗸𝗲𝘄 𝗵𝗶𝘀𝘁𝗼𝗴𝗿𝗮𝗺
At TanukiTrade, Vertical Pricing Skew refers to the difference in pricing between put and call options with the same expiration date at the same distance (at tastytrade binary expected move). We analyze this skew to understand market sentiment. This is the same formula used by TastyTrade for calculations.
We calculate the interpolated strike price based on the expected move, taking into account the neighboring option prices and their distances. This allows us to accurately determine whether the CALL or PUT options are more expensive.
🔹 What Causes Pricing Skew? The Theory Behind It
The asymmetric pricing of PUT and CALL options is driven by the natural dynamics of the market. The theory is that when CALL options are more expensive than PUT options at the same distance from the current spot price, market participants are buying CALLs and selling PUTs, expecting a faster upward movement compared to a downward one .
In the case of PUT skew, it's the opposite: participants are buying PUTs and selling CALLs , as they expect a potential downward move to happen more quickly than an upward one.
An options trader can take advantage of this phenomenon by leveraging PUT pricing skew. For example, if they have a bullish outlook and both IVR and IVx are high and IV started decreasing, they can capitalize on this PUT skew with strategies like a jade lizard, broken wing butterfly, or short put.
🔴 PUT Skew 🔴
Put options are more expensive than call options, indicating the market expects a faster downward move (▽). This alone doesn't indicate which way the market will move (because nobody knows that), but the options chain pricing suggests that if the market moves downward, it could do so faster in velocity compared to a potential upward movement.
🔹 SPY PUT SKEW example:
If AMEX:SPY PUT option prices are 46% higher than CALLs at the same distance for the optimal next monthly expiry (DTE). This alone doesn't indicate which way the market will move (because nobody knows that), but the options chain pricing suggests that if the market moves downward, it could do so 46% faster in velocity compared to a potential upward movement
🟢 CALL Skew 🟢
Call options are more expensive than put options, indicating the market expects a faster upward move (△). This alone doesn't indicate which way the market will move (because nobody knows that), but the options chain pricing suggests that if the market moves upward, it could do so faster in velocity compared to a potential downward movement.
🔹 INTC CALL SKEW example:
If NASDAQ:INTC CALL option prices are 49% higher than PUTs at the same distance for the optimal next monthly expiry (DTE). This alone doesn't indicate which way the market will move (because nobody knows that), but the options chain pricing suggests that if the market moves upward, it could do so 49% faster in velocity compared to a potential downward movement .
🔶 USAGE example:
The script is compatible with our other options indicators.
For example: Since the main metrics are already available in this Options Oscillator, you can hide the main IVR panel of our Options Overlay indicator, freeing up more space on the chart. The following image shows this:
🔶 ADDITIONAL IMPORTANT COMMENTS
🔹 Historical Data:
Yes, we only using historical internal metrics dating back to 2024-07-01, when the TanukiTrade options brand launched. For now, we're using these, but we may expand the historical data in the future.
🔹 What distance does the indicator use to measure the call/put pricing skew?:
It is important to highlight that this oscillator displays the call/put pricing skew changes for the next optimal monthly expiration on a histogram.
The Binary Expected Move distance is calculated using the TastyTrade method for the next optimal monthly expiration: Formula = (ATM straddle price x 0.6) + (1st OTM strangle price x 0.3) + (2nd OTM strangle price x 0.1)
We interpolate the exact difference based on the neighboring strikes at the binary expected move distance using the TastyTrade method, and compare the interpolated call and put prices at this specific point.
🔹 - Why is there a slight difference between the displayed data and my live brokerage data?
There are two reasons for this, and one is beyond our control.
◎ Option-data update frequency:
According to TradingView's regulations and guidelines, we can update external data a maximum of 5 times per day. We strive to use these updates in the most optimal way:
(1st update) 15 minutes after U.S. market open
(2nd, 3rd, 4th updates) 1.5–3 hours during U.S. market open hours
(5th update) 10 minutes before U.S. market close.
You don’t need to refresh your window, our last refreshed data-pack is always automatically applied to your indicator, and you can see the time elapsed since the last update at the bottom of the corner on daily TF.
◎ Brokerage Calculation Differences:
Every brokerage has slight differences in how they calculate metrics like IV and IVx. If you open three windows for TOS, TastyTrade, and IBKR side by side, you will notice that the values are minimally different. We had to choose a standard, so we use the formulas and mathematical models described by TastyTrade when analyzing the options chain and drawing conclusions.
🔹 - EOD data:
The indicator always displays end-of-day (EOD) data for IVR, IV, and CALL/PUT pricing skew. During trading hours, it shows the current values for the ongoing day with each update, and at market close, these values become final. From that point on, the data is considered EOD, provided the day confirms as a closed daily candle.
🔹 - U.S. market only:
Since we only deal with liquid option chains: this option indicator only works for the USA options market and do not include future contracts; we have implemented each selected symbol individually.
Disclaimer:
Our option indicator uses approximately 15min-3 hour delayed option market snapshot data to calculate the main option metrics. Exact realtime option contract prices are never displayed; only derived metrics and interpolated delta are shown to ensure accurate and consistent visualization. Due to the above, this indicator can only be used for decision support; exclusive decisions cannot be made based on this indicator. We reserve the right to make errors.This indicator is designed for options traders who understand what they are doing. It assumes that they are familiar with options and can make well-informed, independent decisions. We work with public data and are not a data provider; therefore, we do not bear any financial or other liability.
FANGMANT Performance TableThis is a simple performance table for QQQ, SPY and the main FANGMANT stocks shown left to right by current order of weighting.
Importantly, the performance is intraday from session open time.
It is NOT a daily change - credit to ShadowTrader for this distinction.
Credit also to PineCoders for their string manipluation instructions for Pine Script.
Each of the 12 symbols in the table can be set by the user.
For publication purposes I have included QQQ, SPY, VXN and TNX as these are all relevant to Nasdaq performance too
The table can be placed Top or Bottom, Left or Right
The user will need to set the cell width and height and transparency and bulilsh/bearish colors to best suit their own displays.
There are two color gradients built in to help illustrate which symbols are leading or lagging
I will also publish one for the SPY sectors that will otherwise be very similar to this
Simultaneous INSIDE Bar Break IndicatorSimultaneous Inside Bar Break Indicator (SIBBI) for The Strat Community
Overview:
The Simultaneous Inside Bar Break Indicator (SIBBI) is designed to help traders using The Strat methodology identify one of the most powerful breakout patterns: the Simultaneous Inside Bar Break across multiple symbols. This indicator detects when all four user-selected symbols form inside bars on the previous candle and then break those inside bars in the same direction (either bullish or bearish) on the current candle.
Inside bars represent consolidation periods where price action does not break the high or low of the previous candle. When a simultaneous break occurs across multiple symbols, this often signals a strong move in the market, making this a key actionable signal in The Strat trading strategy.
Key Features:
Multi-Symbol Analysis: You can track up to four different symbols simultaneously. By default, the indicator comes with SPY, QQQ, IWM, and DIA, but you can modify these to track any other assets or symbols.
Inside Bar Detection: The indicator checks whether all four symbols have inside bars on the previous candle. It only triggers when all symbols meet this condition, making it a highly specific and reliable signal.
Simultaneous Break Detection: Once all symbols have inside bars, the indicator waits for a breakout in the same direction across all four symbols. A simultaneous bullish break (prices breaking above the previous candle’s high) triggers a green label, while a simultaneous bearish break (prices breaking below the previous candle’s low) triggers a red label.
Dynamic Label Timeframe: The indicator dynamically adjusts the timeframe in the label based on the user’s selected timeframe. This allows traders to know precisely which timeframe the break is occurring on. If the user selects "Chart Timeframe," the indicator will evolve with the current chart's timeframe, making it more versatile.
Timeframe Flexibility: The indicator can be set to analyze any timeframe—15-minute, 30-minute, 60-minute, daily, weekly, and so on. It only works for the specific timeframe you set it to in the settings. If set to "Chart Timeframe," the label will adapt dynamically based on the timeframe you are currently viewing.
Customizable Labels: The user can choose the size of the labels (tiny, small, or normal), ensuring that the visual output is tailored to individual preferences and chart layouts.
Best Use Case:
The Simultaneous Inside Bar Break Indicator is particularly powerful when applied to multiple timeframes. Here’s how to use it for maximum impact:
Multi-Timeframe Setup: Set the indicator on various timeframes (e.g., 15-minute, 30-minute, 60-minute, and daily) across multiple charts. This allows you to monitor different timeframes and identify when lower timeframe breaks trigger potential moves on higher timeframes.
Anticipating Strong Moves: When a simultaneous inside bar break occurs on one timeframe (e.g., 30-minute), keep an eye on the higher timeframes (e.g., 60-minute or daily) to see if those timeframes also break. This stacking of inside bar breaks can signal powerful market moves.
Higher Conviction Signals: The indicator is designed to provide high-conviction signals. Since it requires all four symbols to break in the same direction simultaneously, it reduces false signals and focuses on higher probability setups, which is crucial for traders using The Strat to time their trades effectively.
How the Indicator Works:
Inside Bar Formation: The indicator first checks that all four selected symbols had inside bars in the previous bar (i.e., the current high and low are contained within the previous bar’s high and low).
Simultaneous Break Detection: After detecting inside bars, the indicator checks if all four symbols break out in the same direction—bullish (breaking above the previous bar’s high) or bearish (breaking below the previous bar’s low).
Label Display: When a simultaneous inside bar break occurs, a label is plotted on the chart—either green for a bullish break (below the candle) or red for a bearish break (above the candle). The label will display the timeframe you set in the settings (e.g., "IBSB 60" for a 60-minute break).
Chart Timeframe Option: If you prefer, you can set the indicator to evolve with the chart’s current timeframe. In this mode, the label will not show a specific timeframe but will still display the simultaneous inside bar break when it occurs.
Recommendations for Usage:
Focus on Multiple Timeframes: The Strat methodology is all about understanding the relationship between different timeframes. Use this indicator on multiple timeframes to get a better picture of potential moves.
Pair with Other Strat Techniques: This indicator is most powerful when combined with other Strat tools, such as broadening formations, timeframe continuity, and actionable signals (e.g., 2-2 reversals). The simultaneous inside bar break can help confirm or invalidate other signals.
Customize Symbols and Timeframes: Although the default symbols are SPY, QQQ, IWM, and DIA, feel free to replace them with symbols more relevant to your trading. This indicator works well across equities, indices, futures, and forex pairs.
How to Set It Up:
Select Symbols: Choose four symbols that you want to track. These can be index ETFs (like SPY and QQQ), individual stocks, or any other tradable instruments.
Set Timeframe: In the indicator’s settings, choose a specific timeframe (e.g., 15-minute, 30-minute, daily). The label will reflect the selected timeframe, making it clear which time-based break you are seeing.
Optional - Chart Timeframe Mode: If you want the indicator to adapt to the chart’s current timeframe, select the "Chart Timeframe" option in the settings. The indicator will plot the breaks without showing a specific timeframe in the label.
Customize Label Size: Depending on your chart layout and personal preference, you can adjust the size of the labels (tiny, small, or normal) in the settings.
Conclusion:
The Simultaneous Inside Bar Break Indicator is a powerful tool for traders using The Strat methodology, offering a highly specific and reliable signal that can indicate potential large market moves. By monitoring multiple symbols and timeframes, you can gain deeper insight into the market's behavior and act with greater confidence. This indicator is ideal for traders looking to catch high-conviction moves and align their trades with broader market continuity.
Note: The indicator works best when paired with multi-timeframe analysis, allowing you to see how breaks on lower timeframes might influence larger trends. For traders who prefer simplicity, setting it to the "Chart Timeframe" mode offers flexibility while maintaining the core benefits of this indicator.
Leveraged Share Decay Tracker [SS]Releasing this utility tool for leveraged share traders and investors.
It is very difficult to track the amount of decay and efficiency that is associated with leveraged shares and since not all leveraged shares are created equally, I developed this tool to help investors/traders ascertain:
1. The general risk, in $$, per share associated with investing in a particular leveraged ETF
2. The ability of a leveraged share to match what it purports to do (i.e. if it is a 3X Bull share, is it actually returning consistently 3X the underlying or is there a large variance?)
3. The general decay at various timepoints expressed in $$$
How to use:
You need to be opened on the chart of the underlying. In the example above, the chart is on DIA, the leveraged share being tracked is UDOW (3X bull share of the DOW).
Once you are on the chart of the underlying, you then put in the leveraged share of interest. The indicator will perform two major assessments:
1. An analysis of the standard error between the underlying and the leveraged share. This is accomplished through linear regression, but instead of creating a linreg equation, it simply uses the results to ascertain the degree of error associated at various time points (the time points are 10, 20, 30, 40, 50, 100, 252).
2. An analysis of the variance of returns. The indicator requires you to put in the leverage amount. So if the leverage amount is 3% (i.e. SPXL or UPRO is 3 X SPY), be sure that you are putting that factor in the settings. It will then modify the underlying to match the leverage amount, and perform an assessment of variance over 10, 20, 30, 40, 50, 100, 252 days to ensure stability. This will verify whether the leveraged ETF is actually consistently performing how it purports to perform.
Here are some examples, and some tales of caution so you can see, for yourself, how not all leveraged shares are created equal.
SPY and SPXL:
SPY and UPRO:
XBI and LABU (3 x bull share):
XBI and LABD (3 x bear share):
SOX and SOXL:
AAPL and AAPU:
It is VERY pivotal you remember to check and adjust the Leveraged % factor.
For example, AAPU is leveraged 1.5%. You can see above it tracks this well. However, if you accidently leave it at 3%, you will get an erroneous result:
You can also see how some can fail to track the quoted leveraged amount, but still produce relatively lower risk decay.
And, as a final example, let's take a look at the worst leveraged share of life, BOIL:
Trainwreck that one. Stay far away from it!
The chart:
The chart will show you the drift (money value over time) and the variance (% variance between the expected and actual returns) over time. From here, you can ascertain the general length you feel comfortable holding a leveraged share. In general, for most stable shares, <= 50 trading days tends to be the sweet spot, but always check the chart.
There are also options to plot the variances and the drifts so you can see them visually.
And that is the indicator! Kind of boring, but there are absolutely 0 resources out there for doing this job, so hopefully you see the use for it!
Safe trades everyone!
Gorb WallIntroduction:
Gorb Wall is a trading tool that offers a unique approach to market trend analysis. It extends the capabilities of the Gorb Algo indicator by presenting a multi-ticker, multi-timeframe dashboard, enabling traders to capture crucial market movements across various financial instruments without flipping through charts.
Overview:
Multi-Ticker Analysis: Monitor and analyze multiple financial instruments simultaneously.
Customizable Timeframes: Tailor the script to various timeframes to suit your trading strategy.
Gorb Algo Market Trend: An algorithm that adapts to market conditions, providing insights into trend changes.
User-Friendly Dashboard: Easily configure and customize the dashboard placement on your chart.
Color-Coded Trend Indicators: Visual cues to quickly assess bullish or bearish trends.
Optimized for Performance: Efficiently coded to ensure smooth running on TradingView without overloading resources.
How Gorb Wall Works:
The script utilizes Gorb Algo's market trend algorithm to process price and volume data across selected tickers and timeframes.
It applies a complex calculation to identify trends, using a combination of volatility analysis, momentum measurements, and trend strength indicators.
The output is a simplified visual representation on the dashboard, where colored circles indicate the trend direction, providing an at-a-glance market overview.
Unique Features:
Proprietary Algorithm: The heart of Gorb Wall lies in its unique Gorb Algo Market Trend algorithm. Unlike standard trend-following indicators, this proprietary algorithm integrates multiple technical analysis concepts (e.g., moving averages, volume data, price action, and oscillators) to provide a more comprehensive market trend analysis.
Multi-Dimensional Analysis: The script analyzes market trends by simultaneously processing data across multiple tickers and timeframes, offering a broader view of market movements than traditional single-ticker indicators.
We recommend exploring & choosing which tickers/timeframes best suits your needs and style of trading, and use that to combine with our suite of indicators.
Settings:
All skill-level friendly presets, easy to enable features with one-click
Dashboard Placement: Choose from top/bottom left/right for dashboard positioning.
Trend Speed Mode: Select the algorithm speed - Fast, Medium, Slow, Slowest.
Bullish/Bearish Trend Colors: Customize colors for trend indicators.
Additional Tickers: Input options for monitoring multiple financial instruments.
Timeframe Selection: Choose from a range of timeframes for each ticker.
How to Use
In the image below, we can see a basic example of how this indicator functions.
The dashboard displays up to three different tickers per the user's choice, with 4 different timeframes the user can choose. It that runs the algorithm line on the specified ticker & timeframe and plots a colored circle that identifies that tickers trend on the specified timeframes.
There are two colors, white for bullish trend and purple for bearish trend. These are the two consistent colors across our suit of indicators to help simplify trading by using simple color matching for confluence. Below is a continued breakdown on using this indicator:
Dynamic Trend Visualization in Real-Time Updates
The dashboard dynamically updates trend colors (white for bullish, purple for bearish) based on real-time market data, offering immediate insights into market sentiment. The next three images below these the live change in data as price action begins developing over multiple timeframes.
In the image above, we are on the 5min AAPL chart, we have SPY, QQQ, and VIX as our tickers on the dashboard with 1min, 2min, 3min, and 10min timeframes chosen. We begin to see VIX flip bullish, which can usually mean down side for indices.
We then see as AAPL's price begins to slow and reverse, we see SPY's trend following on the smaller timeframes first with VIX still leading the way indicating possible bearish change.
In the image above, we can see that price dips down and SPY & QQQ market trends have flipped bearish on all timeframes, while VIX continues to be bullish(validating the downwards price action)
Customizable Settings
Users can adjust settings such as dashboard placement, trend speed mode, and color themes to suit individual trading styles.
In the image below, we can see the dashboard placement setting offers four different locations the user can move the dashboard. Just like in Gorb Algo , the user can choose which trendline speed they want to use to best fit their trading strategy.
In the image below, we can see the "bullish trend" & "bearish trend" colors setting. These colors by default match the rest of our suite of indicators, white is bullish and purple is bearish. Users can change these color settings to meet their preferences.
In the image below, we can see there are three market ticker options that the user can change. This allows users to monitor their favorite tickers across or easily flip through multiple tickers in order to gauge their current market trends without having to change their chart
In the image below, we can see the 4 timeframes that are on the dashboard. The user has the ability to change each of those four, to whatever timeframe best suits their trading needs. There are 12 different timeframe options to choose from.
Quick Dashboard Review
Using color-coded trend detection, this quickly gauges market trends and provides a visual to easily identify these changes in real-time across multiple timeframes. When a circle changes color, this means that price has flipped that direction, causing a change in the Gorb Algo market trendline. As stated above, white is for bullish trend and purple is for bearish trend, but these colors can be changed to fit the users trading strategy and style. Each timeframe the user chooses will be updated in real-time, including the higher time frames like the daily & weekly. They have been modified to pull data a same speed the lower timeframes are.
This helps provide quick visual identification of real market trend changes as price action develops. It is best used in conjunction with other forms of technical analysis for a holistic trading approach.
Conclusion:
This indicator is designed to streamline market trend analysis, offering traders an innovative, efficient, and easy-to-use tool for making informed trading decisions. This tool complements our suite of indicators, providing unique market insights that are not typically available in traditional open-source scripts.
How to get access:
You can see the Author's instructions to get access to this indicator
RISK DISCLAIMER
All content, tools, scripts & education provided by Gorb Algo are for informational & educational purposes only. Trading is risky and most lose their money, past performance does not guarantee future results.
SMA Cross with a Price FilterA moving average strategy generates an entry (buy) signal when the price goes above the moving average, and an exit (sell) signal when the price goes below the moving average. But it gives lots of whipsaws and noise depends on the moving average we use. A fast moving average gives more whipsaws and a slow moving average gives less whipsaws. To reduce the noise/whipsaws, we can add a filter on a fast/slow moving average. It will improve entry/exit performance significantly specially for those who don't want to watch the market actively.
I created this indicator with a price filter. This means the price of an underlying asset must be at least a specific percentage above its moving average to generate a buy signal and a specific percentage below its moving average to generate a sell signal. This price filter can also be a confirmation after the price crosses above/below its SMA. I couldn't find any indicator yet based on this idea. So I wrote this indicator and publishing it so it helps those who are interested.
I use 200 SMA and 3% price filter as default and using SPY as an example. So,
ENTRY signal when the closing price of SPY is 3% above its 200 SMA.
EXIT signal when the closing price of SPY is 3% below its 200 SMA.
Enjoy and let me know if it works.
** This chart only generates entry (buy) and exit (sell) signals. Please, do your own diligence to make any investment or trading decisions.
Spot-Vol CorrelationSpot-Vol Correlation Script Guide
Purpose:
This TradingView script measures the correlation between percentage changes in the spot price (e.g., for SPY, an ETF that tracks the S&P 500 index) and the changes in volatility (e.g., as indicated by the VIX, the Volatility Index). Its primary objective is to discern whether the relationship between spot price and volatility behaves as expected ("normal" condition) or diverges from the expected pattern ("abnormal" condition).
Normal vs. Abnormal Correlation:
Normal Correlation: Historically, the VIX (or volatility) and the spot price of major indices like the S&P 500 have an inverse relationship. When the spot price of the index goes up, the VIX tends to go down, indicating lower volatility. Conversely, when the index drops, the VIX generally rises, signaling increased volatility.
Abnormal Correlation: There are instances when this inverse relationship doesn't hold, and both the spot price and the VIX move in the same direction. This is considered an "abnormal" condition and might indicate unusual market dynamics, potential uncertainty, or impending shifts in market sentiment.
Using the Script:
Inputs:
First Symbol: This is set by default to VIX, representing volatility. However, users can input any other volatility metric they prefer.
Second Symbol: This is set to SPY by default, representing the spot price of the S&P 500 index. Like the first symbol, users can substitute SPY with any other asset or index of their choice.
Length of Calculation Period: Users can define the lookback period for the correlation calculation. By default, it's set to 10 periods (e.g., days for a daily chart).
Upper & Lower Bounds of Normal Zone: These parameters define the range of correlation values that are considered "normal" or expected. By default, this is set between -0.60 and -1.00.
Visuals:
Correlation Line: The main line plot shows the correlation coefficient between the two input symbols. When this line is within the "normal zone", it indicates that the spot price and volatility are inversely correlated. If it's outside this zone, the correlation is considered "abnormal".
Green Color: Indicates a period when the spot price and VIX are behaving as traditionally expected (i.e., one rises while the other falls).
Red Color: Denotes a period when the spot price and VIX are both moving in the same direction, which is an abnormal condition.
Shaded Area (Normal Zone): The area between the user-defined upper and lower bounds is shaded in green, highlighting the range of "normal" correlation values.
Interpretation:
Monitor the color and position of the correlation line relative to the shaded area:
If the line is green and within the shaded area, the market dynamics are as traditionally expected.
If the line is red or outside the shaded area, users should exercise caution as this indicates a divergence from typical behavior, which can precede significant market moves or heightened uncertainty.
Statistical Package for the Trading Sciences [SS]
This is SPTS.
It stands for Statistical Package for the Trading Sciences.
Its a play on SPSS (Statistical Package for the Social Sciences) by IBM (software that, prior to Pinescript, I would use on a daily basis for trading).
Let's preface this indicator first:
This isn't so much an indicator as it is a project. A passion project really.
This has been in the works for months and I still feel like its incomplete. But the plan here is to continue to add functionality to it and actually have the Pinecoding and Tradingview community contribute to it.
As a math based trader, I relied on Excel, SPSS and R constantly to plan my trades. Since learning a functional amount of Pinescript and coding a lot of what I do and what I relied on SPSS, Excel and R for, I use it perhaps maybe a few times a week.
This indicator, or package, has some of the key things I used Excel and SPSS for on a daily and weekly basis. This also adds a lot of, I would say, fairly complex math functionality to Pinescript. Because this is adding functionality not necessarily native to Pinescript, I have placed most, if not all, of the functionality into actual exportable functions. I have also set it up as a kind of library, with explanations and tips on how other coders can take these functions and implement them into other scripts.
The hope here is that other coders will take it, build upon it, improve it and hopefully share additional functionality that can be added into this package. Hence why I call it a project. Okay, let's get into an overview:
Current Functions of SPTS:
SPTS currently has the following functionality (further explanations will be offered below):
Ability to Perform a One-Tailed, Two-Tailed and Paired Sample T-Test, with corresponding P value.
Standard Pearson Correlation (with functionality to be able to calculate the Pearson Correlation between 2 arrays).
Quadratic (or Curvlinear) correlation assessments.
R squared Assessments.
Standard Linear Regression.
Multiple Regression of 2 independent variables.
Tests of Normality (with Kurtosis and Skewness) and recognition of up to 7 Different Distributions.
ARIMA Modeller (Sort of, more details below)
Okay, so let's go over each of them!
T-Tests
So traditionally, most correlation assessments on Pinescript are done with a generic Pearson Correlation using the "ta.correlation" argument. However, this is not always the best test to be used for correlations and determine effects. One approach to correlation assessments used frequently in economics is the T-Test assessment.
The t-test is a statistical hypothesis test used to determine if there is a significant difference between the means of two groups. It assesses whether the sample means are likely to have come from populations with the same mean. The test produces a t-statistic, which is then compared to a critical value from the t-distribution to determine statistical significance. Lower p-values indicate stronger evidence against the null hypothesis of equal means.
A significant t-test result, indicating the rejection of the null hypothesis, suggests that there is statistical evidence to support that there is a significant difference between the means of the two groups being compared. In practical terms, it means that the observed difference in sample means is unlikely to have occurred by random chance alone. Researchers typically interpret this as evidence that there is a real, meaningful difference between the groups being studied.
Some uses of the T-Test in finance include:
Risk Assessment: The t-test can be used to compare the risk profiles of different financial assets or portfolios. It helps investors assess whether the differences in returns or volatility are statistically significant.
Pairs Trading: Traders often apply the t-test when engaging in pairs trading, a strategy that involves trading two correlated securities. It helps determine when the price spread between the two assets is statistically significant and may revert to the mean.
Volatility Analysis: Traders and risk managers use t-tests to compare the volatility of different assets or portfolios, assessing whether one is significantly more or less volatile than another.
Market Efficiency Tests: Financial researchers use t-tests to test the Efficient Market Hypothesis by assessing whether stock price movements follow a random walk or if there are statistically significant deviations from it.
Value at Risk (VaR) Calculation: Risk managers use t-tests to calculate VaR, a measure of potential losses in a portfolio. It helps assess whether a portfolio's value is likely to fall below a certain threshold.
There are many other applications, but these are a few of the highlights. SPTS permits 3 different types of T-Test analyses, these being the One Tailed T-Test (if you want to test a single direction), two tailed T-Test (if you are unsure of which direction is significant) and a paired sample t-test.
Which T is the Right T?
Generally, a one-tailed t-test is used to determine if a sample mean is significantly greater than or less than a specified population mean, whereas a two-tailed t-test assesses if the sample mean is significantly different (either greater or less) from the population mean. In contrast, a paired sample t-test compares two sets of paired observations (e.g., before and after treatment) to assess if there's a significant difference in their means, typically used when the data points in each pair are related or dependent.
So which do you use? Well, it depends on what you want to know. As a general rule a one tailed t-test is sufficient and will help you pinpoint directionality of the relationship (that one ticker or economic indicator has a significant affect on another in a linear way).
A two tailed is more broad and looks for significance in either direction.
A paired sample t-test usually looks at identical groups to see if one group has a statistically different outcome. This is usually used in clinical trials to compare treatment interventions in identical groups. It's use in finance is somewhat limited, but it is invaluable when you want to compare equities that track the same thing (for example SPX vs SPY vs ES1!) or you want to test a hypothesis about an index and a leveraged share (for example, the relationship between FNGU and, say, MSFT or NVDA).
Statistical Significance
In general, with a t-test you would need to reference a T-Table to determine the statistical significance of the degree of Freedom and the T-Statistic.
However, because I wanted Pinescript to full fledge replace SPSS and Excel, I went ahead and threw the T-Table into an array, so that Pinescript can make the determination itself of the actual P value for a t-test, no cross referencing required :-).
Left tail (Significant):
Both tails (Significant):
Distributed throughout (insignificant):
As you can see in the images above, the t-test will also display a bell-curve analysis of where the significance falls (left tail, both tails or insignificant, distributed throughout).
That said, I have not included this function for the paired sample t-test because that is a bit more nuanced. But for the one and two tailed assessments, the indicator will provide you the P value.
Pearson Correlation Assessment
I don't think I need to go into too much detail on this one.
I have put in functionality to quickly calculate the Pearson Correlation of two array's, which is not currently possible with the "ta.correlation" function.
Quadratic (Curvlinear) Correlation
Not everything in life is linear, sometimes things are curved!
The Pearson Correlation is great for linear assessments, but tends to under-estimate the degree of the relationship in curved relationships. There currently is no native function to t-test for quadratic/curvlinear relationships, so I went ahead and created one.
You can see an example of how Quadratic and Pearson Correlations vary when you look at CME_MINI:ES1! against AMEX:DIA for the past 10 ish months:
Pearson Correlation:
Quadratic Correlation:
One or the other is not always the best, so it is important to check both!
R-Squared Assessments:
The R-squared value, or the square of the Pearson correlation coefficient (r), is used to measure the proportion of variance in one variable that can be explained by the linear relationship with another variable. It represents the goodness-of-fit of a linear regression model with a single predictor variable.
R-Squared is offered in 3 separate forms within this indicator. First, there is the generic R squared which is taking the square root of a Pearson Correlation assessment to assess the variance.
The next is the R-Squared which is calculated from an actual linear regression model done within the indicator.
The first is the R-Squared which is calculated from a multiple regression model done within the indicator.
Regardless of which R-Squared value you are using, the meaning is the same. R-Square assesses the variance between the variables under assessment and can offer an insight into the goodness of fit and the ability of the model to account for the degree of variance.
Here is the R Squared assessment of the SPX against the US Money Supply:
Standard Linear Regression
The indicator contains the ability to do a standard linear regression model. You can convert one ticker or economic indicator into a stock, ticker or other economic indicator. The indicator will provide you with all of the expected information from a linear regression model, including the coefficients, intercept, error assessments, correlation and R2 value.
Here is AAPL and MSFT as an example:
Multiple Regression
Oh man, this was something I really wanted in Pinescript, and now we have it!
I have created a function for multiple regression, which, if you export the function, will permit you to perform multiple regression on any variables available in Pinescript!
Using this functionality in the indicator, you will need to select 2, dependent variables and a single independent variable.
Here is an example of multiple regression for NASDAQ:AAPL using NASDAQ:MSFT and NASDAQ:NVDA :
And an example of SPX using the US Money Supply (M2) and AMEX:GLD :
Tests of Normality:
Many indicators perform a lot of functions on the assumption of normality, yet there are no indicators that actually test that assumption!
So, I have inputted a function to assess for normality. It uses the Kurtosis and Skewness to determine up to 7 different distribution types and it will explain the implication of the distribution. Here is an example of SP:SPX on the Monthly Perspective since 2010:
And NYSE:BA since the 60s:
And NVDA since 2015:
ARIMA Modeller
Okay, so let me disclose, this isn't a full fledge ARIMA modeller. I took some shortcuts.
True ARIMA modelling would involve decomposing the seasonality from the trend. I omitted this step for simplicity sake. Instead, you can select between using an EMA or SMA based approach, and it will perform an autogressive type analysis on the EMA or SMA.
I have tested it on lookback with results provided by SPSS and this actually works better than SPSS' ARIMA function. So I am actually kind of impressed.
You will need to input your parameters for the ARIMA model, I usually would do a 14, 21 and 50 day EMA of the close price, and it will forecast out that range over the length of the EMA.
So for example, if you select the EMA 50 on the daily, it will plot out the forecast for the next 50 days based on an autoregressive model created on the EMA 50. Here is how it looks on AMEX:SPY :
You can also elect to plot the upper and lower confidence bands:
Closing Remarks
So that is the indicator/package.
I do hope to continue expanding its functionality, but as of now, it does already have quite a lot of functionality.
I really hope you enjoy it and find it helpful. This. Has. Taken. AGES! No joke. Between referencing my old statistics textbooks, trying to remember how to calculate some of these things, and wanting to throw my computer against the wall because of errors in the code, this was a task, that's for sure. So I really hope you find some usefulness in it all and enjoy the ability to be able to do functions that previously could really only be done in external software.
As always, leave your comments, suggestions and feedback below!
Take care!
EMA 9/21 with Target Price [SS]Hey everyone,
Coming back with my EMA 9/21 indicator.
My original one was removed a long time ago because I didn't really realize that there were already plenty of similar indicators (my bad!) but this one is my unique, Steversteves edition haha.
About the Indicator:
Essentially, it just combines the 2 only EMA's I ever really use (the 9 and 21) with an ATR based analysis to calculate the average range a ticker undergoes after an EMA 9 / 21 Cross-over and Cross-under.
You can see the major example being in the chart above. I use this for dramatic effect as SPY just happened to have topped at the second expected bull target on the daily. But obviously the intention for this indicator is to be used on the smaller timeframes. Let's take a look at some examples with various tickers.
TSLA:
So let's just use the previous day as example (which was Friday). If we look to the chart below:
TSLA did an EMA 9/21 crossover (bullish) in premarket. This put the immediate TP at 234.59. If we play out the chart:
We shot right to it at open.
We then did a cross under with a TP of 225.93, but that was not realized as the sentiment was too bullish. We then cross back over to the upside, putthing next TP at 238.88 which was realized:
NVDA:
On Friday, NVDA was a bit of a mess, lots of whipsaw off open. But once we finally had a cross under with 3 consecutive closes below the EMA9/21 on the 5 minute chart, it solidified the likelihood of a short:
And this was the result:
We came down to the first target, held it actually as support before finally crossing back over, setting the next TP at 475.05. We got 3 consecutive closes above the EMA 9/21, so let's see what happened:
Nothing really, we closed before we got there, but we did make progress towards it.
And last but not least SPY:
We opened the day with a bullish crossover and 3 consecutive closes above the EMA9/21, making our TP 441.38 (chart above). Let's see what happened:
We came just shy of it after the fed release volatility slammed it down, where we got a crossunder (bearish) to a TP of 436.21:
This ended up playing out, we did get a bullish crossover later in the day and so let's see what happened then:
So those are the real examples, most recent examples of trading using this. They are not all perfect, which is intentional because you need to use a bit of your own analysis, of course, when you are using this type of strategy or indicator. The EMA 9/21 is not sufficient generally on its own, but it is very helpful to gauge the immediate PA and whether the expected move aligns with your overall thesis on the day in terms of realistic target prices.
Customizability:
In terms of the customizability, this is a very basic indicator aside from the assessment of ranges. So there really is not a lot to customize.
You can toggle off and on the labels if you do not want them, you can also adjust the lookback length for the ATR assessment. The lookback length is defaulted to 500, I do really highly suggest you leave it at 500 because this has worked well for me and in back-testing, it has performed above my own expectations.
But, that said, you can take this and back-test as you wish with whatever parameters you feel are most appropriate. I haven't back-tested this on every stock known to man, my go to's are SPY, QQQ, sometimes MSFT and so it works well on those. But perhaps some others will have differing results.
Final Thoughts:
That is the indicator in a nutshell! It is really self explanatory and its likely a strategy most of you already know. This just helps to add realistic price targets and context to those cross-overs and cross-unders.
It also works fine on larger timeframes. We can see it on the 1 hour with MSFT:
On the 2 hour hour with QQQ:
And I am sure you can find other examples!
That's it everyone, safe trades!
Baseline Indicator [SS]Hello,
This is the Baseline Indicator. I modelled it after one of my favourite Tradingview chart types, the baseline type (shown in image below):
I really love this chart, but I wanted a way for it to:
a) Be static and not move with the chart; and
b) Auto calculate the baseline average for a specified period of time.
So I created this indicator which does essentially that.
What it does:
The indicator will calculate the average between the high and low of a user defined timeframe. The timeframe is customizable, but it defaults to daily. It will then plot the average (or baseline) of the high and low over that specified timeframe. The default plot is a candle plot. It will change the colours of the candles to green (for above the baseline) and red (for below the baseline). The chart below shows an example of the indicator with candles on SPY. The Baseline timeframe is set to 1 hour:
You can choose whether you want to plot the current baseline average or the previous.
The advantage to plotting the previous is that this provide a static reference point and can be helpful on the 30 and 60 minute timeframe. Here is an example:
In this example on SPY, the indicator is plotting the previous average. You can see SPY is using this as support and creating a "staircase" pattern. This is indicative of a trend.
The example above is using the previous day average on the daily timeframe during a sideways day. You can see that the price action accumulates and is consistently drawn to this point.
Inversely, you can manually select your own baseline price if you want a static, self-calculated baseline reference point.
Options and Settings:
Below is an outline of the menu as well as a brief explanation of the options and settings:
To view your chart as a baseline chart, make sure you select the "Line" input and then hide the candles on your chart using your chart settings (see image below):
The purple arrow shows how to hide the candles. You select the "Eye" Icon which should then become greyed out and you will be left with the baseline chart from the indicator.
Why use baseline average?
The average between the high and low of a designated timeframe is a very helpful value. In choppy markets, this acts as a key point of frequent return. In trendy markets, this acts as a reference point of trend direction and strength. I encourage you to play around with the indicator and review some historical charts using it, and you will see some patterns emerge!
Final thoughts:
I have also done a quick tutorial video on the indicator for your reference, you can check that out below:
Thanks for checking out the indicator and I hope you like it!
ATR - Average True Range + Dynamic Trend w/ Signals | by Octopu$↕ ATR - Average True Range + Dynamic Trend w/ Signals | by Octopu$
What is ATR?
ATR stands for Average True Range
A Technical Analysis Indicator that measures market volatility by decomposing the range of a Security Price in a specific period.
The ATR can be used as a High Low Spectrum,
As well as a variation of a Moving Average, considering the ranges on a timeframe, generally this being 14 days.
Shorter periods can be used (will generate more signals) or longer periods for steadier trends (for fewer signals)
A ticker on a high volatility has a high ATR.
A ticker on a low volatility has a low ATR.
It is an useful resource for a trading system:
Can be used to enter or exit trades and/or also measure the daily spectrum of a stock.
Does not necessarily points price direction, but takes into account gaps and strong legs.
Can also be used as trading positions confirmation,
Rather be it for stop losses or take profits,
As well as setting trailing stops or limit orders.
This tool offers a great Risk to Reward Ratio, considering the fact you will be aware of the possible moves that an asset can perform.
This indicator should not be used as a standalone tool.
(The combination of factors relies on your own knowledge about Confluence Factors along with your Due Diligence)
This indicator is not an advice to buy or sell securities.
www.tradingview.com
SPY
ANY Ticker. ANY Timeframe.
(Used SPY 5m as Example only)
Features:
• ATR ( Average True Range )
• Range UP and DOWN
• Movement from Price Line
• Dynamic ATR
• Cross/Test Signals
• Live and Last Close
Options:
• Specific Factors Setup
• Length Customization
• Toggle On/Off
• Color PIcker
• Styling Options
Notes:
v1.0
Indicator release.
Changes and updates can come in the future for additional functionalities or per requests. Follow and Stay Tuned!
Did you like it? Please Support and Shoot me a message! I'd appreciate if you dropped by to say thanks! Thank you.
- Octopu$
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Capital Asset Pricing Model (CAPM) [Loxx]Capital Asset Pricing Model (CAPM) demonstrates how to calculate the Cost of Equity for an underlying asset using Pine Script. This script will only work on the monthly timeframe. While you can change the default inputs, you should study what CAPM is and how this works before doing so. This indicator pulls various types of data from SPY from various timeframes to calculate risk-free rates, market premiums, and log returns. Alpha and Beta are computed using the regression between underlying asset and SPY. This indicator only calculates on the most recent data. If you wish to change this, you'll have to save the script and make adjustments. A few examples where CAPM is used:
Used as the mu factor Geometric Brownian Motion models for options pricing and forecasting price ranges and decay
Calculating the Weighted Average Cost of Capital
Asset pricing
Efficient frontier
Risk and diversification
Security market line
Discounted Cashflow Analysis
Investment bankers use CAPM to value deals
Account firms use CAPM to verify asset prices and assumptions
Real estate firms use variations of CAPM to value properties
... and more
Details of the calculations used here
Rm is calculated using yearly simple returns data from SPY, typically this is just hard coded as 10%.
Rf is pulled from US 10 year bond yields
Beta and Alpha are pulled form monthly returns data of the asset and SPY
In the past, typically this data is purchased from investments banks whose research arms produce values for beta, alpha, risk free rate, and risk premiums. In 2022 ,you can find free estimates for each parameter but these values might not reflect the most current data or research.
History
The CAPM was introduced by Jack Treynor (1961, 1962), William F. Sharpe (1964), John Lintner (1965) and Jan Mossin (1966) independently, building on the earlier work of Harry Markowitz on diversification and modern portfolio theory. Sharpe, Markowitz and Merton Miller jointly received the 1990 Nobel Memorial Prize in Economics for this contribution to the field of financial economics. Fischer Black (1972) developed another version of CAPM, called Black CAPM or zero-beta CAPM, that does not assume the existence of a riskless asset. This version was more robust against empirical testing and was influential in the widespread adoption of the CAPM.
Usage
The CAPM is used to calculate the amount of return that investors need to realize to compensate for a particular level of risk. It subtracts the risk-free rate from the expected rate and weighs it with a factor – beta – to get the risk premium. It then adds the risk premium to the risk-free rate of return to get the rate of return an investor expects as compensation for the risk. The CAPM formula is expressed as follows:
r = Rf + beta (Rm – Rf) + Alpha
Therefore,
Alpha = R – Rf – beta (Rm-Rf)
Where:
R represents the portfolio return
Rf represents the risk-free rate of return
Beta represents the systematic risk of a portfolio
Rm represents the market return, per a benchmark
For example, assuming that the actual return of the fund is 30, the risk-free rate is 8%, beta is 1.1, and the benchmark index return is 20%, alpha is calculated as:
Alpha = (0.30-0.08) – 1.1 (0.20-0.08) = 0.088 or 8.8%
The result shows that the investment in this example outperformed the benchmark index by 8.8%.
The alpha of a portfolio is the excess return it produces compared to a benchmark index. Investors in mutual funds or ETFs often look for a fund with a high alpha in hopes of getting a superior return on investment (ROI).
The alpha ratio is often used along with the beta coefficient, which is a measure of the volatility of an investment. The two ratios are both used in the Capital Assets Pricing Model (CAPM) to analyze a portfolio of investments and assess its theoretical performance.
To see CAPM in action in terms of calculate WACC, see here for an example: finbox.com
Further reading
en.wikipedia.org
Automatic Fibonacci Retracement + Golden Ratio | by Octopu$👑 Automatic Fibonacci Retracement on Specific Timeframes + Golden Ratio | by Octopu$
Fibonacci Retracement is a method of technical analysis for determining support and resistance levels.
It is named after the famous Fibonacci sequence of numbers: 23.6%, 38.2%, 61.8%, and 78.6%
These ratios provide price levels to which markets tend to retrace a portion of a move.
Also used as a potential spot before a trend continues (or reverses) original direction.
While not officially a Fibonacci ratio, 50% is also used.
Fibonacci Levels can be drawn between any two significant price points or time frames.
(Such as a High and a Low or also on Daily and Weekly charts)
The indicator will then Automatically create the levels between those selected points.
Golden ratio, also known as the divine proportion, in mathematics, is the irrational number:
(1 + Square root of√5)/2, often denoted by the Greek letter ϕ or τ
Which is approximately equal to 1.618.
(Two quantities are in the golden ratio if their ratio is the same as the ratio of their sum to the larger of the two quantities.)
That's The Magic of the Fibonaccis, as well the Golden Ratio itself.
And this is exactly where this Indicator by Octopu$ kicks in:
This indicator Automatically sets all the Fibonacci Levels within the Retracement selected.
On top of that, it Highlights the Golden Ratio for the Fibonacci Levels drawn.
Additionally, it sets the Golden Ratio as possible Support or Resistance level,
Doing so by having visual identification to the Up or Down side.
This changes the game! Along with Price Action, Trend Direction, Chart Analysis and other Indicators as well.
(The combination relies on your own knowledge about Confluence Factors along with your Due Diligence)
www.tradingview.com
SPY
ANY Ticker. ANY Timeframe.
(SPY 5m as an example only)
Features:
• Multiple Timeframes
• Automatic Lines
• Fibonacci Setup
• Golden Ratio
• S/R Highlight
Options:
• Timeframe Selection
• Fibonacci Rates
• Line Customization
• Color Pickers
• Toggle On/Off
Notes:
v1.0
Indicator release.
Changes and updates can come in the future for additional functionalities or per requests. Follow and Stay Tuned!
Did you like it? Please Support and Shoot me a message! I'd appreciate if you dropped by to say thanks! Thank you.
- Octopu$
🐙
Engulfing Candles (Bullish and Bearish) + Trend | by Octopu$⛳ Engulfing Candles (Bullish and Bearish ) with Trend Recognition | by Octopu$
This Indicator identifies and plots Engulfing Candlestick Patterns.
Engulfing Candles are a combination of two bars on a price chart.
They are used to indicate/anticipate a market reversal.
The second candlestick must be bigger than the first, so it 'engulfs' the previous bar.
This indicator identifies both Price Movements:
Bullish stands for Upside
Bearish stands for Downside
These are NOT entry/exit signals to buy or sell securities*
(*The combination of your understanding and analysis as well as other Indicators and Factors as Confluence, you can improve your Charting Analysis.)
www.tradingview.com
SPY
ANY Ticker. ANY Timeframe.
( SPY 5m as an example only.)
Features:
• Engulfing Candles
• Bullish Setups
• Bearish Setups
• Symbol Signals
Options:
• Color Picker
• Symbol Selector
• Toggle On/Off
• Show name
• Trend Direction
Notes:
v1.0
Indicator release.
Changes and updates can come in the future for additional functionalities or per requests. Follow and Stay Tuned!
Did you like it? Please Support and Shoot me a message! I'd appreciate if you dropped by to say thanks! Thank you.
- Octopu$
🐙
Donchian Channels with Limits and Shadows | by Octopu$ 🌊 Donchian Channels with Middle Line, Limits and Shadows | by Octopu$
Donchian Channels are three lines generated by Moving Average calculations.
These lines formed by upper and lower bands around a midrange or median band.
The Upper Band marks the Highest price of a security over X periods of time.
While the Lower Band marks the Lowest price over the same period.
Now, the Limit bands are the High and Low prices over a Y period of time (different than X)
The difference about using Limits with the Bands on Donchian Channels is the time length:
By using different time comparisons (X and Y) you are able to identify previous Highs and Lows.
This is very useful for Support and Resistance levels regarding the Price Action
As well as Pivot Points, considering the possibility off Breakouts or Bounces.
Usually - as a General Rule - the Price tends to navigate in-between these channels
That's where DC Channels + Limits w/ Shadows come into play!
Highs and Lows serve as Supply and Demand Zones as well.
The Middle Line can be used as a spot for Reversal/Continuation.
All of this also makes the Donchian Channels a great tool for Trend Identification.
The combination of your understanding and analysis as well as other Indicators and Factors as Confluence, you can improve your Charting Analysis.
www.tradingview.com
AMEX:SPY
ANY Ticker. ANY Timeframe.
( SPY 5m as an example only.)
Features:
• Upper Channel
• Lower Channel
• Limit High
• Limit Low
• Middle Line
• Shadow
Options:
• Color Picker
• Line Styling
• Toggle On/Off
• Length Customization
• Background Transparency
Notes:
v1.0
Indicator release.
Changes and updates can come in the future for additional functionalities or per requests. Follow and Stay Tuned!
Did you like it? Please Support and Shoot me a message! I'd appreciate if you dropped by to say thanks! Thank you.
- Octopu$
🐙
Mind the GAP! (Automatic Intraday GAP Overnight) | by Octopu$🤏 Mind the GAP! (Automatic Intraday GAP Overnight) | by Octopu$
Gaps are areas on a chart where the price of a stock moves sharply up or down, with little or no trading in between.
When it happens overnight (not considering Extended Hours), it is just considered as Price Level, for possible revisit.
A Gap is defined when the Open current Candle is Higher or Lower than the Close of the Last Candle:
When the Open of the current Candle is Higher than the Close of the Last Candle it is considered a Gap UP;
When the Open of the current Candle is Lower than the Close of the Last Candle it is considered a Gap DOWN;
Something interesting about Gap is that:
1. The Price Action can travel fast between these levels (Volatility);
2. One (or both) of these levels (Hi/Lo) can act as Support (or Breakout);
3. One (or both) of these levels (Hi/Lo) can act as Resistance (or Breakout).
This Indicator includes these Gaps added Automatically to your Chart.
It is also built-in with a Shadow between the lines for easy visualization.
Colors are also customizable and the Lines are also editable according t your preferences.
Any Time Frame. Any Ticker.
(Using SPY 5m just as an example:)
www.tradingview.com
AMEX:SPY
Features:
• Identifies Gaps on MC/MO
• Automatically adds Lines to these levels
• Includes shadow for easy visualization
Options:
• Customizable: Colors and Lines
• On/Off Switches for the Levels
• Show/Hide Previous Days
Notes:
v1.0
Indicator release
Changes and updates can come in the future for additional functionalities or per requests.
Did you like it? Boost it. Shoot a message! I'd appreciate if you dropped by to say thanks.
- Octopu$
🐙
⚖ Volume BUYxSELL Pressure | by Octopu$⚖ Volume BUYxSELL Pressure | by Octopu$
Volume is the number of shares traded in a particular stock, index, or other investment over a specific period of time.
It can indicate market strength, as rising markets on increasing volume are typically viewed as strong and healthy.
In fact, the more, the better. Institutions tend to get more involved in a stock with daily dollar volume in the hundreds of millions or more
But also, when prices fall on increasing volume, the trend is gathering strength to the downside.
That's where BUYxSELL Pressure | by Octopu$ comes in.
Typically, Volume bars follow the candles.
If the Candle is Green (Close > Open), the Volume Bar is also Green.
Now if the Candle is Red (Close < Open) the Volume Bar is also Red.
You never know if it is being Bought or Sold.
This changes the game: along with Price Action, Trend Direction, and other factors. This is possible!
This indicator is composed of:
Volume itself (all of it), displayed by Gray bars;
Identifies Buying Pressure on Green Bars;
And Selling Pressure with Red Bars.
Volume Average as a White Line, for the last "X" Days
Additionally,
It presents a Yellow Triangle as and indication of when the Volume is above the Average in the current TF you are in.
Additionally, this can be set up via an Input: Means if you like to watch it 10% above Average, you got it. 25%? 50%?... You name it.
On top of that,
Includes an indication for Volume Spike as well. So if informs you visually on the Volume Bars of any surges on the TF you are in.
For example: 2x the Volume from the last Candle. Or maybe 3x? 5x... The way you like it the best.
This way, with the combination of your understanding as well as other Indicator and Factor as Confluence, you can improve your analysis and figure out what is going on.
www.tradingview.com
(SPY 5m as an example only)
SPY
Features:
• Total Volume
• Average Volume
• Buying Pressure
• Selling Pressure
• % Above Average
• Volume Spike/Surge (Multiplier)
• Custom Settings
Options:
• Show/Hide Average Line
• Change Length of Average (Days)
• Select/Personalize % of Above Avg
• Add Personalized X Multiplier
• Fully customizable on Style and Colors
• Change shapes and Location
Notes:
v1.0
Indicator release.
Changes and updates can come in the future for additional functionalities or per requests. Follow and Stay Tuned!
Did you like it? Please Support and Shoot me a message! I'd appreciate if you dropped by to say thanks! Thank you.
- Octopu$
🐙
The $trat | by Octopu$1️⃣2️⃣3️⃣ The $trat | by Octopu$
The $trat: The Strat by Octopu$
Absolute Solution for The Strat Traders!
The Strat is a Strategy created by Rob Smith's and is well known by being an innovative trading system.
Continues to grow in popularity as more traders discover this method.
It is a simplified way to understand Price Action. It is based on three principles: Types of candles, 1, 2, and 3.
Other things to be known about The Strat are Actionable Signals and Time Frame Continuity.
The $trat has it all.
This Indicator includes Bar Types (1, 2 and 3) also known as Inside Bars, Twos (Up or Down) and Outside Bars.
It is also well crafted with a built-in Time Frame Continuity (TFC) which shows Price Movement at a glimpse.
On top of that, in the best of both worlds, also comes with information about the Bars Status for other TFs as well.
It means that you can know how another TF of you preference is performing. Right there.
Works in Any Time Frame.
On Any Ticker.
(Using SPY 5m just as an example:)
www.tradingview.com
SPY
Features:
• Candle Types (1, 2 and 3) IB, 2U & 2D and OB.
• Time Frame Continuity (TFC) for Price Movement/Trend Check
• Bar Status shortcut. So you can know Price Action/Direction fast.
• Reversal indicators for Action-taking and Situational Awareness
• Combos Labels. So nothing ever goes unnoticed.
Options:
• Absolutely fully Customizable: Colors, Sizes, Numbers. Everything.
• On/Off Switches for most of the Information and Optionable Selections
• Hammer/Shooter Indicator automatically inserted to Chart
• Candle/Bars Coloring for ease of reading.
• Highlight options for specific setups
Notes:
v1.0
$trat Indicator release
Changes and updates can come in the future for additional functionalities or per requests.
Did you like it? Boost it. Shoot a message! I'd appreciate if you dropped by to say thanks.
- Octopu$
🐙
ORBox | by Octopu$📈 ORBox | by Octopu$
ORBox is a Box for the Opening Range Breakout
The Box is added automatically according to the User preferences through GUI
This Indicator includes a Dropdown selection for which Range for the Breakout you want to use
ORBox has built-in Alerts for when the Breakout happens according to your preferences
Works in any Timeframe with any Ticker
(Using SPY 5m just as an example:)
www.tradingview.com
SPY
Features:
• Opening Breakout Range (ORB)
• Dropdown menu selection to choose which TF to watch
• Built-in Alerts for Momentum Awareness
Options:
• Customization for Box Colors and Sizes
• Display ORB for Current Day or Previous
Notes:
v1.0
ORBox Indicator release
Changes and updates can come in the future for additional functionalities or per requests.
Did you like it? Shoot me a message! I'd appreciate if you dropped by to say thanks.
- Octopu$
🐙
Previous Day/Week High & Low + 50% w/ Alerts| by Octopu$
📈 Previous Day/Week High & Low + 50% w/ Alerts| by Octopu$
This Indicator includes Previous Day High and Low Levels and 50% (Half of High & Low)
As well as Previous Week High and Low Levels ((Half of High & Low))
And also Pre-Market Session High and Low.
All of them with Built-in alerts.
Can be used in any timeframe with any ticker.
(Using SPY 5m just as an example:)
www.tradingview.com
SPY
Features:
• D High: Green Top Line
• D Low: Red Bottom Line
• D 50%: White 50% Line
• Week High and Low: Blue Top and Bottom Lines
• Pre-Market and Afterhours Session: Gray Lines
• Labels for Identification
Options:
• Toggle on/off for Day High, Low and 50%
• Toggle on/off for DWeek High, Low and 50%
• Toggle on/off for PM and AH Sessions
• Show/Hide the Labels with names
• Show/Hide the Lines themselves
• Fully Customizable Style and Color
Alerts:
• Triggers for Day (above or below level)
• Triggers for Week (above or below level)
Notes:
v1.0
Release of the Indicator
Changes and updates can come in the future for additional functionalities or per requests.
Did you like it? Shoot me a message! I'd appreciate if you dropped by to say thanks.
- Octopu$
🐙
