Leader-Lagger Dashboard

7 באוג׳

Summary:
The ultimate frustration for a trader: being right on the idea, but wrong on the asset.


You correctly predict a market move, develop a solid bullish or bearish thesis, but the instrument you choose fails to follow through. Meanwhile, a correlated asset makes the exact move you anticipated, leaving you with a losing trade or a missed opportunity.

This common pitfall is precisely what the Leader/Lagger Dashboard is designed to solve.

The Solution: Instant Clarity on Relative Strength
The Leader/Lagger Dashboard provides a clear, real-time verdict on the relative strength between two correlated assets, such as ES (S&P 500 futures) and NQ (Nasdaq 100 futures).

By instantly identifying the Leader (the stronger asset) and the Lagger (the weaker asset), it empowers you to focus your capital on the instrument with the highest probability of performing in line with your market view.

As shown in the example image, if your idea is to short the market, choosing the "Weak" asset (ES) results in a winning trade, while shorting the "Strong" asset (NQ) would have failed. This tool helps you make that critical distinction before you enter.

How It Works
The engine at the core of this dashboard analyzes the price action of two assets on a higher timeframe (defaulting to 90 minutes). It measures how the current bar's high and low are performing relative to the previous bar's range for each asset. By comparing these normalized values, it generates a score to determine which asset is exhibiting stronger momentum (the Leader) and which is showing weakness (the Lagger).

A tie-breaking mechanism using a lower timeframe ensures you always have a decisive verdict.

How to Use It
The principle is simple: Go long the leader, and short the lagger.

If you are Bullish: Look for the asset marked "Strong." This is the instrument most likely to lead the upward move.
If you are Bearish: Look for the asset marked "Weak." This is the instrument most likely to lead the downward move.

By aligning your trade execution with the market's internal momentum, you dramatically increase your odds of success and avoid the frustration of trading against underlying strength or weakness.

Key Features
Instant Verdict: A simple on-chart table displays a "Strong" or "Weak" verdict for each asset.
Focus on the Leader: Easily identify which asset is leading the move to align your trades with momentum.
Avoid the Lagger: Steer clear of the weaker asset that might chop around or reverse, even if your directional bias is correct.
Fully Customizable: Change the two assets to any symbols you trade (e.g., GOLD vs. SILVER, EURUSD vs. GBPUSD).
Adjustable Display: Control the table's position and font size to perfectly fit your chart layout. The table is designed to be visible on lower timeframes (5-minutes and under) to assist with day trading execution.

This tool is designed to be a crucial part of your decision-making process, providing an objective layer of confirmation for your trading ideas. so Stop guessing and start trading the right asset.

As always, use this indicator in conjunction with your own complete analysis and risk management strategy.

7 באוג׳

הערות שחרור

- Visual tweaks

7 באוג׳

הערות שחרור

- Code cleaned

30 באוג׳

הערות שחרור

- added higher timeframes for Swing and position traders