I created this indicator to tell me when it's time to trade (going long) and when it's time to wait (or going short). You can enter up to 13 ticker (default is S&P500 and key market segments). For each ticker, fibonacci levels are calculated and represented either in 5 color or 3 color mode as single lines. (Thanks to eykpunter for the fibonacci level implementation. I'm using his code and modified it slightly).
Color coding (5 color mode) explanation: blue = in uptrend area light blue = in prudent buyers area gray = in center area light red = in prudent sellers area red = in downtrend area
The topline is a combination of all ticker and shows if the market is either bullish or bearish (threshold adjustable in settings) The bullish/bearish trend can also be used as background color. Alternatively the last bar in the selected time period is been highlighted.
How to use it: The indicator works on all timeframes. Use the color coding explanation above to see the status of each asset. a) You can evaluate "long" term trend using day or week timeframe. e.g. I'm usually trading only long and stay out of the market when it is not bullish (top line & background = blue). I'm also using it to know which segments/assets are currently "hot". b) You can evaluate short term momentum (using 1h or lower timeframe) and see in which direction the market/assets are moving. e.g. I use this when the exchanges open to see how the day is going to move.
I've attached 3 examples in the screenshot - first is the default, in the second one I'm using different asset classes and the third one is for crypto.
Limitations: There are security request limits as well as string limitations for the security calls in pine script, so I went to the maximum what is currently possible.
(No financial advise, for testing purposes only)
הערות שחרור
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Changed the calculation of the donchian channel length for the fibonacci level from fixed to variable based on the price/momentum dynamics.
Thanks. How to see the crypto momentum. Its only showing Sp500
Lantzwat
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@askerman3, not sure what you mean. You have to enter the cypto ticker in the settings of the indicator.
ufosrule
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How about crypto? Do you think this will work well with BTC?
Lantzwat
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@ufosrule, I find it also useful for crypto. You need to enter the crypto ticker you want to see in the indicator.
ashtonwagner
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Hi! This is super cool. I'm having trouble getting it to show the labels when I add it as an indicator to a chart. It's also only 1 of the 3 clusters of sectors. Any tips?
Lantzwat
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@ashtonwagner, if you want to have 3 indicators, you need to load the indicator 3 times. Each indicator allows you to add up to 11 ticker, which is the limit in pinescript.