This indicator is called "s&p 500 sector strength index"😎 , which allows you to distinguish strengths and weaknesses between different sectors in s&p500 , and to create meaningful trading frameworks around it.
Similar to the indicator , it also has overbought and oversold levels , you can clearly figure out the degree of crowd behaviors in various sectors' stocks .
For me 🤣, I will use it to "BUY LOW⬇️ , SELL HIGH⬆️". When a sector is oversold at the moment, I will try to buy those stocks when I find price actions and chart patterns in comply with the analysis by this indicator , the opposite for shortselling.
Also, for sake of being more user-friendly 👍, I added a function which enables you to only select the sector(s) you want to look at in order to make it less messy.
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ברוח TradingView אמיתית, מחבר סקריפט זה פרסם אותו עם קוד פתוח, כך שסוחרים יוכלו להבין ולאמת זאת. הידד למחבר! אתה יכול להשתמש בו בחינם, אך שימוש חוזר בקוד זה בפרסום הנו בכפוף ל כללי הבית . אתה יכול להגדירו כמועדף ולהשתמש בו בגרף.