S&P 500 Sector Strength Index

Hi traders , this is lonelygrass again 😄, and I am going to show what you don't often see out there and share it with you.

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 RSI 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.

If you can't help to know what I will share with you coming up, then FOLLOW my account 😙 . Also , your likes and shares are really important 🎊. I will get more motivated to bring you new thing every day!!! ✍
סקריפט קוד פתוח

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.

רוצה להשתמש בסקריפ זה בגרף?


hey, how can I enable the labels on the right side?
+2 השב
lonelygrass tomavientasmo
@tomavientasmo, go to chart settings and check on the option "Indicator Name Label"
tomavientasmo lonelygrass
@lonelygrass, thanks!
Hi, There is correction needs to be made on Technology symbol in the line "tech = security("XLE/SPY", timeframe.period, rsi(close, period))" above, Thanks
This is awesome, thank you!
Wow! thanks for this. may you have all green trading days!
Very well
lonelygrass NicoleLomazowLowe
@NicoleLomazowLowe, thanks for support. It makes my day😊
Useful and Great; thanks for shared bro <3