Description The SPY SPX ES Price Converter is a powerful and easy-to-use tool that allows traders to view corresponding price levels for linked instruments in real-time. This includes SPY, SPX, ES, and SPX500USD. Although these instruments often move in sync, differences in price movements, volume, and trading hours can create unique key levels and support/resistance areas for each. By mapping these levels on the same chart, traders can more easily spot trading opportunities and improve their chances of success.
Customizable features - multiplier from the closest whole number price level - line color - line style - label position / size - # of levels to display - toggle current price display table
This script includes the following premium unique features.
SPY / SPX Gaps detector A gap is an area on a chart where the price between two bars changes significantly without any trades happening between them. Such gaps often occur when a strong shift in sentiment happens during the hours when markets are usually closed. This indicator highlights these gaps on the chart and extends them further until they have been covered (i.e., when a newer bar has crossed that gap).
Overnight gaps from SPY or SPX can be mapped directly onto ES chart
VWAPs
VWAPs of these linked instruments can be mapped onto the chart. For example, ES VWAP mapped onto SPY chart, or vise versa. This allows for clear visualization of the price action near these VWAP levels.
Custom Cross Instruments Price Targets
Want to trade SPY options while watching ES chart or vise versa? You can setup to 8 price targets and see the corresponding converted price level. No need to switch between charts to try to figure out which price level corresponds to which.
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fixed minor bug on PT 7
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Updated to show gap filled area.
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Fixed display bug from last update
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Bug fix: Runtime error caused by gaps that occur too far back in history. Such gaps will disappear completely once tested.
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Minor bug fix.
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█ Feature Updates
Added customizable ticker input to enable users to choose any correlated instruments. Added option to apply SMA (simple moving average) to converted VWAP lines to smooth out 'noisy' VWAP lines cause by price fluctuation discrepancies between chart and converted instruments.
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Added custom price base option for SPY. This allow user to set a base price interval for SPY. For example with multiple of 5 and base of 5, SPY price levels on ES chart will display 435, 440, 445...etc instead of 438, 443, 448...etc
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Minor update to Price Table font color to resolve white on white issue.
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Added options to show additional converted price on custom price targets.
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Fixed bugs.
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◊ Added option for conversion update frequency:
Every tick - converted price lines are updated in real time. These converted levels might be 'jumpy' as there is always slight differences in price changes between correlated instruments.
Per Candle Close - converted price lines are updated once per candle close.