millerrh

SPX Intraday Mood Indicator

The SPX Intraday Mood Indicator tries to gauge the intraday market direction of the S&P 500 (SPX) by focusing on internal market data.
Based on the 0DTE Mood Indicator concept. Overall strength/weakness is converted into a directional Mood Percentage which can help with choosing a trade type.
Use at your own risk and discretion. Potential trade ideas offer no guarantees. Intraday Charts Only. Turn off extended hours data. Only works on SPX .
This first version is untested and I am only sharing it to gather feedback on its accuracy, use at your own risk.
הערות שחרור: Fixed many of the issues in the initial release. I now feel like this is mostly correct. Note that it uses NYSE internal data and not S&P data due to limitations from TradingView. I'm hoping it's a good proxy.
הערות שחרור: For some reason the previous upload was of a previously saved version by mistake.
הערות שחרור: Swapped out the Sector Pull for Highly Weighted Pull - Uses a weighted average of the 10 highest market cap stocks in the S&P and calculates the difference between their net change and the net change of the entire index. Heavily weighted stocks tend to control the direction of the index, either extending gains and losses or holding it within the current range.
הערות שחרור: The heavily weighted pull was not displaying as I had intended in the last script. This new one does - it is the weighted average of the top 10 stocks in the S&P minus the S&P itself. So the % difference you see in the dashboard is apples-to-apples.
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?

תגובות

Fantastic job. Kudos!!
100‎מטבעות
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nice, Your scripts are super light... pragmatic... Thank you
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What timeframe would you recommend using it on?
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millerrh Rstriker79
@Rstriker79, Something to play around with to see what works for you. There are some components in here the look at trend data, so for that reason, when it is first thing in the morning, some of what you see will be trend data from the previous day. Best readings for the current day will come after three bars on whatever timeframe you are on. So typically in the early morning, I'll use a 3-minute chart through 10-minutes after open. Then as the day goes on and I'm watching things, I'll typically leave it on the 5 or 15 minute to get a current gauge on sentiment. No hard and fast rule for this though so use what makes sense.
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Would it be possible to put in a buy or sell signal? what about CCI/ATR as well? Awesome work sir respect for you kindness to the community!
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millerrh seanmsis
@seanmsis, This is meant to correspond to a different indicator used in another platform, so I need to keep them consistent. Also it sort of does have a buy/sell signal. The Trade Recommendation portion tells you the type of trade to take for this. It's meant to gauge overall market direction and let you know whether to put on a Call credit spread, Put credit spread, or Iron Condor.
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Wonder if you are in tasty trade facebook group. Lots of talk about mood indicator - which is in different platform. But, I was wondering how to code that in tradingview. Nice job. Will go through the script to understand more.
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millerrh HeWhoMustNotBeNamed
@HeWhoMustNotBeNamed, Yes, I've actually worked with Jody Miller to get his code for the other platform and converted it to this one. There are a few differences, the main one being this TradingView version uses NYSE internal data instead of S&P specific, because we don't get S&P data on TV for some reason. The other version also has a fast vs. slow calculation method which I don't quite understand, but I think they did that to get around some limitations on the other platform. I didn't see any issues by just leaving that out on the TV version. The other one also shows when the mood is diverging from the price. This does not show it because I couldn't seem to get it to match up how the other looked and when it did show it, the background color bands would cover the dashboard table making it less legible, so I just left that out as well. Otherwise, the two match up fairly well. I do have one change I want to make to the HW Pull section - right now it displays some kind of random weighted number as the pull and I want to update it so it makes more sense - a weighted average of the top 10 stocks. So look for that change soon.
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@millerrh, Looks really great. Definitely will look forward to go through in depth and understand it better. Keep up the good work :)
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