OPEN-SOURCE SCRIPT
ES to SPX Lead (RTH Adaptive)
Very simple script designed especially to trade CFD but also scalping.
Only RTH (you'll understand why)
Not a stand-alone indicator, e.g., an external event may hit the index and /ES leading nature will become meaningless. Same with a sudden crash on a Mag7 stock.
Uses Z Score to evaluate if /Es is leading SPX (or not) and /ES VWAP to establish bullish (+1) or bearish territory (-1). Histogram is the product of Z Score times VWAP status, red or green depending.
Z score goes from -2 to +2.
Zscore reading: 0.4 < |Z| < 1.2 is the trading zone.
|Z| <0.4 is sort of neutral shifting gears zone, a no-trade and may be transition moment.
Middle numbers show max. limits based on actual volatility (i.e. when to exit and when definitely not to enter a trade).
Grey stripes is NO TRADE zone.
Final number is the composite histogram value.
So:
Textbook bullish: /ES above VWAP and Z Score positive
Textbook negative: /ES below VWAP and Z score negative
If Green Histogram & negative Z Score, you may enter bearish pullback trades making sure Z score is in the sweet spot bracket.
If Red histogram & negative Z score, it's a conflict state, signals are not alined. Holds a bullish nature but it may be a warning sign.
Script produced by Chat GPT after several iterations.
Only RTH (you'll understand why)
Not a stand-alone indicator, e.g., an external event may hit the index and /ES leading nature will become meaningless. Same with a sudden crash on a Mag7 stock.
Uses Z Score to evaluate if /Es is leading SPX (or not) and /ES VWAP to establish bullish (+1) or bearish territory (-1). Histogram is the product of Z Score times VWAP status, red or green depending.
Z score goes from -2 to +2.
Zscore reading: 0.4 < |Z| < 1.2 is the trading zone.
|Z| <0.4 is sort of neutral shifting gears zone, a no-trade and may be transition moment.
Middle numbers show max. limits based on actual volatility (i.e. when to exit and when definitely not to enter a trade).
Grey stripes is NO TRADE zone.
Final number is the composite histogram value.
So:
Textbook bullish: /ES above VWAP and Z Score positive
Textbook negative: /ES below VWAP and Z score negative
If Green Histogram & negative Z Score, you may enter bearish pullback trades making sure Z score is in the sweet spot bracket.
If Red histogram & negative Z score, it's a conflict state, signals are not alined. Holds a bullish nature but it may be a warning sign.
Script produced by Chat GPT after several iterations.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.