TIG's Market Internals Clouds Indicator v2.0

22 mag 2022

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== GENERAL INTRODUCTION
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If you find market internals inform your intraday trading decisions (SPX, ES futures, SPY or more generally) this may be helpful.

Currently available internals are:
- ADD
- TICK
- TRIN
- VIX
- VOLD

Also, you can display your favorite alternative market internal (or BTC, if you want?!) by entering the relevant ticker in the 'Custom' field


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== NOTES
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The default EMA lengths seem to work reasonably well for 1, 2, 3-minute timeframes (except for TICK - you may wish to apply a bit more smoothing to TICK to reduce the noise)

Of course; you can add this indicator to your chart multiple times, and display a different internal each time.

The default Text Color is set as a mid-grey, which is readable in both TV color schemes. I prefer dark mode, and so I change the text color to white. You can't see the scheme setting from within a script, unfortunately, so this can't be automated.


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== EXPERIMENTAL FEATURE
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As a free bonus, the indicator can display the 30-bar (default) Pearson Correlation Coefficient between the internal, and price action (based on the super-fast EMA, to give a bit of smoothing). This may give a clue as to whether or not the market is aligned with what the internal is doing, or if the market (today) is not correlated with the particular internal.

Very roughly speaking:
- 0.50 means that 50% of the price action can be explained by reference to the internal. This is about the same level of correlation between VIX and Actual Move
- 0.80 suggests pretty strong correlation

I don't know why (yet) but sometimes this works, and sometimes it doesn't display a sensible figure.


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== QUESTIONS AND FEEDBACK
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If you have any general questions about market internals, Google is your friend.

If you have any specific queries, bug reports, feature requests or general feedback about this indicator please leave a comment below, and I'll get back to you ASAP!

25 set 2022

Note di rilascio

Minor update (bugfix?) to allow script to work if SPY is selected (either RTH or Extended)