Elite Momentum Scalper🎯 Perfect For
Scalpers Who Want:
Quick In-and-Out Trades: Designed for 1-15 minute timeframes but works very well on the higer timeframes. Especiall Designed for : Indices ie NAS100 SPX in the New York Session but does work in London session also.
High Win Rate: Multiple confirmations reduce false signals
Consistent Risk: Same risk per trade, every trade
Clean Charts: No indicator spaghetti, just clear signals
Best Markets: Indices ie NAS100 SPX New York Session
Forex Majors: EUR/USD, GBP/USD, USD/JPY
Precious Metals: XAU/USD (Gold), XAG/USD (Silver)
Crypto: BTC/USD, ETH/USD (works 24/7)
Indices: SPX, NAS, DAX during active sessions
Optimal Timeframes:
Primary: 5-minute, 15-minute charts
Works On: Any timeframe (auto-adjusts)
Session-Aware: Best during London/NY overlap
🚨 Built-in Alerts
Never miss a trade:
Entry Alerts: "LONG ENTRY at 1.2345 SL: 1.2300 TP: 1.2400"
Exact Levels: Includes entry, stop, and target prices
Mobile Friendly: Works with TradingView mobile alerts
💡 Pro Tips for Best Results
Setup Recommendations:
Start Conservative: Begin with 1% risk per trade
Respect Sessions: Best results during London/NY hours
Don't Override: Let the cooldown system work
Monitor Dashboard: Keep an eye on daily trade count
Backtest First: Test on historical data before live trading
Risk Management:
Never risk more than you can afford to lose
Use proper position sizing (built-in calculator)
Respect the stop losses (they're there for a reason)
Monitor during high-impact news events
🏆 Why The Elite One?
Based on Fabio Valentini's proven #1 scalper methodology, this isn't just another indicator—it's a complete trading system that:
✅ Eliminates Guesswork: Exact entry, stop, and target levels
✅ Manages Risk: Built-in position sizing and risk management
✅ Prevents Overtrading: Smart cooldown system
✅ Adapts to Markets: ATR-based levels adjust to volatility
✅ Saves Time: All information in one clean dashboard
✅ Works Anywhere: Any market, any timeframe
✅ Stays Clean: No chart clutter, just actionable signals
Join thousands of traders who've upgraded their scalping game with the world's #1 scalper's methodology, refined into institutional-grade precision with retail-friendly execution.
⚠️ Important Disclaimers
Past performance does not guarantee future results
Trading involves substantial risk of loss
Test thoroughly on demo accounts first
Consider broker spreads in your calculations
Not financial advice - trade at your own risk
📈 Ready to Transform Your Trading?
Add The Elite One to your chart and experience the difference that professional-grade trading tools based on proven scalping methodology can make.
Remember: The best traders don't just follow signals—they understand their tools. Take time to learn the system, backtest thoroughly, and always trade responsibly.
Happy Trading! 🚀
The Elite One - Based on Fabio Valentini's #1 Scalper Methodology ⚡️
Cerca negli script per "spx"
SMR - Simple Market Recap📊 Simple Market Recap (SMR)
🎯 A comprehensive market overview tool displaying price changes, percentage movements, and status indicators for multiple financial instruments across customizable timeframes with intelligent data synchronization.
━━━━━━━━━━━━━━
📋 OVERVIEW
The Simple Market Recap indicator provides a professional market analysis dashboard that displays key performance metrics for major financial instruments. This educational tool features intelligent asset selection, automatic dark mode detection, comprehensive period analysis with bilingual support, and advanced data synchronization ensuring accurate price data regardless of the current chart symbol.
Perfect for:
Market overview analysis and educational study
Multi-asset performance comparison and research
Weekly, daily, and monthly market recap visualization
Educational purposes and market trend analysis
━━━━━━━━━━━━━━
🚀 KEY FEATURES & ENHANCEMENTS
🌙 Intelligent Dark Mode Detection
Automatic chart background color analysis and adaptation
Dynamic color scheme adjustment for optimal visibility
Enhanced contrast ratios for both light and dark themes
Professional appearance across all chart backgrounds
📊 Comprehensive Asset Coverage
Major Forex Pairs: EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCHF, USDJPY, USDCAD
Indices & Dollar: DXY (US Dollar Index), SPX (S&P 500)
Commodities: XAUUSD (Gold), USOIL (Crude Oil)
Bonds: US10Y (10-Year Treasury)
Cryptocurrencies: BTCUSDT, ETHUSDT
Selective asset display with individual on/off controls
Fixed asset order: DXY, EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCHF, USDCAD, USDJPY, XAUUSD, USOIL, SPX, US10Y, ETHUSDT, BTCUSDT
⏰ Flexible Timeframe Analysis
Multiple Periods: Daily (1D), Weekly (1W), Monthly (1M)
Time Selection: Current Period or Previous Period analysis
Dynamic Titles: Automatic report naming with dates and periods
Historical Comparison: Compare current vs previous period performance
📈 Enhanced Data Visualization
Professional table with adaptive row count based on selected assets
Color-coded price movements: Enhanced green for positive, bright red for negative
Status emojis: ↗️ Up, ↘️ Down, ↔️ Sideways, ❓ No data
Smart price formatting based on asset type and price level
Improved contrast colors for better visibility in all lighting conditions
🔄 Advanced Data Synchronization
Symbol-Independent Accuracy: Correct data display regardless of current chart symbol
Real-Time Security Requests: Direct data fetching from specific instrument sources
Cross-Asset Reliability: Accurate price data for all monitored assets simultaneously
Data Integrity: No cross-contamination between different financial instruments
━━━━━━━━━━━━━━
🎨 PROFESSIONAL TABLE LAYOUT
Adaptive Design Features:
Automatic dark mode detection and color adaptation
Enhanced contrast ratios for better readability
Professional color scheme with clear data separation
Responsive design for all screen sizes and themes
Comprehensive Data Display:
Dynamic Title Row: Period-specific report titles with dates
Asset Column: Selected financial instruments
Open/Close Prices: Period opening and closing values
Change Percentage: Color-coded performance indicators
Pips Movement: Precise pip calculations for each asset
Status Indicators: Visual emoji representations of trend direction
Visual Design Features:
Merged title cells for clean header presentation
Asset-specific price formatting for optimal readability
Color-coded positive/negative movements
Professional table borders and spacing
━━━━━━━━━━━━━━
⚙️ ADVANCED CUSTOMIZATION
Timeframe Controls:
Report Period selection: Daily, Weekly, or Monthly analysis
Time Selection toggle: Current vs Previous period comparison
Dynamic row count based on active asset selection
Automatic title generation with period-specific formatting
Asset Selection:
Individual toggle controls for each supported asset
Major forex pairs with complete coverage
Cryptocurrency and precious metals options
Index and commodity instrument support
Display Options:
9 table positioning options across the entire chart
5 text size levels from Tiny to Huge for optimal visibility
Language selection between English and Vietnamese
Automatic theme adaptation for all chart backgrounds
━━━━━━━━━━━━━━
⚠️ EDUCATIONAL & ANALYTICAL PURPOSE
This indicator is designed exclusively for educational market analysis and research purposes .
📚 Educational Applications:
Understanding multi-asset market performance correlation
Studying period-based price movements and trends
Analyzing market volatility across different timeframes
Learning to read and interpret market recap data
📊 Analysis Capabilities:
Market overview visualization for educational study
Multi-timeframe performance comparison research
Historical period analysis and trend identification
Cross-asset correlation studies and market research
🚨 Important Disclaimer: This tool provides educational market data visualization only and does NOT generate trading signals or investment advice. All data is for learning and analysis purposes. Users must conduct independent research and consult financial professionals before making any investment decisions.
━━━━━━━━━━━━━━
🛠️ SETUP & CONFIGURATION
Quick Start Guide:
Add the indicator to your chart from the indicators library
Select your preferred language (English or Vietnamese)
Choose your desired reporting timeframe (Daily, Weekly, or Monthly)
Select Current Period or Previous Period for analysis
Toggle on/off specific assets you want to monitor
Adjust table position and text size for optimal viewing
Advanced Configuration:
Customize asset selection based on your analysis needs
Configure timeframe settings for different market studies
Set up language preferences for your region
Fine-tune display options for your screen setup
Optimize table positioning for your chart layout
Theme Optimization:
Indicator automatically detects your chart theme
Colors adapt automatically for optimal contrast and readability
No manual adjustments required for theme changes
Professional appearance maintained across all backgrounds
━━━━━━━━━━━━━━
🔧 TECHNICAL SPECIFICATIONS
Performance & Reliability:
Pine Script v6 with optimized data retrieval
Real-time updates with minimal CPU and memory usage
No repainting or lookahead bias in calculations
Stable performance across all timeframes and instruments
Universal Compatibility:
Works with all TradingView chart types and instruments
Compatible with mobile and desktop platforms
Supports all timeframes with period-specific analysis
Cross-platform functionality with consistent behavior
Data Precision:
High-precision floating-point calculations
Asset-specific formatting and pip calculations
Real-time price data from multiple exchanges
Accurate percentage and movement calculations
Advanced Features:
Automatic chart background detection and color adaptation
Dynamic table sizing based on active asset selection
Intelligent price formatting for different asset classes
Professional status indicators with emoji visualization
━━━━━━━━━━━━━━
📋 VERSION HISTORY
v1.7 - Enhanced Data Synchronization & Color Improvements
Fixed critical data synchronization issue - accurate data regardless of current chart symbol
Enhanced data retrieval system with symbol-specific security requests
Improved color scheme: brighter red for negative values, enhanced contrast
Fixed asset order: DXY, EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCHF, USDCAD, USDJPY, XAUUSD, USOIL, SPX, US10Y, ETHUSDT, BTCUSDT
Optimized price formatting with proper decimal display and leading zeros
Enhanced calendar-based time calculations for accurate period reporting
Improved pip calculations for different asset classes
Professional color coding with adaptive contrast for all themes
Previous Versions:
v1.6 - Data accuracy improvements and bug fixes
v1.5 - Enhanced market analysis with flexible timeframes
v1.4 - Professional table layout and bilingual support
Earlier versions - Core market data display functionality development
━━━━━━━━━━━━━━
Author: tohaitrieu
Version: 1.7
Category: Market Analysis / Educational Overview
Language Support: English, Vietnamese
License: Educational Use Only
This indicator is provided exclusively for educational and analytical purposes to help users understand market overview concepts and multi-asset analysis. It features automatic theme adaptation, flexible timeframe analysis, enhanced data synchronization, and comprehensive market data visualization for the most accurate and informative educational experience. It does not provide trading signals or investment advice. Always conduct thorough research and consider professional guidance before making financial decisions.
0DTE Credit Spreads IndicatorDescription:
This indicator is designed for SPX traders operating on the 15-minute timeframe, specifically targeting 0 Days-to-Expiration (0DTE) options with the intention to let them expire worthless.
It automatically identifies high-probability entry points for Put Credit Spreads (PCS) and Call Credit Spreads (CCS) by combining intraday price action with a custom volatility filter.
Key Features:
Optimized exclusively for SPX on the 15-minute chart.
Intraday volatility conditions adapt based on real-time VIX readings, allowing credit expectations to adjust to market environment.
Automatic visual labeling of PCS and CCS opportunities.
Built-in stop loss level display for risk management.
Optional same-day PCS/CCS signal allowance.
Fully adjustable colors and display preferences.
How It Works (Concept Overview):
The script monitors intraday momentum, relative volatility levels, and proprietary pattern recognition to determine favorable spread-selling conditions.
When conditions align, a PCS or CCS label appears on the chart along with a stop loss level.
VIX is used at the moment of signal to estimate the ideal option credit range.
Recommended Use:
SPX only, 15-minute timeframe.
Intended for 0DTE options held to expiration, though you may take profits earlier based on your own strategy.
Works best during regular US market hours.
Disclaimer:
This script is for informational and educational purposes only and is not financial advice. Trading options carries risk. Always perform your own analysis before entering a trade.
VIX Term Structure Tracker [VX1!/VX2!]1. Data Preparation
The script starts by fetching four key data series on a daily ("D") timeframe:
VIX (CBOE:VIX): The spot VIX index, a real-time measure of market expectations of future volatility.
VX1! (CBOE:VX1!): The price of the front-month (nearest to expiration) VIX futures contract.
VX2! (CBOE:VX2!): The price of the next-month VIX futures contract.
SPX (SP:SPX): The S&P 500 Index, which serves as a benchmark for the overall market.
2. Term Structure and Market Psychology
The core of the indicator lies in analyzing the relationship between the futures prices.
term_slope = vx2 - vx1: This calculates the difference between the next-month and front-month VIX futures prices.
Contango: If vx2 > vx1, the slope is positive, and the market is in contango. This is the "normal" state, where traders expect volatility to be lower in the future. The script colors this background a light green.
Backwardation: If vx2 < vx1, the slope is negative, and the market is in backwardation. This is a rare state indicating elevated fear. It means traders are willing to pay a premium for short-term protection against volatility, implying that an increase in fear is imminent. The script colors this background a light red.
3. Roll Yield Calculation
roll_yield = ((vx1 - vix) / days_to_expiry) * 100: This calculates the estimated return (or loss) from rolling a futures position from the spot VIX to the front-month future. This is a key metric for understanding the cost of holding VIX futures. A negative roll yield means it is expensive to hold a long VIX position.
4. Equilibrium and Z-Score
This section of the code provides a statistical measure to determine how extreme the current term structure is compared to its historical average.
avg_slope = ta.sma(term_slope, 252): This calculates the one-year simple moving average of the term structure slope.
z_score: This is the most powerful part of the indicator. It measures how many standard deviations the current term_slope is from its one-year average.
A Z-score of +2 or higher indicates the market is in an extreme state of contango (complacency), where volatility is abnormally low.
A Z-score of -2 or lower indicates an extreme state of backwardation (fear), where there's an abnormal surge in short-term volatility expectations.
5. Visualizations & Signals
The script presents a comprehensive view of these metrics on the chart.
plot(term_slope): Shows a blue line representing the VIX term structure slope.
bgcolor(...): Visually highlights periods of contango (light green) and backwardation (light red).
plot(roll_yield): Displays a column chart showing the roll yield, indicating the cost or benefit of holding VIX futures.
plot(z_score): Shows an orange line representing the Z-score, with horizontal lines at +2 and -2 to highlight extreme conditions.
plotshape(...): These are your trading signals. A red arrow pointing up (shape.labelup) appears at the bottom of the chart when the Z-score drops below -2 (extreme backwardation), and a green arrow pointing down (shape.labeldown) appears at the top when the Z-score goes above +2 (extreme contango).
6. Interpretation and Trading Signals
The script provides a clear framework for interpreting market sentiment:
Extreme Backwardation Signal (Red Arrow Up): When the Z-score falls to -2 or below, it signals a period of extreme market fear. This is often an excellent contrarian signal for buying the VIX (or related products) and/or for caution in long equity positions.
Extreme Contango Signal (Green Arrow Down): When the Z-score rises to +2 or above, it signals a period of extreme market complacency. This can be a contrarian signal for selling the VIX (or related products) and/or for potential short-term weakness in the S&P 500.
The VIX/SPX Risk Ratio also provides a good visual of volatility relative to the S&P 500, with an increasing ratio signaling a rising risk environment.
Ultimately, this indicator provides a powerful way to visualize the VIX futures term structure and use statistical analysis (Z-score) to find high-probability signals of extreme market sentiment.
Fibs Has Lied 🌟 Fibs Has Lied - Indicator Overview 🌟
Designed for indices like US30, NQ, and SPX, this indicator highlights setups where price interacts with key EMA levels during specific trading sessions (default: 6:30–11:30 AM EST).
🌟 Key Features & Levels 🌟
🔹EMA Crossover Setups
The indicator uses the 100-period and 200-period EMAs to identify bullish and bearish setups:
- Bullish Setup: Triggers when the 100 EMA crosses above the 200 EMA, followed by two consecutive candles opening above the 100 EMA, with the low within a specified point distance (e.g., 20 points for US30).
- Bearish Setup: Triggers when the 100 EMA crosses below the 200 EMA, followed by two consecutive candles opening below the 100 EMA, with the high within the point distance.
- Signals are marked with green (buy) or red (sell) triangles and text, ensuring you don’t miss a setup. 📈
🔹 Reset Conditions for Re-Entries
After an initial setup, the indicator watches for “reset” opportunities:
- Buy Reset: If price moves below the 200 EMA after a bullish crossover, then returns with two consecutive candles where lows are above the 100 EMA (within point distance), a new buy signal is plotted.
- Sell Reset: If price moves above the 200 EMA after a bearish crossover, then returns with two consecutive candles where highs are below the 100 EMA (within point distance), a new sell signal is plotted.
This feature captures additional entries after liquidity grabs or fakeouts, aligning with ICT’s manipulation concepts. 🔄
🔹 Session-Based Filtering
Focus your trades during high-liquidity windows! The default session (6:30–11:30 AM EST, New York timezone) targets the London/NY overlap, where price often seeks liquidity or sets up for reversals. Toggle the time filter off for 24/7 signals if desired. 🕒
🔹Symbol-Specific Point Distance
Customizable entry zones based on your chosen index:
- US30: 20 points from the 100 EMA.
- NQ: 3 points from the 100 EMA.
- SPX: 2.5 points from the 100 EMA.
This ensures setups are tailored to the volatility of your market, maximizing relevance. 🎯
🔹 Market Structure Markers (Optional)
Visualize swing points with pivot-based labels:
- HH (Higher High): Signals uptrend continuation.
- HL (Higher Low): Indicates potential bullish support.
- LH (Lower High): Suggests weakening uptrend or reversal.
- LL (Lower Low): Points to downtrend continuation.
- Toggle these on/off to keep your chart clean while analyzing trend direction. 📊
🔹 EMA Visualization
Optionally plot the 100 EMA (blue) and 200 EMA (red) to see key levels where price reacts. These act as dynamic support/resistance, perfect for spotting liquidity pools or ICT’s Power of 3 setups. ⚖️
🌟 Customization Options 🌟
- Symbol Selection: Choose US30, NQ, or SPX to adjust point distance for entries.
- Time Filter: Enable/disable the 6:30–11:30 AM EST session to focus on high-liquidity periods.
- EMA Display: Toggle 100/200 EMAs on/off to reduce chart clutter.
- Market Structure: Show/hide HH/HL/LH/LL labels for cleaner analysis.
- Signal Markers: Green (buy) and red (sell) triangles with text are auto-plotted for easy identification.
🌟 Usage Tips 🌟
- Best Timeframes: Use on 3m for intraday scalping and 30m for swing trades.
- Combine with ICT Tools: Pair with order blocks, fair value gaps, or kill zones for stronger setups.
- Focus on Session: The default 6:30–11:30 AM EST session captures London/NY volatility—perfect for liquidity-driven moves.
- Avoid Overcrowding: Disable market structure or EMAs if you only want setup signals.
Worthy Asset StrategyThis strategy is designed with a two-part philosophy: a regime filter and a value-based accumulation approach.
🟩 Regime Filter:
If the S&P 500 (SPX) is trading above its 200-period EMA, a green background is shown below the chart, signaling a favorable market regime.
If the SPX is below the 200 EMA, the background turns red, indicating a less favorable environment.
📉 Buy Signals:
Buy signals are generated by red candles that drop a certain percentage from their open — essentially treating these pullbacks as discount opportunities.
The idea is to accumulate more of a selected asset when it becomes temporarily cheaper.
💎 Philosophy & Execution:
I only apply this strategy to assets I’ve personally researched and believe to be fundamentally valuable.
If a Buy signal occurs and the SPX is trading above its 200 EMA (i.e., the background is green), I enter the position.
Once in the trade, I follow this logic:
If the position reaches +1.5% profit, I sell it.
If it doesn’t reach profit and goes into a loss, I simply hold.
I don’t sell at a loss because I believe in the long-term value of the asset.
If the price drops further, I accumulate more — aiming to lower my average cost and eventually exit at a profit once the asset recovers.
This approach is based on the mindset of treating drawdowns as discounts, not danger.
"The more it drops, the more I accumulate — because I see value, not risk."
This is still a work in progress, and I’m actively refining it over time.
⚠️ Note: The sell logic is not yet visible on the chart and will be added in a future update.
ETF Leverage VerificationDo leveraged ETFs really return what they promise?
Do they return the exact 2x or 3x? Or a slightly different multiple?
How much do they deviate from the promised leverage multiples?
Do these deviations impact investors in a positive or negative manner?
These are the questions that I want to answer with this indicator.
The ETF Leverage Verification indicator challenges the conventional understanding of leveraged ETFs by measuring how they actually perform versus their theoretical targets.
Instead of assuming leveraged ETFs perfectly track their target multiple, this indicator quantifies the real-world behavior by comparing the expected returns versus the actual results on every trading day.
Key Features
Measures actual versus expected performance of leveraged ETFs
Tracks deviation patterns across thousands of trading days
Identifies asymmetric behavior in up versus down markets
Quantifies beneficial "cushioning effect" during market declines
Provides statistical summary of performance patterns
Works with any leverage factor (2x, 3x, -1x, etc.)
Compatible with all leveraged ETFs (equity, bond, commodity, volatility)
How to Use the Indicator
Enter the Expected Leverage Factor (default: 2.0)
Select the Base Asset (underlying index, e.g., SPX)
Select the Leveraged Asset (leveraged ETF, e.g., SSO)
Understanding the Results
Green markers: Days when the ETF outperformed its expected multiple
Red markers: Days when the ETF underperformed its expected multiple
Data Table:
Positive Deviations: Count of days with better-than-expected performance
Negative Deviations: Count of days with worse-than-expected performance
Avg Deviation: Average magnitude of deviation from expected returns
Frequency Skew: Difference between beneficial deviations in down vs. up markets
Impact: Overall assessment of pattern benefit to investors
Summary Label:
Percentage of positive deviations in up and down markets
Total sample size for statistical significance
Key Patterns to Look For
Positive Deviation in Negative Days:
This occurs when a leveraged ETF falls less than expected during market declines. For example, if SPX falls 1% and a 2x ETF falls only 1.8% (instead of the expected 2%), this creates a +0.2% deviation. This pattern is beneficial as it provides downside protection.
Negative Deviation in Positive Days:
This happens when a leveraged ETF rises less than expected during market advances. For example, if SPX rises 1% and a 2x ETF rises only 1.9% (instead of the expected 2%), this creates a -0.1% deviation. This pattern reduces upside performance.
Frequency Skew:
The most critical metric that measures how much more frequently beneficial deviations occur in down markets compared to up markets. A higher positive skew indicates a stronger asymmetric pattern that helps long-term performance.
Mathematical Background
The indicator computes the deviation between expected and actual performance:
Deviation = Actual Return - Expected Return
Where:
Expected Return = Base Asset Return × Leverage Factor
The deviation is then categorized into four possible outcomes:
Positive deviation on positive market days
Negative deviation on positive market days
Positive deviation on negative market days
Negative deviation on negative market days
In short, more positive deviations are good for investors.
Please feel free to criticize. I'm happy to improve the indicator.
VIX AnalyticsThis script is designed to serve traders, analysts, and investors who want a real-time, comprehensive view of market volatility, risk sentiment, and implied movements. It combines multiple institutional-grade volatility indices into one clear dashboard and interprets them with actionable insights — directly on your chart.
🔍 Features Included
🟦VIX (CBOE Volatility Index)
Measures market expectation of 30-day S&P 500 volatility.
Color-coded interpretation ranges:
Under 13: Extreme Complacency
15–20: Stable Market
20–30: Moderate Risk
30–40: High Volatility
Over 40: Panic
🟪 VVIX (Volatility of Volatility Index)
Tracks the volatility of VIX itself.
Interpreted as a risk gauge of how aggressively traders are hedging volatility exposure.
Under 80: Market Complacency
80–100: Normal Environment
100–120: Caution — Rising Volatility of Volatility
Over 120: High Stress — Elevated Hedging Activity
🟨 SKEW Index
Measures the perceived tail risk of the S&P 500 — i.e., the probability of a black swan event.
Below 110: Potential Complacency
120–140: Moderate Tail Risk
Above 140: High Tail Risk
🧮 VIX/VVIX Ratio
Gauges relative fear levels between expected volatility and the volatility of volatility.
Under 0.5: Low Ratio — VVIX Overextended
Over 0.9: High Ratio — VIX Leading
📈 VIX Percentile (1-Year Range)
Shows where the current VIX sits relative to its 1-year high/low.
Under 20%: Volatility is Cheap
Over 70%: Fear is Elevated — Reversal Possible
📉 SPX Implied Point Moves
Projects expected moves in SPX using VIX-derived volatility:
Daily
Weekly
Monthly
Helps size positions or define expected price ranges based on volatility regime.
📊 ATR Values (5, 13, 21 periods)
Traditional volatility using historical prices.
Provided alongside implied data for comparison.
🧠 Unique Logic & Interpretation Layer
This script doesn’t just show raw data — it interprets it. It reads the relationship between VIX, VVIX, and SKEW to highlight:
When market volatility may be underpriced
When hidden tail risks are forming
When to be cautious of volatility expansions
How current implied movement compares to past realized volatility
✅ Use Cases
Day traders: Know when volatility is low or expanding before scalping or swinging.
Options traders: Identify whether implied volatility is cheap or expensive.
Portfolio managers: Gauge when hedging is in demand and adjust exposure.
Risk managers: Crosscheck if current volatility aligns with macro risk events.
⚙️ Settings
Customizable table placement: Move the dashboard to any corner of your chart.
No repainting or lag: Data updates in real-time using official CBOE and SPX feeds.
Intraday Trend LinesTradingView Indicator Description: Options-Based Swing Range Forecast
Core Mechanism
This indicator calculates expected price swing ranges for key assets using daily post-market options block trade data, projecting high (resistance) and low (support) levels for:
Next Trading Day (T+1)
Two Days Ahead (T+2)
End of Current Week (Friday)
End of Next Week (Next Friday)
Dual horizontal lines connect the prediction start time (16:00 EST) to the target date's close time (16:00 EST), marking the forecasted range.
Supported Assets
Direct Calculation Indirect Derivation*
SPY SPX (via SPY data)
IWM NDX (via QQQ data)
QQQ IXIC (via QQQ data)
DIA RUT (via IWM data)
TLT SOX
*Indices derived from ETF options data using volatility conversion.
Key Features
Dynamic Updates:
New ranges calculated daily after market close.
Click the 🌀 Refresh button next to the indicator name to load latest data.
Visual Clarity:
Resistance (blue) and support (purple) lines with semi-transparent labels.
Hover labels show date range and swing metrics (e.g., Swing: 36.1 (2.5%)).
Algorithm Basis
Options Gamma Exposure: Identifies high gamma strike clusters.
Volatility Surface Fitting: Derives expected move boundaries.
ETF-to-Index Conversion: SPX/NDX/IXIC ranges scaled from SPY/QQQ data.
Usage Notes
⚠️ Critical Reminders:
SPX/NDX/IXIC: Ranges inferred from ETF liquidity (not direct options data).
Intraday Expiry: Lines auto-expire at 16:00 EST on target dates.
Market Risks: Ranges reflect options trader consensus, not guarantees. Combine with volume/trend analysis.
Compliance Statement
Closed-source logic compliant with TradingView rules.
Core methodology reviewed by moderators (gamma/volatility analysis).
Options Oscillator [PRO] IVRank, IVx, Call/Put Volatility Skew𝗧𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝗧𝗿𝗮𝗱𝗶𝗻𝗴𝗩𝗶𝗲𝘄 𝗶𝗻𝗱𝗶𝗰𝗮𝘁𝗼𝗿 𝘁𝗵𝗮𝘁 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝘀 𝗥𝗘𝗔𝗟 𝗜𝗩𝗥𝗮𝗻𝗸, 𝗜𝗩𝘅, 𝗮𝗻𝗱 𝗖𝗔𝗟𝗟/𝗣𝗨𝗧 𝘀𝗸𝗲𝘄 𝗱𝗮𝘁𝗮 𝗯𝗮𝘀𝗲𝗱 𝗼𝗻 𝗥𝗘𝗔𝗟 𝗼𝗽𝘁𝗶𝗼𝗻 𝗰𝗵𝗮𝗶𝗻 𝗳𝗼𝗿 𝗼𝘃𝗲𝗿 𝟭𝟲𝟱+ 𝗺𝗼𝘀𝘁 𝗹𝗶𝗾𝘂𝗶𝗱 𝗨.𝗦. 𝗺𝗮𝗿𝗸𝗲𝘁 𝘀𝘆𝗺𝗯𝗼𝗹𝘀
🔃 Auto-Updating Option Metrics without refresh!
🍒 Developed and maintained by option traders for option traders.
📈 Specifically designed for TradingView users who trade options.
🔶 Ticker Information:
This indicator is currently only available for over 165+ most liquid U.S. market symbols (eg. SP:SPX AMEX:SPY NASDAQ:QQQ NASDAQ:TLT NASDAQ:NVDA , etc.. ), and we are continuously expanding the compatible watchlist here: www.tradingview.com
🔶 How does the indicator work and why is it unique?
This Pine Script indicator is a complex tool designed to provide various option metrics and visualization tools for options market traders. The indicator extracts raw options data from an external data provider (ORATS), processes and refines the delayed data package using pineseed, and sends it to TradingView, visualizing the data using specific formulas (see detailed below) or interpolated values (e.g., delta distances). This method of incorporating options data into a visualization framework is unique and entirely innovative on TradingView.
The indicator aims to offer a comprehensive view of the current state of options for the implemented instruments, including implied volatility (IV), IV rank (IVR), options skew, and expected market movements, which are objectively measured as detailed below.
The options metrics we display may be familiar to options traders from various major brokerage platforms such as TastyTrade, IBKR, TOS, Tradier, TD Ameritrade, Schwab, etc.
🟨 The following data is displayed in the oscillator 🟨
We use Tastytrade formulas, so our numbers mostly align with theirs!
🔶 𝗜𝗩𝗥𝗮𝗻𝗸
The Implied Volatility Rank (IVR) helps options traders assess the current level of implied volatility (IV) in comparison to the past 52 weeks. IVR is a useful metric to determine whether options are relatively cheap or expensive. This can guide traders on whether to buy or sell options.
IV Rank formula = (current IV - 52 week IV low) / (52 week IV high - 52 week IV low)
IVRank is default blue and you can adjust their settings:
🔶 𝗜𝗩𝘅 𝗮𝘃𝗴
The implied volatility (IVx) shown in the option chain is calculated like the VIX. The Cboe uses standard and weekly SPX options to measure expected S&P 500 volatility. A similar method is used for calculating IVx for each expiration cycle.
We aggregate the IVx values for the 35-70 day monthly expiration cycle, and use that value in the oscillator and info panel.
We always display which expiration the IVx values are averaged for when you hover over the IVx cell.
IVx main color is purple, but you can change the settings:
🔹 IVx 5 days change %
We are also displaying the five-day change of the IV Index (IVx value). The IV Index 5-Day Change column provides quick insight into recent expansions or decreases in implied volatility over the last five trading days.
Traders who expect the value of options to decrease might view a decrease in IVX as a positive signal. Strategies such as Strangle and Ratio Spread can benefit from this decrease.
On the other hand, traders anticipating further increases in IVX will focus on the rising IVX values. Strategies like Calendar Spread or Diagonal Spread can take advantage of increasing implied volatility.
This indicator helps traders quickly assess changes in implied volatility, enabling them to make informed decisions based on their trading strategies and market expectations.
Important Note:
The IVx value alone does not provide sufficient context. There are stocks that inherently exhibit high IVx values. Therefore, it is crucial to consider IVx in conjunction with the Implied Volatility Rank (IVR), which measures the IVx relative to its own historical values. This combined view helps in accurately assessing the significance of the IVx in relation to the specific stock's typical volatility behavior.
This indicator offers traders a comprehensive view of implied volatility, assisting them in making informed decisions by highlighting both the absolute and relative volatility measures.
🔶 𝗖𝗔𝗟𝗟/𝗣𝗨𝗧 𝗣𝗿𝗶𝗰𝗶𝗻𝗴 𝗦𝗸𝗲𝘄 𝗵𝗶𝘀𝘁𝗼𝗴𝗿𝗮𝗺
At TanukiTrade, Vertical Pricing Skew refers to the difference in pricing between put and call options with the same expiration date at the same distance (at tastytrade binary expected move). We analyze this skew to understand market sentiment. This is the same formula used by TastyTrade for calculations.
We calculate the interpolated strike price based on the expected move, taking into account the neighboring option prices and their distances. This allows us to accurately determine whether the CALL or PUT options are more expensive.
🔹 What Causes Pricing Skew? The Theory Behind It
The asymmetric pricing of PUT and CALL options is driven by the natural dynamics of the market. The theory is that when CALL options are more expensive than PUT options at the same distance from the current spot price, market participants are buying CALLs and selling PUTs, expecting a faster upward movement compared to a downward one .
In the case of PUT skew, it's the opposite: participants are buying PUTs and selling CALLs , as they expect a potential downward move to happen more quickly than an upward one.
An options trader can take advantage of this phenomenon by leveraging PUT pricing skew. For example, if they have a bullish outlook and both IVR and IVx are high and IV started decreasing, they can capitalize on this PUT skew with strategies like a jade lizard, broken wing butterfly, or short put.
🔴 PUT Skew 🔴
Put options are more expensive than call options, indicating the market expects a faster downward move (▽). This alone doesn't indicate which way the market will move (because nobody knows that), but the options chain pricing suggests that if the market moves downward, it could do so faster in velocity compared to a potential upward movement.
🔹 SPY PUT SKEW example:
If AMEX:SPY PUT option prices are 46% higher than CALLs at the same distance for the optimal next monthly expiry (DTE). This alone doesn't indicate which way the market will move (because nobody knows that), but the options chain pricing suggests that if the market moves downward, it could do so 46% faster in velocity compared to a potential upward movement
🟢 CALL Skew 🟢
Call options are more expensive than put options, indicating the market expects a faster upward move (△). This alone doesn't indicate which way the market will move (because nobody knows that), but the options chain pricing suggests that if the market moves upward, it could do so faster in velocity compared to a potential downward movement.
🔹 INTC CALL SKEW example:
If NASDAQ:INTC CALL option prices are 49% higher than PUTs at the same distance for the optimal next monthly expiry (DTE). This alone doesn't indicate which way the market will move (because nobody knows that), but the options chain pricing suggests that if the market moves upward, it could do so 49% faster in velocity compared to a potential downward movement .
🔶 USAGE example:
The script is compatible with our other options indicators.
For example: Since the main metrics are already available in this Options Oscillator, you can hide the main IVR panel of our Options Overlay indicator, freeing up more space on the chart. The following image shows this:
🔶 ADDITIONAL IMPORTANT COMMENTS
🔹 Historical Data:
Yes, we only using historical internal metrics dating back to 2024-07-01, when the TanukiTrade options brand launched. For now, we're using these, but we may expand the historical data in the future.
🔹 What distance does the indicator use to measure the call/put pricing skew?:
It is important to highlight that this oscillator displays the call/put pricing skew changes for the next optimal monthly expiration on a histogram.
The Binary Expected Move distance is calculated using the TastyTrade method for the next optimal monthly expiration: Formula = (ATM straddle price x 0.6) + (1st OTM strangle price x 0.3) + (2nd OTM strangle price x 0.1)
We interpolate the exact difference based on the neighboring strikes at the binary expected move distance using the TastyTrade method, and compare the interpolated call and put prices at this specific point.
🔹 - Why is there a slight difference between the displayed data and my live brokerage data?
There are two reasons for this, and one is beyond our control.
◎ Option-data update frequency:
According to TradingView's regulations and guidelines, we can update external data a maximum of 5 times per day. We strive to use these updates in the most optimal way:
(1st update) 15 minutes after U.S. market open
(2nd, 3rd, 4th updates) 1.5–3 hours during U.S. market open hours
(5th update) 10 minutes before U.S. market close.
You don’t need to refresh your window, our last refreshed data-pack is always automatically applied to your indicator, and you can see the time elapsed since the last update at the bottom of the corner on daily TF.
◎ Brokerage Calculation Differences:
Every brokerage has slight differences in how they calculate metrics like IV and IVx. If you open three windows for TOS, TastyTrade, and IBKR side by side, you will notice that the values are minimally different. We had to choose a standard, so we use the formulas and mathematical models described by TastyTrade when analyzing the options chain and drawing conclusions.
🔹 - EOD data:
The indicator always displays end-of-day (EOD) data for IVR, IV, and CALL/PUT pricing skew. During trading hours, it shows the current values for the ongoing day with each update, and at market close, these values become final. From that point on, the data is considered EOD, provided the day confirms as a closed daily candle.
🔹 - U.S. market only:
Since we only deal with liquid option chains: this option indicator only works for the USA options market and do not include future contracts; we have implemented each selected symbol individually.
Disclaimer:
Our option indicator uses approximately 15min-3 hour delayed option market snapshot data to calculate the main option metrics. Exact realtime option contract prices are never displayed; only derived metrics and interpolated delta are shown to ensure accurate and consistent visualization. Due to the above, this indicator can only be used for decision support; exclusive decisions cannot be made based on this indicator. We reserve the right to make errors.This indicator is designed for options traders who understand what they are doing. It assumes that they are familiar with options and can make well-informed, independent decisions. We work with public data and are not a data provider; therefore, we do not bear any financial or other liability.
Options Overlay [Pro] IVR IV Skew Delta Exp.mv MurreyMath Expiry
𝗧𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝗿𝗲𝗮𝗹 𝗼𝗽𝘁𝗶𝗼𝗻𝘀 𝗱𝗮𝘁𝗮 𝗶𝗻𝗱𝗶𝗰𝗮𝘁𝗼𝗿 𝗼𝗻 𝗧𝗿𝗮𝗱𝗶𝗻𝗴𝗩𝗶𝗲𝘄, 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 𝗳𝗼𝗿 𝗼𝘃𝗲𝗿 𝟭𝟱𝟬+ 𝗹𝗶𝗾𝘂𝗶𝗱 𝗨𝗦 𝗺𝗮𝗿𝗸𝗲𝘁 𝘀𝘆𝗺𝗯𝗼𝗹𝘀.
🔃 Auto-Updating Option Metrics without refresh!
🍒 Developed and maintained by option traders for option traders.
📈 Specifically designed for TradingView users who trade options.
Our indicator provides essential key metrics such as:
✅ IVRank
✅ IVx
✅ 5-Day IVx Change
✅ Delta curves and interpolated distances
✅ Expected move curve
✅ Standard deviation (STD1) curve
✅ Vertical Pricing Skew
✅ Horizontal IVx Skew
✅ Delta Skew
like TastyTrade, TOS, IBKR etc, but in a much more visually intuitive way. See detailed descriptions below.
If this isn't enough, we also include a unique grid system designed specifically for options traders. This package features our innovative dynamic grid system:
✅ Enhanced Murrey Math levels (horizontal scale)
✅ Options expirations (vertical scale)
Designed to help you assess market conditions and make well-informed trading decisions, this tool is an essential addition for every serious options trader!
Ticker Information:
This indicator is currently implemented for more than 150 liquid US market tickers and we are continuously expanding the list:
SP:SPX AMEX:SPY NASDAQ:QQQ NASDAQ:TLT AMEX:GLD
NYSE:AA NASDAQ:AAL NASDAQ:AAPL NYSE:ABBV NASDAQ:ABNB NASDAQ:AMD NASDAQ:AMZN AMEX:ARKK NASDAQ:AVGO NYSE:AXP NYSE:BA NYSE:BABA NYSE:BAC NASDAQ:BIDU AMEX:BITO NYSE:BMY NYSE:BP NASDAQ:BYND NYSE:C NYSE:CAT NYSE:CCJ NYSE:CCL NASDAQ:COIN NYSE:COP NASDAQ:COST NYSE:CRM NASDAQ:CRWD NASDAQ:CSCO NYSE:CVNA NYSE:CVS NYSE:CVX NYSE:DAL NASDAQ:DBX AMEX:DIA NYSE:DIS NASDAQ:DKNG NASDAQ:EBAY NASDAQ:ETSY NASDAQ:EXPE NYSE:F NYSE:FCX NYSE:FDX AMEX:FXI AMEX:GDX AMEX:GDXJ NYSE:GE NYSE:GM NYSE:GME NYSE:GOLD NASDAQ:GOOG NASDAQ:GOOGL NYSE:GPS NYSE:GS NASDAQ:HOOD NYSE:IBM NASDAQ:IEF NASDAQ:INTC AMEX:IWM NASDAQ:JD NYSE:JNJ NYSE:JPM NYSE:JWN NYSE:KO NYSE:LLY NYSE:LOW NYSE:LVS NYSE:MA NASDAQ:MARA NYSE:MCD NYSE:MET NASDAQ:META NYSE:MGM NYSE:MMM NYSE:MPC NYSE:MRK NASDAQ:MRNA NYSE:MRO NASDAQ:MRVL NYSE:MS NASDAQ:MSFT AMEX:MSOS NYSE:NCLH NASDAQ:NDX NYSE:NET NASDAQ:NFLX NYSE:NIO NYSE:NKE NASDAQ:NVDA NASDAQ:ON NYSE:ORCL NYSE:OXY NASDAQ:PEP NYSE:PFE NYSE:PINS NYSE:PLTR NASDAQ:PTON NASDAQ:PYPL NASDAQ:QCOM NYSE:RBLX NYSE:RCL NASDAQ:RIOT NASDAQ:RIVN NASDAQ:ROKU NASDAQ:SBUX NYSE:SHOP AMEX:SLV NASDAQ:SMCI NASDAQ:SMH NYSE:SNAP NYSE:SQ NYSE:T NYSE:TGT NASDAQ:TQQQ NASDAQ:TSLA NYSE:TSM NASDAQ:TTD NASDAQ:TXN NYSE:U NASDAQ:UAL NYSE:UBER AMEX:UNG NYSE:UPS NASDAQ:UPST AMEX:USO NYSE:V AMEX:VXX NYSE:VZ NASDAQ:WBA NYSE:WFC NYSE:WMT NASDAQ:WYNN NYSE:X AMEX:XHB AMEX:XLE AMEX:XLF AMEX:XLI AMEX:XLK AMEX:XLP AMEX:XLU AMEX:XLV AMEX:XLY NYSE:XOM NYSE:XPEV CBOE:XSP NASDAQ:ZM
How does the indicator work and why is it unique?
This Pine Script indicator is a complex tool designed to provide various option metrics and visualization tools for options market traders. The indicator extracts raw options data from an external data provider (ORATS), processes and refines the delayed data package using pineseed, and sends it to TradingView, visualizing the data using specific formulas (see detailed below) or interpolated values (e.g., delta distances). This method of incorporating options data into a visualization framework is unique and entirely innovative on TradingView.
The indicator aims to offer a comprehensive view of the current state of options for the implemented instruments, including implied volatility (IV), IV rank (IVR), options skew, and expected market movements, which are objectively measured as detailed below.
The options metrics we display may be familiar to options traders from various major brokerage platforms such as TastyTrade, IBKR, TOS, Tradier, TD Ameritrade, Schwab, etc.
🟨 𝗗𝗘𝗧𝗔𝗜𝗟𝗘𝗗 𝗗𝗢𝗖𝗨𝗠𝗘𝗡𝗧𝗔𝗧𝗜𝗢𝗡 🟨
🔶 Auto-Updating Option Metrics and Curved Lines
🔹 Interpolated DELTA Curves (16,20,25,30,40)
In our indicator, the curve layer settings allow you to choose the delta value for displaying the delta curve: 16, 20, 25, 30, or even 40. The color of the curve can be customized, and you can also hide the delta curve by selecting the "-" option.
It's important to mention that we display interpolated deltas from the actual option chain of the underlying asset using the Black-Scholes model. This ensures that the 16 delta truly reflects the theoretical, but accurate, 16 delta distance. (For example, deltas shown by brokerages for individual strikes are rounded; a 0.16 delta might actually be 0.1625.)
🔹 Expected Move Curve (Exp.mv)
The expected move is the predicted dollar change in the underlying stock's price by a given option's expiration date, with 68% certainty. It is calculated using the expiration's pricing and implied volatility levels. We chose the TastyTrade method for calculating expected move, as we found it to be the most expressive.
Expected Move Calculation
Expected Move = (ATM straddle price x 0.6) + (1st OTM strangle price x 0.3) + (2nd OTM strangle price x 0.1)
For example , if stock XYZ is trading at 121 and the ATM straddle is 4.40, the 120/122 strangle is 3.46, and the 119/123 strangle is 2.66, the expected move is calculated as follows: 4.40 x 0.60 = 2.64; 3.46 x 0.30 = 1.04; 2.66 x 0.10 = 0.27; Expected move = 2.64 + 1.04 + 0.27 = ±3.9
In this example below, the TastyTrade platform indicates the expected move on the option chain with a brown color, and the exact value is displayed behind the ± symbol for each expiration. By default, we also use brown for this indication, but this can be changed or the curve display can be turned off.
🔹 Standard Deviation Curve (1 STD)
One standard deviation of a stock encompasses approximately 68.2% of outcomes in a distribution of occurrences based on current implied volatility.
We use the expected move formula to calculate the one standard deviation range of a stock. This calculation is based on the days-to-expiration (DTE) of our option contract, the stock price, and the implied volatility of a stock:
Calculation:
Standard Deviation = Closing Price * Implied Volatility * sqrt(Days to Expiration / 365)
According to options literature, there is a 68% probability that the underlying asset will fall within this one standard deviation range at expiration.
If the 1 STD and Exp.mv displays are both enabled, the indicator fills the area between them with a light gray color. This is because both represent probability distributions that appear as a "bell curve" when graphed, making it visually appealing.
Tip and Note:
The 1 STD line might appear jagged at times , which does not indicate a problem with the indicator. This is normal immediately after market open (e.g., during the first data refresh of the day) or if the expirations are illiquid (e.g., weekly expirations). The 1 STD value is calculated based on the aggregated IVx for the expirations, and the aggregated IVx value for weekly expirations updates less frequently due to lower trading volume. In such cases, we recommend enabling the "Only Monthly Expirations" option to smooth out the bell curve.
∑ Quant Observation:
The values of the expected move and the 1st standard deviation (1STD) will not match because they use different calculation methods, even though both are referred to as representing 68% of the underlying asset's movement in options literature. The expected move is based on direct market pricing of ATM options. The 1STD, on the other hand, uses the averaged implied volatility (IVX) for the given expiration to determine its value. Based on our experience, it is better to consider the area between the expected move and the 1STD as the true representation of the original 68% rule.
🔶 IVR Dashboard Panel Rows
🔹 IVR (IV Rank)
The Implied Volatility Rank (IVR) indicator helps options traders assess the current level of implied volatility (IV) in comparison to the past 52 weeks. IVR is a useful metric to determine whether options are relatively cheap or expensive. This can guide traders on whether to buy or sell options. We calculate IVrank, like TastyTrade does.
IVR Calculation:
IV Rank = (current IV - 52 week IV low) / (52 week IV high - 52 week IV low)
IVR Levels and Interpretations:
IVR 0-10 (Green): Very low implied volatility rank. Options might be "cheap," potentially a good time to buy options.
IVR 10-35 (White): Normal implied volatility rank. Options pricing is relatively standard.
IVR 35-50 (Orange): Almost high implied volatility rank.
IVR 50-75 (Red): Definitely high implied volatility rank. Options might be "expensive," potentially a good time to sell options for higher premiums.
IVR above 75 (Highlighted Red): Ultra high implied volatility rank. Indicates very high levels, suggesting a favorable time for selling options.
The panel refreshes automatically if the symbol is implemented. You can hide the panel or change the position and size.
🔹IVx (Implied Volatility Index)
The Implied Volatility Index (IVx) displayed in the option chain is calculated similarly to the VIX. The Cboe uses standard and weekly SPX options to measure the expected volatility of the S&P 500. A similar method is utilized to calculate IVx for each option expiration cycle.
For our purposes on the IVR Panel, we aggregate the IVx values specifically for the 35-70 day monthly expiration cycle . This aggregated value is then presented in the screener and info panel, providing a clear and concise measure of implied volatility over this period.
IVx Color coding:
IVx above 30 is displayed in orange.
IVx above 60 is displayed in red
IVx on curve:
The IVx values for each expiration can be viewed by hovering the mouse over the colored tooltip labels above the Curve.
IVx avg on IVR panel :
If the option is checked in the IVR panel settings, the IVR panel will display the average IVx values up to the optimal expiration.
Important Note:
The IVx value alone does not provide sufficient context. There are stocks that inherently exhibit high IVx values. Therefore, it is crucial to consider IVx in conjunction with the Implied Volatility Rank (IVR), which measures the IVx relative to its own historical values. This combined view helps in accurately assessing the significance of the IVx in relation to the specific stock's typical volatility behavior.
This indicator offers traders a comprehensive view of implied volatility, assisting them in making informed decisions by highlighting both the absolute and relative volatility measures.
🔹IVx 5 days change %
We are displaying the five-day change of the IV Index (IVx value). The IV Index 5-Day Change column provides quick insight into recent expansions or decreases in implied volatility over the last five trading days.
Traders who expect the value of options to decrease might view a decrease in IVX as a positive signal. Strategies such as Strangle and Ratio Spread can benefit from this decrease.
On the other hand, traders anticipating further increases in IVX will focus on the rising IVX values. Strategies like Calendar Spread or Diagonal Spread can take advantage of increasing implied volatility.
This indicator helps traders quickly assess changes in implied volatility, enabling them to make informed decisions based on their trading strategies and market expectations.
🔹 Vertical Pricing Skew
At TanukiTrade, Vertical Pricing Skew refers to the difference in pricing between put and call options with the same expiration date at the same distance (at expected move). We analyze this skew to understand market sentiment. This is the same formula used by TastyTrade for calculations.
We calculate the interpolated strike price based on the expected move , taking into account the neighboring option prices and their distances. This allows us to accurately determine whether the CALL or PUT options are more expensive.
PUT Skew (red): Put options are more expensive than call options, indicating the market expects a downward move (▽). If put options are more expensive by more than 20% at the same expected move distance, we color it lighter red.
CALL Skew (green): Call options are more expensive than put options, indicating the market expects an upward move (△). If call options are priced more than 30% higher at the examined expiration, we color it lighter green.
Vertical Skew on Curve:
The degree of vertical pricing skew for each expiration can be viewed by hovering over the points above the curve. Hover with mouse for more information.
Vertical Skew on IVR panel:
We focus on options with 35-70 days to expiration (DTE) for optimal analysis in case of vertical skew. Hover with mouse for more information.
This approach helps us gauge market expectations accurately, providing insights into potential price movements. Remember, we always evaluate the skew at the expected move using linear interpolation to determine the theoretical pricing of options.
🔹 Delta Skew 🌪️ (Twist)
We have a new metric that examines which monthly expiration indicates a "Delta Skew Twist" where the 16 delta deviates from the monthly STD. This is important because, under normal circumstances, the 16 delta is positioned between the expected move and the standard deviation (STD1) line (see Exp.mv & 1STD exact definitions above). However, if the interpolated 16 delta line exceeds the STD1 line either upwards or downwards, it represents a special case of vertical skew on the option chain.
Normal case : exp.move < delta16 < std1
Delta Skew Twist: exp.move < std1 < delta16
We indicate this with direction-specific colors (red/green) on the delta line. We also color the section of the delta curve affected by the delta skew in this case, even if you choose to display a lower delta, such as 30, instead of 16.
If "Colored Labels with Tooltips" is enabled, we also display a 🌪️ symbol in the tooltip for the expirations affected by Delta Skew.
If you have enabled the display of 'Vertical Pricing Skew' on the IVR Panel, a 🌪️ symbol will also appear next to the value of the vertical skew, and the tooltip will indicate from which expiration Delta Skew is observed.
🔹 Horizontal IVx Skew
In options pricing, it is typically expected that the implied volatility (IVx) increases for options with later expiration dates. This means that options further out in time are generally more expensive. At TanukiTrade, we refer to the phenomenon where this expectation is reversed—when the IVx decreases between two consecutive expirations—as Horizontal Skew or IVx Skew.
Horizontal IVx Skew occurs when: Front Expiry IVx < Back Expiry IVx
This scenario can create opportunities for traders who prefer diagonal or calendar strategies . Based on our experience, we categorize Horizontal Skew into two types:
Weekly Horizontal Skew:
When IVx skew is observed between two consecutive non-monthly expirations, the displayed value is the rounded-up percentage difference. On hover, the approximate location of this skew is also displayed. The precise location can be seen on this indicator.
Monthly Horizontal Skew:
When IVx skew is observed between two consecutive monthly expirations , the displayed value is the rounded-up percentage difference. On hover, the approximate location of this skew is also displayed. The precise location can be seen on our Overlay indicator.
The Monthly Vertical IVx skew is consistently more liquid than the weekly vertical IVx skew. Weekly Horizontal IVx Skew may not carry relevant information for symbols not included in the 'Weeklies & Volume Masters' preset in our Options Screener indicator.
If the options chain follows the normal IVx pattern, no skew value is displayed.
Color codes or tooltip labels above curve:
Gray - No horizontal skew;
Purple - Weekly horizontal skew;
BigBlue - Monthly horizontal skew
The display of monthly and weekly IVx skew can be toggled on or off on the IVR panel. However, if you want to disable the colored tooltips above the curve, this can only be done using the "Colored labels with tooltips" switch.
We indicate this range with colorful information bubbles above the upper STD line.
🔶 The Option Trader’s GRID System: Adaptive MurreyMath + Expiry Lines
At TanukiTrade, we utilize Enhanced MurreyMath and Expiry lines to create a dynamic grid system, unlike the basic built-in vertical grids in TradingView, which provide no insight into specific price levels or option expirations.
These grids are beneficial because they provide a structured layout, making important price levels visible on the chart. The grid automatically resizes as the underlying asset's volatility changes, helping traders identify expected movements for various option expirations.
The Option Trader’s GRID System part of this indicator can be used without limitations for all instruments . There are no type or other restrictions, and it automatically scales to fit every asset. Even if we haven't implemented the option metrics for a particular underlying asset, the GRID system will still function!
🔹 SETUP OF YOUR OPTIONS GRID SYSTEM
You can setup your new grid system in 3 easy steps!
STEP1: Hide default horizontal grid lines in TradingView
Right-click on an empty area of your chart, then select “Settings.” In the Chart settings -> Canvas -> Grid lines section, disable the display of horizontal lines to avoid distraction.
SETUP STEP2: Scaling fix
Right-click on the price scale on the right side, then select "Scale price chart only" to prevent the chart from scaling to the new horizontal lines!
STEP3: Enable Tanuki Options Grid
As a final step, make sure that both the vertical (MurreyMath) and horizontal (Expiry) lines are enabled in the Grid section of our indicator.
You are done, enjoy the new grid system!
🔹 HORIZONTAL: Enhanced MurreyMath Lines
Murrey Math lines are based on the principles observed by William Gann, renowned for his market symmetry forecasts. Gann's techniques, such as Gann Angles, have been adapted by Murrey to make them more accessible to ordinary investors. According to Murrey, markets often correct at specific price levels, and breakouts or returns to these levels can signal good entry points for trades.
At TanukiTrade, we enhance these price levels based on our experience , ensuring a clear display. We acknowledge that while MurreyMath lines aren't infallible predictions, they are useful for identifying likely price movements over a given period (e.g., one month) if the market trend aligns.
Our opinion: MurreyMath lines are not crystal balls (like no other tool). They should be used to identify that if we are trading in the right direction, the price is likely to reach the next unit step within a unit time (e.g. monthly expiration).
One unit step is the distance between Murrey Math lines, such as between the 0/8 and 1/8 lines. This interval helps identify different quadrants and is crucial for recognizing support and resistance levels.
Some option traders use Murrey Math lines to gauge the movement speed of an instrument over a unit time. A quadrant encompasses 4 unit steps.
Key levels, according to TanukiTrade, include:
Of course, the lines can be toggled on or off, and their default color can also be changed.
🔹 VERTICAL: Expiry Lines
The indicator can display monthly and weekly expirations as dashed lines, with customizable colors. Weekly expirations will always appear in a lighter shade compared to monthly expirations.
Monthly Expiry Lines:
You can turn off the lines indicating monthly expirations, or set the direction (past/future/both) and the number of lines to be drawn.
Weekly Expiry Lines:
You can display weekly expirations pointing to the future. You can also turn them off or specify how many weeks ahead the lines should be drawn.
Of course, the lines can be toggled on or off, and their default color can also be changed.
TIP: Hide default vertical grid lines in TradingView
Right-click on an empty area of your chart, then select “Settings.” In the Chart settings -> Canvas -> Grid lines section, disable the display of vertical lines to avoid distraction. Same, like steps above at MurreyMath lines.
🔶 ADDITIONAL IMPORTANT COMMENTS
- U.S. market only:
Since we only deal with liquid option chains: this option indicator only works for the USA options market and do not include future contracts; we have implemented each selected symbol individually.
- Why is there a slight difference between the displayed data and my live brokerage data? There are two reasons for this, and one is beyond our control.
- Brokerage Calculation Differences:
Every brokerage has slight differences in how they calculate metrics like IV and IVx. If you open three windows for TOS, TastyTrade, and IBKR side by side, you will notice that the values are minimally different. We had to choose a standard, so we use the formulas and mathematical models described by TastyTrade when analyzing the options chain and drawing conclusions.
- Option-data update frequency:
According to TradingView's regulations and guidelines, we can update external data a maximum of 5 times per day. We strive to use these updates in the most optimal way:
(1st update) 15 minutes after U.S. market open
(2nd, 3rd, 4th updates) 1.5–3 hours during U.S. market open hours
(5th update) 10 minutes before market close.
You don’t need to refresh your window, our last refreshed data-pack is always automatically applied to your indicator , and you can see the time elapsed since the last update at the bottom of your indicator.
- Skewed Curves:
The delta, expected move, and standard deviation curves also appear relevantly on a daily or intraday timeframe. Data loss is experienced above a daily timeframe: this is a TradingView limitation.
- Weekly illiquid expiries:
Especially for instruments where weekly options are illiquid: the weekly expiration STD1 data is not relevant. In these cases, we recommend checking in the "Display only Monthly labels" checkbox to avoid displaying not relevant weekly options expirations.
-Timeframe Issues:
Our option indicator visualizes relevant data on a daily resolution. If you see strange or incorrect data (e.g., when the options data was last updated), always switch to a daily (1D) timeframe. If you still see strange data, please contact us.
Disclaimer:
Our option indicator uses approximately 15min-3 hour delayed option market snapshot data to calculate the main option metrics. Exact realtime option contract prices are never displayed; only derived metrics and interpolated delta are shown to ensure accurate and consistent visualization. Due to the above, this indicator can only be used for decision support; exclusive decisions cannot be made based on this indicator . We reserve the right to make errors.This indicator is designed for options traders who understand what they are doing. It assumes that they are familiar with options and can make well-informed, independent decisions. We work with public data and are not a data provider; therefore, we do not bear any financial or other liability.
Options Screener [Pro] - IVRank, IVx, Deltas, Exp.move, Skew
𝗢𝗽𝘁𝗶𝗼𝗻 𝘀𝗰𝗿𝗲𝗲𝗻𝗲𝗿 𝗼𝗻 𝗧𝗿𝗮𝗱𝗶𝗻𝗴𝗩𝗶𝗲𝘄 𝘄𝗶𝘁𝗵 𝗿𝗲𝗮𝗹 𝗱𝗮𝘁𝗮, 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 𝗳𝗼𝗿 𝗼𝘃𝗲𝗿 𝟭𝟱𝟬+ 𝗹𝗶𝗾𝘂𝗶𝗱 𝗨𝗦 𝗺𝗮𝗿𝗸𝗲𝘁 𝘀𝘆𝗺𝗯𝗼𝗹𝘀!
𝗢𝘂𝗿 𝘀𝗰𝗿𝗲𝗲𝗻𝗲𝗿 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝘀 𝗲𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹 𝗸𝗲𝘆 𝗺𝗲𝘁𝗿𝗶𝗰𝘀 𝘀𝘂𝗰𝗵 𝗮𝘀:
✅ IVRank
✅ IVx
✅ 5-Day IVx Change
✅ Vertical Pricing Skew
✅ Horizontal IVx Skew
✅ Delta Skew
like TastyTrade, TOS, IBKR etc.
Designed to help you assess option market conditions and make well-informed trading decisions, this tool is an essential addition for every serious options trader!
Ticker Information:
This screener is currently implemented for more than 150 liquid US market tickers and we are continuously expanding the list:
SP:SPX AMEX:SPY NASDAQ:QQQ NASDAQ:TLT AMEX:GLD
NYSE:AA NASDAQ:AAL NASDAQ:AAPL NYSE:ABBV NASDAQ:ABNB NASDAQ:AMD NASDAQ:AMZN AMEX:ARKK NASDAQ:AVGO NYSE:AXP NYSE:BA NYSE:BABA NYSE:BAC NASDAQ:BIDU AMEX:BITO NYSE:BMY NYSE:BP NASDAQ:BYND NYSE:C NYSE:CAT NYSE:CCJ NYSE:CCL NASDAQ:COIN NYSE:COP NASDAQ:COST NYSE:CRM NASDAQ:CRWD NASDAQ:CSCO NYSE:CVNA NYSE:CVS NYSE:CVX NYSE:DAL NASDAQ:DBX AMEX:DIA NYSE:DIS NASDAQ:DKNG NASDAQ:EBAY NASDAQ:ETSY NASDAQ:EXPE NYSE:F NYSE:FCX NYSE:FDX AMEX:FXI AMEX:GDX AMEX:GDXJ NYSE:GE NYSE:GM NYSE:GME NYSE:GOLD NASDAQ:GOOG NASDAQ:GOOGL NYSE:GPS NYSE:GS NASDAQ:HOOD NYSE:IBM NASDAQ:IEF NASDAQ:INTC AMEX:IWM NASDAQ:JD NYSE:JNJ NYSE:JPM NYSE:JWN NYSE:KO NYSE:LLY NYSE:LOW NYSE:LVS NYSE:MA NASDAQ:MARA NYSE:MCD NYSE:MET NASDAQ:META NYSE:MGM NYSE:MMM NYSE:MPC NYSE:MRK NASDAQ:MRNA NYSE:MRO NASDAQ:MRVL NYSE:MS NASDAQ:MSFT AMEX:MSOS NYSE:NCLH NASDAQ:NDX NYSE:NET NASDAQ:NFLX NYSE:NIO NYSE:NKE NASDAQ:NVDA NASDAQ:ON NYSE:ORCL NYSE:OXY NASDAQ:PEP NYSE:PFE NYSE:PINS NYSE:PLTR NASDAQ:PTON NASDAQ:PYPL NASDAQ:QCOM NYSE:RBLX NYSE:RCL NASDAQ:RIOT NASDAQ:RIVN NASDAQ:ROKU NASDAQ:SBUX NYSE:SHOP AMEX:SLV NASDAQ:SMCI NASDAQ:SMH NYSE:SNAP NYSE:SQ NYSE:T NYSE:TGT NASDAQ:TQQQ NASDAQ:TSLA NYSE:TSM NASDAQ:TTD NASDAQ:TXN NYSE:U NASDAQ:UAL NYSE:UBER AMEX:UNG NYSE:UPS NASDAQ:UPST AMEX:USO NYSE:V AMEX:VXX NYSE:VZ NASDAQ:WBA NYSE:WFC NYSE:WMT NASDAQ:WYNN NYSE:X AMEX:XHB AMEX:XLE AMEX:XLF AMEX:XLI AMEX:XLK AMEX:XLP AMEX:XLU AMEX:XLV AMEX:XLY NYSE:XOM NYSE:XPEV CBOE:XSP NASDAQ:ZM
How does the screener work and why is it unique?
This Pine Script screener is an expert tool created to provide various option metrics and visualization tools for options market traders. The screener extracts raw options data from an external data provider (ORATS), processes, and refines the delayed data package using pineseed, and sends it to TradingView. The data is calculated using specific formulas or interpolated values, such as delta distances. This method of integrating options data into a screener framework is unique and innovative on TradingView.
The screener aims to offer a comprehensive view of the current state of options for the implemented instruments, including implied volatility index (IVx), IV rank (IVR), options skew, and expected market movements, which are objectively measured as detailed below.
The options metrics displayed may be familiar to options traders from various major brokerage platforms such as TastyTrade, IBKR, TOS, Tradier, TD Ameritrade, Schwab, etc.
🟨 𝗗𝗘𝗧𝗔𝗜𝗟𝗘𝗗 𝗗𝗢𝗖𝗨𝗠𝗘𝗡𝗧𝗔𝗧𝗜𝗢𝗡 🟨
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
🔶 Auto-Updating Option Metrics
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
🔹 IVR (IV Rank)
The Implied Volatility Rank (IVR) indicator helps options traders assess the current level of implied volatility (IV) in comparison to the past 52 weeks. IVR is a useful metric to determine whether options are relatively cheap or expensive. This can guide traders on whether to buy or sell options. We calculate IVrank, like TastyTrade does.
IVR Calculation: IV Rank = (current IV - 52 week IV low) / (52 week IV high - 52 week IV low)
IVR Levels and Interpretations:
IVR 0-10 (Green): Very low implied volatility rank. Options might be "cheap," potentially a good time to buy options.
IVR 10-35 (White): Normal implied volatility rank. Options pricing is relatively standard.
IVR 35-50 (Orange): Almost high implied volatility rank.
IVR 50-75 (Red): Definitely high implied volatility rank. Options might be "expensive," potentially a good time to sell options for higher premiums.
IVR above 75 (Highlighted Red): Ultra high implied volatility rank. Indicates very high levels, suggesting a favorable time for selling options.
Extra: If the IVx value is also greater than 30, the background will be dark highlighted, because a high IVR alone doesn’t mean much without high IVx.
🔹IVx (Implied Volatility Index)
The Implied Volatility Index (IVx) displayed in the option chain is calculated similarly to the VIX. The Cboe employs standard and weekly SPX options to measure the expected volatility of the S&P 500. A similar method is utilized to calculate IVx for each option expiration cycle.
For our purposes, we aggregate the IVx values specifically for the 35-70 day monthly expiration cycle . This aggregated value is then presented in the screener and info panel, providing a clear and concise measure of implied volatility over this period.
We will display a warning if the option chain is heavily skewed and valid, symmetric 16 delta options are not found at optimal monthly expirations.
IVx Color coding:
IVx above 30 is displayed in orange.
IVx above 60 is displayed in red
Important Note: The IVx value alone does not provide sufficient context. There are stocks that inherently exhibit high IVx values. Therefore, it is crucial to consider IVx in conjunction with the Implied Volatility Rank (IVR), which measures the IVx relative to its own historical values. This combined view helps in accurately assessing the significance of the IVx in relation to the specific stock's typical volatility behavior.
This indicator offers traders a comprehensive view of implied volatility, assisting them in making informed decisions by highlighting both the absolute and relative volatility measures.
🔹IVx 5 days change %
We are displaying the five-day change of the IV Index (IVx value). The IV Index 5-Day Change column provides quick insight into recent expansions or decreases in implied volatility over the last five trading days.
Traders who expect the value of options to decrease might view a decrease in IVX as a positive signal. Strategies such as Strangle and Ratio Spread can benefit from this decrease.
On the other hand, traders anticipating further increases in IVX will focus on the rising IVX values. Strategies like Calendar Spread or Diagonal Spread can take advantage of increasing implied volatility.
This indicator helps traders quickly assess changes in implied volatility, enabling them to make informed decisions based on their trading strategies and market expectations.
🔹 Vertical Pricing Skew
At TanukiTrade, Vertical Pricing Skew refers to the difference in pricing between put and call options with the same expiration date at the same distance (at expected move). We analyze this skew to understand market sentiment. This is the same formula used by TastyTrade for calculations.
PUT Skew (red): Put options are more expensive than call options, indicating the market expects a downward move (▽). If put options are more expensive by more than 20% at the same expected move distance, we color it lighter red.
CALL Skew (green): Call options are more expensive than put options, indicating the market expects an upward move (△). If call options are priced more than 30% higher at the examined expiration, we color it lighter green.
We focus on options with 35-70 days to expiration (DTE) for optimal analysis. We always evaluate the skew at the expected move using linear interpolation to determine the theoretical pricing of options. If the pricing have more than C50%/P35% we are highlighting the cell.
This approach helps us gauge market expectations accurately, providing insights into potential price movements.
🔹 Horizontal IVx Skew
In options pricing, it is typically expected that the implied volatility (IVx) increases for options with later expiration dates. This means that options further out in time are generally more expensive. At TanukiTrade, we refer to the phenomenon where this expectation is reversed—when the IVx decreases between two consecutive expirations—as Horizontal Skew or IVx Skew.
Horizontal IVx Skew occurs when: Front Month IVx < Back Month IVx
This scenario can create opportunities for traders who prefer diagonal or calendar strategies. Based on our experience, we categorize Horizontal Skew into two types:
Weekly Horizontal Skew: When IVx skew is observed between two consecutive non-monthly expirations , the displayed value is the rounded-up percentage difference. On hover, the approximate location of this skew is also displayed. The precise location can be seen on the Overlay indicator.
Monthly Horizontal Skew: When IVx skew is observed between two consecutive monthly expirations , the displayed value is the rounded-up percentage difference. On hover, the approximate location of this skew is also displayed. The precise location can be seen on the Overlay indicator.
The Monthly Vertical IVx skew is consistently stronger (more liquid) on average symbols than the weekly vertical IVx skew. Weekly Horizontal IVx Skew may not carry relevant information for symbols not included in the 'Weeklies & Volume Masters' preset.
If the options chain follows the normal IVx pattern, no skew value is displayed.
Additionally , if the Implied Volatility Rank (IVR) is low (indicated by green), the Horizontal Skew background turns black, because this environment is good for Calendar+Diagonal.
Additionally , if the % of the skew is greater than 10, the Horizontal Skew font color turns lighter.
🔹 Delta Skew 🌪️ (Twist)
We have a metric that examines which monthly expiration indicates a "Delta Skew Twist" where the 16 delta deviates from the monthly STD. This is important because, under normal circumstances, the 16 delta is positioned between the expected move and the standard deviation (STD1) line. However, if the interpolated 16 delta line exceeds the STD1 line either upwards or downwards, it represents a special case of vertical skew.
Normal case : exp.move < delta16 < std1
Delta Skew Twist: exp.move < std1 < delta16
If the Days to Expiration of the twist is less than 75, we use a lighter color.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
🔶 HOW WE CALCULATE
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
🔹 Expected Move
The expected move is the predicted dollar change in the underlying stock's price by a given option's expiration date, with 68% certainty. It is calculated using the expiration's pricing and implied volatility levels.
Expected Move Calculation
Expected Move = (ATM straddle price x 0.6) + (1st OTM strangle price x 0.3) + (2nd OTM strangle price x 0.1)
For example , if stock XYZ is trading at 121 and the ATM straddle is 4.40, the 120/122 strangle is 3.46, and the 119/123 strangle is 2.66, the expected move is calculated as follows: 4.40 x 0.60 = 2.64; 3.46 x 0.30 = 1.04; 2.66 x 0.10 = 0.27; Expected move = 2.64 + 1.04 + 0.27 = ±3.9
🔹 Standard deviation
One standard deviation of a stock encompasses approximately 68.2% of outcomes in a distribution of occurrences based on current implied volatility.
We use the expected move formula to calculate the one standard deviation range of a stock. This calculation is based on the days-to-expiration (DTE) of our option contract, the stock price, and the implied volatility of a stock:
Calculation:
Standard Deviation = Closing Price * Implied Volatility * sqrt(Days to Expiration / 365)
According to options literature, there is a 68% probability that the underlying asset will fall within this one standard deviation range at expiration.
∑ Quant Observation: The values of the expected move and the 1st standard deviation (1STD) will not match because they use different calculation methods, even though both are referred to as representing 68% of the underlying asset's movement in options literature. The expected move is based on direct market pricing of ATM options. The 1STD, on the other hand, uses the averaged implied volatility (IVX) for the given expiration to determine its value. Based on our experience, it is better to consider the area between the expected move and the 1STD as the true representation of the original 68% rule.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
🔶 USAGE
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
🔹 Create a new empty layout for the screener!
You can access this from the dropdown menu in the upper right corner. In the popup window, name it as you like, for example, "Option Screener."
🔹 Hide the candlestick chart
Make the chart invisible using the "Hide" option from the three-dot dropdown menu located in the upper left corner.
🔹 Other Unwanted Elements
If other unnecessary elements are distracting you (e.g., economic data, volume, default grid), you can easily remove them from the layout. Right-click on the empty chart area. Here, click on the gear (Settings) icon and remove everything from the "Events" tab, as well as from the "Trading" tab. Under the "Canvas" tab, it is recommended to set the "Grid lines" setting to "None."
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
🔶 Screener Settings
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Naturally, the font size and position can be easily adjusted.
Additionally, there are two basic usage modes: manual input or using the preset list.
🔹If you selected “Manual Below” in the preset dropdown, the tickers you chose from the dropdown (up to a maximum of 40) will be displayed. The panel name will be the one you specified.
🔹If you selected a pre-assembled list , the manually entered list will be ignored, and the preset list will be displayed. (In the future, we will expand the preset list based on your feedback!).
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
🔶 Best Practices for TanukiTrade Option Screener:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
🔹 Every Preset on a New Layout:
If you following the steps above, you easy can setup this screener in one window with one split layout:
🔹 Split Layout:
- Left Side: The underlying asset with our Options IV Overlay (IVR, Deltas, Expected Move, STD1, Skew visualized) along with the Enhanced Murrey Math Indicator and Option Expiry.
- Right Side: Searching for opportunities using our Options Screener.
Opportunities Search
🔹 Everything in One Layout + One Window:
This is the all-in-one view:
- The underlying asset with our Options IV Overlay (IVR, Deltas, Expected Move, STD1, Skew visualized)
- Enhanced Murrey Math Indicator and Option Expiry
- Options Screener on the left
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
🔶 ADDITIONAL IMPORTANT COMMENTS
- U.S. market only:
Since we only deal with liquid option chains: this option indicator only works for the USA options market and do not include future contracts; we have implemented each selected symbol individually.
- Why is there a slight difference between the displayed data and my live brokerage data? There are two reasons for this, and one is beyond our control.
- Brokerage Calculation Differences:
Every brokerage has slight differences in how they calculate metrics like IV and IVx. If you open three windows for TOS, TastyTrade, and IBKR side by side, you will notice that the values are minimally different. We had to choose a standard, so we use the formulas and mathematical models described by TastyTrade when analyzing the options chain and drawing conclusions.
- Option-data update frequency:
According to TradingView's regulations and guidelines, we can update external data a maximum of 5 times per day. We strive to use these updates in the most optimal way:
(1st update) 15 minutes after U.S. market open
(2nd, 3rd, 4th updates) 1.5–3 hours during U.S. market open hours
(5th update) 10 minutes before market close.
You don’t need to refresh your window, our last refreshed data-pack is always automatically applied to your indicator , and you can see the time elapsed since the last update at the bottom of your indicator.
- Weekly illiquid expiries:
The Weekly Horizontal IVx Skew may not carry relevant information for instruments not included in the 'Weeklies & Volume Masters' preset package.
-Timeframe Issues:
Our option indicator visualizes relevant data on a daily resolution. If you see strange or incorrect data (e.g., when the options data was last updated), always switch to a daily (1D) timeframe. If you still see strange data, please contact us.
Disclaimer:
Our option indicator uses approximately 15min-3 hour delayed option market snapshot data to calculate the main option metrics. Exact realtime option contract prices are never displayed; only derived metrics and interpolated delta are shown to ensure accurate and consistent visualization. Due to the above, this indicator can only be used for decision support; exclusive decisions cannot be made based on this indicator . We reserve the right to make errors.This indicator is designed for options traders who understand what they are doing. It assumes that they are familiar with options and can make well-informed, independent decisions. We work with public data and are not a data provider; therefore, we do not bear any financial or other liability.
Event on charts**Event on Charts Indicator**
This indicator visually marks significant events on your chart. It is highly customizable, allowing you to activate or deactivate different groups of events and choose whether to display the event text directly on the chart or only when hovered over. Each group of events can be configured with distinct settings such as height mode, color, and label style.
### Key Features:
- **Group Activation:** Enable or disable different groups of events based on your analysis needs.
- **Text Display Options:** Choose to display event texts directly on the chart or only on hover.
- **Customizable Appearance:** Adjust the height mode, offset multiplier, bubble color, text color, and label shape for each group.
- **Predefined Events:** Includes predefined events for major crashes, FED rate changes, SPX tops and bottoms, geopolitical conflicts, economic events, disasters, and significant Bitcoin events.
### Groups Included:
1. **Crash Events:** Marks major market crashes.
2. **FED Rate Events:** Indicates changes in the Federal Reserve rates.
3. **SPX Top Events:** Highlights market tops for the S&P 500.
4. **Geopolitical Conflicts:** Marks significant geopolitical events.
5. **Economic Events:** Highlights important economic events such as bankruptcies and crises.
6. **Disaster and Cyber Events:** Indicates major disasters and cyber attacks.
7. **Bitcoin Events:** Marks significant events in the Bitcoin market.
8. **SPX Bottom Events:** Highlights market bottoms for the S&P 500.
### Usage:
This indicator is useful for traders and analysts who want to keep track of historical events that could impact market behavior. By visualizing these events on the chart, you can better understand market reactions and make informed decisions.
Universal RPPI Indices & Futures [SS Premium]Hello everyone,
For the much-anticipated indicator release, the universal RPPI for Futures and Indices!
If you follow me, chances are you know this indicator by now, since its the basis of all of my analyses and target prices, but if not, let me introduce you!
What is it?
The RPPI for Indices & Futures is essentially a compendium indicator. It contains hundreds of, just over 100 different math models of various futures and indices.
These models are designed to forecast the current targets on multiple timeframes including:
1. The daily
2. The weekly
3. The monthly
4. The Three Month (for SPY and QQQ ONLY)
5. The 6 Month (for DJI, SPX and USOIL/CLI1! ONLY)
6. The annual (for DJI, SPX and USOIL/CLI1! ONLY)
7. The 3 hour
So I will go over the details of the models within the indicators compendium and how they are produced. If you are not interested, just skip to the next section!
What is a model and how is it produced?
Models are math equations and frameworks that attempt to predict future behavior. They are developed in many ways and through many methods. In this particular indicator, each index and future is unique and has been created in various ways, such as using principles of data smoothing, data interpolation, data substitution and data omission.
All this means is, I have manually adjusted model parameters to correct for rare, outlier events. The outcome is having a more accurate model that is better prepared to predict what you want it to predict.
Now let's get into the indicator use.
The first thing we need to talk about is selecting a model type. Different model types are available on a handful of stocks in the indicator, such as SPY, QQQ, DJI and DIA, and so it is important to explain the difference.
Corrected vs Uncorrected Models (i.e. Low Precision vs High Precision Models)
In the settings menu, you will see the second option that reads "Precision". This is where you have the ability to select the model type.
"High Precision" is a corrected model. It is a model that I have used data manipulation for (like the examples above) to enhance its accuracy.
"Low Precision" is a UNCORRECTED model. These models have undergone no data manipulation and are just raw projections.
Which do you use?
There are only a handful of tickers that have both models, like SPY, GLD1! and DJI (among others). Some tickers perform better with low precision models, others perform better with high precision models.
To know what model works best with which stock, the indicator will tell you. At the bottom of the settings table, simply select "Show Model Data":
Selecting this, you will get a table that looks like this:
It will tell you the available model types and which one works best. For IWM, the high-precision corrected model is best. This is true for QQQ and NQ1! as well. However, for SPY and ES1!, the uncorrected model is actually better:
Sometimes, different models perform better at various levels of precision, for example, high on the monthly but low on the daily.
This is why I have omitted this option for the majority of stocks. I don't want this to be confusing to use. For 90% of the included tickers, I have selected the model of best fit. However, for a few of the very popular and volatile tickers (ES, NQ specifically), I have included the ability to use both.
Rule of Thumb:
The rule of thumb with selecting high vs low, is essentially this:
a) If the market is hugely volatility with major swings intraday that exceed its normal behaviour, switch to the low precesion model. This will not be skewed by the massive swings.
b) If the market is stable, trendy or range bound, but not trending beyond its normal, general behaviour, keep it at high precision.
With that, you will be good to go!
Using the indicator:
The indicator is intended as a standalone indicator. Of course, you can combine other indicators that you like to help you out, but there is a strategy version of this that will be released within the coming days/weeks, as this is intended to be a full strategy in and of itself.
As with the universal forecaster, you are given threshold levels that are labelled "Bullish Condition" and "Bearish Condition", a break and hold of the "Bullish Condition" and it is a long to the high targets. Inverse for the bearish condition.
In addition to these conditionals, the indicator also provides you with a high probability retracement level. These are available on the weekly, monthly and higher timeframes. A special moving retracement level is available for SPY only, however it moves based on the PA to give you a sort of POC.
Testing Model Performance:
It is possible to see model performance. At the bottom of the settings menu, select the option to "Show Demographic Data". You need to be sure you are on the chart of the selected timeframe.
This is ES1! on the daily timeframe. It shows you the demographics, i.e. the extent targets are hit, the extent that the high prob retracement targets are missed, the extent that ES closes in and out of its daily range.
This is very valuable information. This table is essentially saying there is only a 10% chance that ES will close above its range and a 9% chance ES closes below its range. This means, that the most ideal setups are a move outside of its range!!
You can view it on all timeframes. If your chart isn't aligned with the lookback, you will get a warning sign:
Misc Functions:
Show price accumulation:
There is an option to toggle on price accumulation. It will show you the amount of accumulation in each of the ranges:
This will show where the accumulation of price rests in relation to the targets.
Autoregression Assessment:
You can have the indicator plot an autoregressive trendline of the expected stock trajectory. You can select the forecast length and it will plot the direction it suspects the stock will go:
Show Standard Deviation:
In the menu, you can toggle on the show standard deviation function. This will plot the standard deviation that each price rests at. The default timeframe for standard deviation is the daily. If you are looking at the weekly, please select the weekly timeframe.
This is helpful because you can see which targets are likely based on where the standard deviation rests. In the above example, a move to the low range would be a move to -2 standard deviations and beyond. This is not something that a ticker would normally do in general circumstances.
FAQ Table:
There is also an option to display an FAQ table. This will show you model revisions and pending revision dates. This will allow you to see when each model was last updated and when new updates will be pushed:
Which models does this contain?
The indicator contains models for the following stocks:
SPY
QQQ
DIA
DJI
ES1!
SPX
NQ1!
NDX
SOXX
IWM
RTY
GCL1! (Gold)
CL1! / USOIL (Oil)
XLE
XLF
YM1!
And some more are in the works (like JETS).
NOTE: Feel free to leave a comment of future ones you would like to see!
The indicator will automatically select the model for whichever ticker you are on.
Some models are cross-compatible, such as CL1! and USOIL, but the indicator is programmed to recognize those that are cross-compatible and auto-select those models.
From there, you just need to select the timeframe you wish to view!
And that is the indicator! I know very wordy explanation but wanted to cover all basis on the indicator so you can be well prepared!
As always, leave your questions, and comments below, and safe trades!
Ticker Correlation Reference IndicatorHello,
I am super excited to be releasing this Ticker Correlation assessment indicator. This is a big one so let us get right into it!
Inspiration:
The inspiration for this indicator came from a similar indicator by Balipour called the Correlation with P-Value and Confidence Interval. It’s a great indicator, you should check it out!
I used it quite a lot when looking for correlations; however, there were some limitations to this indicator’s functionality that I wanted. So I decided to make my own indicator that had the functionality I wanted. I have been using this for some time but decided to actual spruce it up a bit and make it user friendly so that I could share it publically. So let me get into what this indicator does and, most importantly, the expanded functionality of this indicator.
What it does:
This indicator determines the correlation between 2 separate tickers. The user selects the two tickers they wish to compare and it performs a correlation assessment over a defaulted 14 period length and displays the results. However, the indicator takes this much further. The complete functionality of this indicator includes the following:
1. Assesses the correlation of all 4 ticker variables (Open, High, Low and Close) over a user defined period of time (defaulted to 14);
2. Converts both tickers to a Z-Score in order to standardize the data and provide a side by side comparison;
3. Displays areas of high and low correlation between all 4 variables;
4. Looks back over the consistency of the relationship (is correlation consistent among the two tickers or infrequent?);
5. Displays the variance in the correlation (there may be a statistically significant relationship, but if there is a high variance, it means the relationship is unstable);
6. Permits manual conversion between prices; and
7. Determines the degree of statistical significance (be it stable, unstable or non-existent).
I will discuss each of these functions below.
Function 1: Assesses the correlation of all 4 variables.
The only other indicator that does this only determines the correlation of the close price. However, correlation between all 4 variables varies. The correlation between open prices, high prices, low prices and close prices varies in statistically significant ways. As such, this indicator plots the correlation of all 4 ticker variables and displays each correlation.
Assessing this matters because sometimes a stock may not have the same magnitude in highs and lows as another stock (one stock may be more bullish, i.e. attain higher highs in comparison to another stock). Close price is helpful but does not pain the full picture. As such, the indicator displays the correlation relationship between all 4 variables (image below):
Function 2: Converts both tickers to Z-Score
Z-Score is a way of standardizing data. It simply measures how far a stock is trading in relation to its mean. As such, it is a way to express both tickers on a level playing field. Z-Score was also chosen because the Z-Score Values (0 – 4) also provide an appropriate scale to plot correlation lines (which range from 0 to 1).
The primary ticker (Ticker 1) is plotted in blue, the secondary comparison ticker (Ticker 2) is plotted in a colour changing format (which will be discussed below). See the image below:
Function 3: Displays areas of high and low correlation
While Ticker 1 is plotted in a static blue, Ticker 2 (the comparison ticker) is plotted in a dynamic, colour changing format. It will display areas of high correlation (i.e. areas with a P value greater than or equal to 0.9 or less than and equal to -0.9) in green, areas of moderate correlation in white. Areas of low correlation (between 0.4 and 0 or -0.4 and 0) are in red. (see image below):
Function 4: Checks consistency of relationship
While at the time of assessing a stock there very well maybe a high correlation, whether that correlation is consistent or not is the question. The indicator employs the use of the SMA function to plot the average correlation over a defined period of time. If the correlation is consistently high, the SMA should be within an area of statistical significance (over 0.5 or under -0.5). If the relationship is inconsistent, the SMA will read a lower value than the actual correlation.
You can see an example of this when you compare ETH to Tezos in the image below:
You can see that the correlation between ETH and Tezo’s on the high level seems to be inconsistent. While the current correlation is significant, the SMA is showing that the average correlation between the highs is actually less than 0.5.
The indicator also tells the user narratively the degree of consistency in the statistical relationship. This will be discussed later.
Function 5: Displays the variance
When it comes to correlation, variance is important. Variance simply means the distance between the highest and lowest value. The indicator assess the variance. A high degree of variance (i.e. a number surpassing 0.5 or greater) generally means the consistency and stability of the relationship is in issue. If there is a high variance, it means that the two tickers, while seemingly significantly correlated, tend to deviate from each other quite extensively.
The indicator will tell the user the variance in the narrative bar at the bottom of the chart (see image below):
Function 6: Permits manual conversion of price
One thing that I frequently want and like to do is convert prices between tickers. If I am looking at SPX and I want to calculate a price on SPY, I want to be able to do that quickly. This indicator permits you to do that by employing a regression based formula to convert Ticker 1 to Ticker 2.
The user can actually input which variable they would like to convert, whether they want to convert Ticker 1 Close to Ticker 2 Close, or Ticker 1 High to Ticker 2 High, or low or open.
To do this, open the settings and click “Permit Manual Conversion”. This will then take the current Ticker 1 Close price and convert it to Ticker 2 based on the regression calculations.
If you want to know what a specific price on Ticker 1 is on Ticker 2, simply click the “Allow Manual Price Input” variable and type in the price of Ticker 1 you want to know on Ticker 2. It will perform the calculation for you and will also list the standard error of the calculation.
Below is an example of calculating a SPY price using SPX data:
Above, the indicator was asked to convert an SPX price of 4,100 to a SPY price. The result was 408.83 with a standard error of 4.31, meaning we can expect 4,100 to fall within 408.83 +/- 4.31 on SPY.
Function 7: Determines the degree of statistical significance
The indicator will provide the user with a narrative output of the degree of statistical significance. The indicator looks beyond simply what the correlation is at the time of the assessment. It uses the SMA and the highest and lowest function to make an assessment of the stability of the statistical relationship and then indicates this to the user. Below is an example of IWM compared to SPY:
You will see, the indicator indicates that, while there is a statistically significant positive relationship, the relationship is somewhat unstable and inconsistent. Not only does it tell you this, but it indicates the degree of inconsistencies by listing the variance and the range of the inconsistencies.
And below is SPY to DIA:
SPY to BTCUSD:
And finally SPY to USDCAD Currency:
Other functions:
The indicator will also plot the raw or smoothed correlation result for the Open, High, Low or Close price. The default is to close price and smoothed. Smoothed just means it is displaying the SMA over the raw correlation score. Unsmoothing it will show you the raw correlation score.
The user also has the ability to toggle on and off the correlation table and the narrative table so that they can just review the chart (the side by side comparison of the 2 tickers).
Customizability
All of the functions are customizable for the most part. The user can determine the length of lookback, etc. The default parameters for all are 14. The only thing not customizable is the assessment used for determining the stability of a statistical relationship (set at 100 candle lookback) and the regression analysis used to convert price (10 candle lookback).
User Notes and important application tips:
#1: If using the manual calculation function to convert price, it is recommended to use this on the hourly or daily chart.
#2: Leaving pre-market data on can cause some errors. It is recommended to use the indicator with regular market hours enabled and extended market hours disabled.
#3: No ticker is off limits. You can compare anything against anything! Have fun with it and experiment!
Non-Indicator Specific Discussions:
Why does correlation between stocks mater?
This can matter for a number of reasons. For investors, it is good to diversify your portfolio and have a good array of stocks that operate somewhat independently of each other. This will allow you to see how your investments compare to each other and the degree of the relationship.
Another function may be getting exposure to more expensive tickers. I am guilty of trading IWM to gain exposure to SPY at a reduced cost basis :-).
What is a statistically significant correlation?
The rule of thumb is anything 0.5 or greater is considered statistically significant. The ideal setup is 0.9 or more as the effect is almost identical. That said, a lot of factors play into statistical significance. For example, the consistency and variance are 2 important factors most do not consider when ascertaining significance. Perhaps IWM and SPY are significantly correlated today, but is that a reliable relationship and can that be counted on as a rule?
These are things that should be considered when trading one ticker against another and these are things that I have attempted to address with this indicator!
Final notes:
I know I usually do tutorial videos. I have not done one here, but I will. Check back later for this.
I hope you enjoy the indicator and please feel free to share your thoughts and suggestions!
Safe trades all!
Opening Hour/Closing Hour Indices Statistics: high/low times; 5mVery specific indicator designed for 5min timeframe, to show the statistical timings of the highs and lows of Opening hour (9:30-10am) and Closing hour (3pm-4pm) NY time
~~Shown here on SPX 5min chart. Works all variants of the US indices. SPX and SPY typically show more days of history (non-extended session =>> more bars).
//Purpose:
-To get statistics on the timings of the high and low of the opening hour and the high & low of the closing hour.
//Design & Limitations:
- Designed for the 5minute chart ONLY . Need a sweet spot of 'bucket' size for the statistics: to allow meaningful comparison between times.
-Will also display on 1min chart but NOT the statistics panel, only the realtime data (today's opening hour/ closing hour timings).
-Can be slow to load depending on server load at the time. This is becasue of the multiple usage of looping array functions. Please be patient when loading or changing settings.
//User inputs:
-Standard formatting options: highlight color, table text color. Toggle on/off independently
-Decimal % percision (default = 0, i.e. 23%. If set to 1 => 22.8%)
-Show statistics: Show Opening hour statistics, Show Closing hour statistics
//Notes:
-Days of history shown at top of table; this is the size of the dataset. i.e. 254 here (254 trading days) =>> 254 opening hour highs, 254 closing hour lows etc.
--to illustrate with the above: 18% of those 254 closing hour highs occured on the 15:00 5min candle (i.e. between 15:00 and 15:05).
-SPY or SPX offer the largest history/dataset (circa 254 trading days).
-Note that the final timing in each hour is 10:25am and 15:55pm respectively: this is because the 10:25am 5min candle essentially ends at 10:30am =>> we properly captures the opening hour this way
-Pro+ users will get less data history than Premium users (half as much, due to 10k vs 20k bars history limit).
Fair Value Strategy UltimateThis is a strategy using an index's (SPX, NDX, RUT) Fair Value derived from Net Liquidity.
Net Liquidity function is simply: Fed Balance Sheet - Treasury General Account - Reverse Repo Balance
Formula for calculating the fair value of and Index using Net Liquidity looks like this: net_liquidity/1000000000/scalar - subtractor
The Index Fair Value is then subtracted from the Index value which creates an oscillating diff value.
When diff is greater than the overbought threshold, Index is considered overbought and we go short/sell.
When diff is less than the oversold signal, Index is considered oversold and we cover/buy.
The net liquidity values I calculate outside of TradingView. If you'd like the strategy to work for future dates, you'll need to update the reference to my NetLiquidityLibrary , which I update daily.
Parameters:
Index: SPX, NDX, RUT
Strategy: Short Only, Long Only, Long/Short
Inverse (bool): check if using an inverse ETF to go long instead of short.
Scalar (float)
Subtractor (int)
Overbought Threshold (int)
Oversold Threshold (int)
Start After Date: When the strategy should start trading
Close Date: Day to close open trades. I just like it to get complete results rather than the strategy ending with open trades.
Optimal Parameters:
I've optimized the parameters for each index using the python backtesting library and they are as follows =>
SPX
Scalar: 1.1
Subtractor: 1425
OB Threshold: 0
OS Threshold: -175
NDX
Scalar: 0.5
Subtractor: 250
OB Threshold: 0
OS Threshold: -25
RUT
Scalar: 3.2
Subtractor: 50
OB Threshold: 25
OS Threshold: -25
S&P500 Sectors Relative Overviewdear fellows,
this indicator is yet another representation of S&P 500 industry sectors.
it is inspired by mr. stanley drukenmiller who in an interview mentioned that he knows no better market forecaster than the inside of the sp500 itself, which are its industry sectors.
thus, we have been for a while thinking on how to represent the performance of these sectors such that one could visually estimated the current stage of the cycle, and grasp the next one.
unfortunatelly, we believe this cannot be achieved by solely looking into SP500 industry sectors. perhaps coupled with a broad market indicator like our MRI, for instance, one can have greater odds of success.
what does it show
it displays colorfully through out time how each sector travels through its 200 period high and lows.
note that an alternative view of the sectors relatively to SPX could be considered, but by now we focused on the relative performance against its recent past (200 period, regardless the timeframe).
over the colored columns we've plotted in white the SPX under the same logic.
how is it calculated
each sector price is converged into a percentage of how near it is to its 200 period low.
so, when the price of the sector index equals the 200 period min, it is valued as 0.
when it equals the 200 period max, it is valued as 100.
same for the white plot of SPX above the colored columns.
thus a flat reading at 100 makes it indistinguishable a continued ATH extension from a pause at the ATH.
how is it colored
when the converted price results in a value lesser or equal 33, its respective bar is colored in red.
when it is between 33 and 66, the bar is colored in yellow.
and when it lies above 66, in green.
on how is it grouped
the specific ordering of the sectors is not yet settled.
we've grouped it visually based on likelihood.
on how to use this indicator
although we believe that it does not suffice for any conclusion on the market, we do not believe that an above chart can improve the resulting insight. so, at least by the time being, we recommend it to be stared alone, although not exclusively, by trader.
we are open to suggestions of any sort.
your feedback is much appreciated.
this is a work we'd have been looking for a while to put it out.
enjoy.
best regards.
Price Divergence IndicatorThis Price Divergence Indicator indicator modifies the standard Divergence Indicator to look for price divergences between the current chart and any other selected TradingView chart.
The thesis that this indicator is built upon:
Prices on assets or indices that are normally correlated move in lock step. Where there are deviations between the confirmed highs or lows of two assets or indices it is likely that they will "catch up" in the near future.
By default it will load the price data for the SPX and look for price divergences on the current chart timeframe. Any TradingView Symbol can be selected as the 'Comparison Source' and any timeframe. Some of the options I've been trying out include:
SPX vs NDQ
XAO vs SPX
UK100 vs NDQM
MSFT vs NDQM
GOOG vs NDQM
AMZN vs MSFT
BTC vs ETH
BTC vs NDQ
BTC vs DXY
I've found looking for divergences on a longer timeframe can be useful and don't expect any meaningful results if you set it to shorter than chart timeframes.
Alerts can be created based on any of the divergences and the 'Backtest Buy Signal' can be used to send notification to a backtester (bull = 2, hidden bull = 1, neutral = 0, hidden bear = -1, bear = -2), this is plotted to display.none, so enable it in Settings - Style and disable all other plots to see it.
Divergences are measured between the CONFIRMED peaks of the two charts. The confirmation timeframe is set using 'Pivot Lookback Right'. The lower the lookback the quicker the signal and the more likely it is to not have hit an actual peak, a higher lookback will give a much more dependable signal but the move may be finished by the time the alert actually fires. The "Plot When Alerts Fire" option should give you an idea (top and bottom triangles) of what to expect, but you should watch bar replays to understand how your setting will impact when alerts are created and potential false positives.
Magic Line 2.0 βWELCOME TO MAGIC LINE 2.0 β
This indicator is intended to show current market sentiment – a reflection of that which market internals (VIX, ADD, TICK, VOLD and TRIN) are doing.
The indicator does not make any reference to, or have any knowledge of, SPX price action.
If Magic Line is green, that suggests that market sentiment is rising. If Magic Line is red, that suggests that market sentiment is falling.
If Magic Line is above zero, that usually suggests an overall positive market sentiment, and if it is only slightly red, then SPX price action could still be bullish. And vice versa.
USERS ARE ENCOURAGED TO:
- Adjust the Main Parameters … find out what works for you!
- Adjust the Flat Zone … if you are using a longer timeframe, a higher value in the Flat Zone might be beneficial
Users are also encouraged to play with the Internals, in particular:
- Turn the individual Internals on / off … experiment; what happens if you turn off everything, other than say ADD?
- Adjust the relative weighting of each Internal
It's not really recommended to play with the EMA weightings (either of the internals, or the fast / slow lines) - but you're welcome to do so, if you wish!
ADDITIONAL NOTES
Market internals are often not very beneficial for trading futures, or long options. If you’re not careful, you can get badly chopped up.
If you set Grind Correction to max. (100) you’ll get a positive trend even on a grind day. The downside is that on a more volatile day, the indicator will be a little slower in responding.
If Magic Line is flat, or just wandering around in the chop zone, SPX price action may well be flat, slowly grinding, or choppy.
This has been back-tested and forward-tested during 2022 (April – August) market conditions (Trading View doesn’t give short-timeframe data further back) . If market conditions change significantly, I may find that I need to adjust / update some of the coding. TBA …
Disclaimer; it is of course recommended to have all market internals open individually, rather than relying on a ‘Market Internals Smoothie’ for making trading decisions! :)
Racer Correlation [racer8]This indicator gauges correlation between 2 markets using my own method I invented. It is far superior to the correlation coefficient in that it maintains steady correlation values, meaning less false signals regarding correlation. Yet, the indicator's calculation is very simple in fact...
It simply calculates the percentage of moves in the same direction as the other market. So if MSFT moved in the same direction as SPX 80% of the time, then the indicator would show you a value of 80. Unlike correlation coefficient, you can calculate exactly how many of MSFT's bars moved in the same direction as SPX's bars. Everytime MSFT moves in the same direction as SPX, it is included in the percentage of positively correlated moves.
Closing prices are used solely in the indicator's calculations. All indicator values represent a percentage. Also, I recommend a length of at least 100 periods.
Values between 0% and 25% indicate strong negative correlation. (bright red)
Values between 25% and 33% indicate moderate negative correlation. (red)
Values between 33% and 50% indicate weak negative correlation. (dark red)
Values between 50% and 67% indicate weak positive correlation. (dark green)
Values between 67% and 75% indicate moderate positive correlation. (green)
Values between 75% and 100% indicate strong positive correlation. (bright green)........Enjoy :)
Index of indexxesHi, this is pretty straight forward. This is the DXY equivalent of NDX, SPX, RUT, DJ. It's a full index of the US market.
You can play with the weights, drag and drop, let's say SPX and see how SPX performs compared to the four major indexxes.
Percentage Relative StrengthA relative strength indicator that compares your main symbol (one on your chart) strength to another symbol by percentage.
The result is plotted as a histogram showing which symbol is rising or falling more in percentage.
In case your chart symbol is TSLA (Tesla) and the indicator 'Symbol to compare' is SPX:
GREEN area (above zero) means TSLA is rising more than the SPX.
RED area (below zero) means TSLA is falling more than the SPX.
To these who wants to understand calculation, it's pretty straightforward.
For each asset we calculate everyday percentage change based on previous close and current close.
We take main asset (chart symbol) percentage and subtract it from percent of change of the symbol we want to compare to.
Result are smoothed by SMA (Simple Moving Average)
You can select different indexes or cfds such as S&P500 (SPX), NASDAQ 100 (NSX), RUSSELL 2000 (RUT) and NASDAQ (IXIC).
Default is S&P 500 (SPX).
Enjoy and Like if you like.
