Additionally, there are up & down arrows below and above the bars respectively which demonstrate overall market strength or weakness. By combining the in a trend with the true strength of the Nasdaq (NDX) and S&P500 ( SPY ) we can then compare that against the /fear index ( VIX ) to show if the market is excerpting pressure on the component in either direction. i.e. if the red arrow shows then the market indexes true strength is decreasing & if the small green arrow shows then the market index is gaining strength which may be likely to impact the component/symbol you are viewing. It’s a very quick and effective method of seeing the strength within the market indexes and how they are effecting your chart.
Because of the nature of the script it is tested and works well on all timeframes with Stocks listed on NASDAQ & S&P500 .
Alerts are available for a change of background colour state. i.e Green=Buy, Red=Sell
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact KeironRichie for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it until you 100% trust its author and understand how the script works. In many cases you can find a good open-source alternative for free in our Public Library.
Warning: please read before requesting access.