OPEN-SOURCE SCRIPT
Hersheys CoCo Bars
This is my latest attempt to show price movement differences between symbols. I want to see the buying and selling pressure... is that price movement going with the market or is it moving alone? It's VERY interesting to watch this indicator and see how things play out!
In my previous versions the arrows on the chart were too much clutter, while the single row of color under the chart was not enough info. Also, I removed the calculations to build a world index because the correlation between US and world markets is a hard nut to crack, plus it took many seconds to calculate.
So here is "CoCo Bars", which clearly show price moves with or against another symbol. The default symbol is the US index SPY. The coolest thing here is there are three rows of data in ONE INDICATOR! Many thanks to user rollas for helping with that code.
"CoCo" stands for correlation coefficient, which is what I was studying when I got the idea for this project.
GREEN bars in row #1 = Symbol up, US up, Symbol up more than US
RED bars in row #2 = Symbol down, US down, Symbol down more than US
In rows 1 and 2 the color intensity is based on the biggest difference, light, medium and dark colors.
green/red colors in bottom row are a 7 period average of the sum of price changes of both symbol and index, green = positive, red = negative
Enjoy, and good trading!
Brian Hershey
In my previous versions the arrows on the chart were too much clutter, while the single row of color under the chart was not enough info. Also, I removed the calculations to build a world index because the correlation between US and world markets is a hard nut to crack, plus it took many seconds to calculate.
So here is "CoCo Bars", which clearly show price moves with or against another symbol. The default symbol is the US index SPY. The coolest thing here is there are three rows of data in ONE INDICATOR! Many thanks to user rollas for helping with that code.
"CoCo" stands for correlation coefficient, which is what I was studying when I got the idea for this project.
GREEN bars in row #1 = Symbol up, US up, Symbol up more than US
RED bars in row #2 = Symbol down, US down, Symbol down more than US
In rows 1 and 2 the color intensity is based on the biggest difference, light, medium and dark colors.
green/red colors in bottom row are a 7 period average of the sum of price changes of both symbol and index, green = positive, red = negative
Enjoy, and good trading!
Brian Hershey
Script de código abierto
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Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el creador de este script lo ha publicado en código abierto, permitiendo que otros traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la publicación de este código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.