Hersheys CoCo World

"CoCo World" helps to answer the following question... Is this stock moving alone or with other markets? No stock is an island, so it's important to see what everyone else is doing!

With limited screen real estate, I want to see as much info as possible as I'm evaluating US equities and deciding to pull the trigger to buy and sell. My "CoCo World" indicator packs a lot of info into a small space! I got the idea when looking at some Correlation Coefficient studies, hence the name "CoCo".

First I build three series to compare percent price changes...
#1 = Stock = Your chart symbol
#2 = US Index = SPY
#3 = World Index = This is an index of the top 10 world economies using the iShares country indexes. They are weighted by GDP and then the percent price change from last to current tick are summed together. For example, the US makes up 37%, China 22%, etc.

Why use iShares instead of the world markets directly, like the China SSE or Japan Nikkei? The iShares indexes are traded live at the same time as US markets. Measuring money flow in and out of these funds should naturally reflect broad sentiment about each country.

There are Green/Red bars in the indicator space under your chart, also Green/Red background colors.

Green Bar = Stock, US and World are UP, Stock up more than US, US up more than World.
Red Bar = Stock, US and World are DOWN, Stock down more than US, US down more than World.
Green Background = positive 7 period combined average direction of Symbol/US/World
Red Background = negative 7 period combined average direction of Symbol/US/World

This indicator works great all the way down to 1-minute bars... watch for green bars at the end of down-trends and red bars signalling the end of up-trends. Use caution if entering long trades while the background is red, this means the markets are against you!

Use "CoCo World" with your other favorite indicators to get a more complete picture.

Knowledge is POWER! <and hopefully a fatter wallet>

Good trading, and follow me for updates!
Brian Hershey
Script de código abierto

Siguiendo el verdadero espíritu de TradingView, el autor de este script lo ha publicado en código abierto, para que los traders puedan entenderlo y verificarlo. ¡Un hurra por el autor! Puede utilizarlo de forma gratuita, aunque si vuelve a utilizar este código en una publicación, debe cumplir con lo establecido en las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.

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¿Quiere utilizar este script en un gráfico?