Added tie in to Put to Call Ratio for Signal generation.
The P:C signals are designed for broad market bullish bias. Small green dots on the bottom indicate oversold with a low RSI. Small blue dots on the bottom indicate a neutral market state. Small red dots on the bottom indicate a medium-high to high RSI with an excessively bullish option outlook.
These added indications, if your ticker is correlated to the broader market should assist in noting bottoms on the hourly chart with green dots. Small red dots should assist with profit taking and not be used to short the market, the general pattern should be buy during green, lighten to runners during blue and take profit on the rest of the runner if red shows up.
Notas de prensa
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Functionality Update
Relative Strength (RSI) - Black Line
Relative Volatility (RVI) - Orange Line
Intra-trend levels added - 38.2, 41.4, 61.8
Candle Body - Defined OHLC (RSI simple moving average, RSI, RVI, RVI simple moving average)
Since volatility is relative to trend when trending bullishly volatility is to the downside. Conversely, volatility is to the upside when trending bearishly. RVI uses RSI's trend to determine which activity direction is considered volatility.
RVI rests on the counter-trend side of RSI. Its return inside of the candle body signifies a possible trend continuation. RSI similarly is considered to be breaking out once it leaves the candle body, and the trend weakening when inside.
The intra-trend levels are to help increase the useful resolution of the RSI chart. In a typically bullish trend, RSI will often dip into the 38.2-41.4 area and set a higher low. In a typically bearish trend, tops will often run out of steam near 61.8 rather than going all the way to 80+ overbought.
The candle body is actually just 7 SMAs of RSI and RVI but to help differentiate their purpose they are displayed this way so that RSI being inside of the SMAs indicates that the market in the short term is basically balanced or balancing, and being outside of them is a state of excess; essentially just saying that the market is moving. I use this in combination with Ichimoku's equilibrium concept so that RSI returning inside of the candle can help in the determination that a retrace in the middle of a trend move is a return to a 'relative fair value' and bounce back out signifys a continuation.
Hi, first of all, thanks for your indicator. I have been using it for several months and got the following message today: "Invalid symbol USI:PCC". Would you mind, if possible, giving it a check, please? Thank you
Regi_Lantern
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@LVC_2021, the USI:[ABC] tickers as far as I can tell are still are addressed the same way. You can, if for some reason you can't access USI's data, change the symbol on line 44 "s1 = security("USI:PCC", "15", expr)" to a Put:Call ratio symbol that you can get to.
PC is P:C of the indices PCC is of equities + indices PCCE is just equities
The other set of P:C tickers available... INDEX:CPC and the like only offer daily resolution data (at least on free tier).
Regi_Lantern
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@LVC_2021, Unfortunately I've been focused on other projects and keeping up with tv's scripting language hasn't been a priority. I can't publish an update until I update it for v5; guess I'll have to set away some weekend time to get it done. Probably do a better job of colors for light/dark mode.
LVC_2021
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@Regi_Lantern, Thank you for your swift answer! Problem seems to be already solved.
Regi_Lantern
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@LVC_2021, no problem! It's truly amazing to me that people continue to find my scripts. I use them exclusively to this day and have tweaked things here and there that I've been meaning to get around to publishing. I appreciate the feedback and love to hear that others find them useful.
If you don't mind taking the time, I'd love to hear what you find the least useful, what you find the most useful, and what information could be better conveyed?
LVC_2021
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@Regi_Lantern, once again, thank you. I really like the way you have approached this combination. I am wondering if adding the option to include other timeframes as an option would be something that you might consider in a future upgrade ...
awe.investars
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Hi, Great job you did here! But why it's not working anymore today ?