OPEN-SOURCE SCRIPT
Mag 7 EMA Trend Monitor
Dashboard Layout:
1. Symbol Column: The Mag 7 tickers.
2. Trend Column: Visual Bull/Bear status.
3. Strength Column: Percentage distance from the mean (EMA 21).
4. Aggregate Row: Summary of market breadth and average sector pull/push.
How to Interpret the Trend Strength:
• Positive %: The stock is trading above its 21 EMA. A very high number (e.g., $+15\%$) might suggest the stock is "overbought" or overextended.
• Negative %: The stock is trading below its 21 EMA. A very low number (e.g., $-10\%$) might suggest it is "oversold."
• Avg Strength: This gives you a bird's-eye view of the sector. If the aggregate is "5 Up / 2 Down" but the Avg Strength is only $+0.5\%$, the trend is weak and might be exhausting.
"Pro-tips" for tool:
• Multi-Timeframe Correlation: Try setting the Dashboard Timeframe to "D" (Daily) while trading on a "5m" or "15m" chart. This allows you to see if your intraday trade is aligned with the "Big Money" trend of the week.
• The 4/7 Rule: Watch for that Aggregate row to hit 4 out of 7. In the Mag 7, since these stocks carry so much weight in the SPY and QQQ, a shift to a majority (4+) often precedes a move in the overall market indices.
1. Symbol Column: The Mag 7 tickers.
2. Trend Column: Visual Bull/Bear status.
3. Strength Column: Percentage distance from the mean (EMA 21).
4. Aggregate Row: Summary of market breadth and average sector pull/push.
How to Interpret the Trend Strength:
• Positive %: The stock is trading above its 21 EMA. A very high number (e.g., $+15\%$) might suggest the stock is "overbought" or overextended.
• Negative %: The stock is trading below its 21 EMA. A very low number (e.g., $-10\%$) might suggest it is "oversold."
• Avg Strength: This gives you a bird's-eye view of the sector. If the aggregate is "5 Up / 2 Down" but the Avg Strength is only $+0.5\%$, the trend is weak and might be exhausting.
"Pro-tips" for tool:
• Multi-Timeframe Correlation: Try setting the Dashboard Timeframe to "D" (Daily) while trading on a "5m" or "15m" chart. This allows you to see if your intraday trade is aligned with the "Big Money" trend of the week.
• The 4/7 Rule: Watch for that Aggregate row to hit 4 out of 7. In the Mag 7, since these stocks carry so much weight in the SPY and QQQ, a shift to a majority (4+) often precedes a move in the overall market indices.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que la republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que la republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.