OPEN-SOURCE SCRIPT
WTI Intraday Pressure (CL1!-CL2!)
WTI INTRADAY FACTOR PRO (CL1/CL2)
User Manual
---
[1] OVERVIEW
This indicator uses the relationship between CL1 (front-month WTI futures)
and CL2 (second-month futures) to estimate intraday market pressure.
It helps identify:
* directional bias
* continuation vs mean reversion conditions
* higher-quality breakout environments
Important:
This is a filter, not a standalone trading system.
---
[2] CORE IDEA
The indicator is based on the spread:
S = CL2 - CL1
Interpretation:
* Backwardation (CL1 > CL2) → bullish pressure
* Contango (CL1 < CL2) → bearish pressure
However, the level alone is not enough.
The indicator focuses on:
* normalized spread (z-score)
* change in spread (most important)
---
[3] HOW THE FACTOR IS BUILT
The final factor combines:
* Spread (normalized)
* Change in spread (normalized)
Formula:
F = w1 * Z_spread + w2 * Z_delta
Default:
* w1 = 0.3
* w2 = 0.7
The change component drives most of the signal.
---
[4] ADDITIONAL FILTERS
The indicator includes several filters to improve accuracy.
Volatility scaling
* increases signal importance during active periods
* reduces noise in quiet markets
CL1 dominance filter
* requires front-month to lead the move
* removes weak or artificial spread changes
Persistence filter
* requires signal to hold for multiple bars
* avoids one-bar spikes
Momentum filter
* aligns trades with short-term direction
Session filter
* focuses on high liquidity hours (US session)
Adaptive thresholds
* adjusts sensitivity automatically based on market conditions
---
[5] SETTINGS EXPLANATION
Z-score lookback
Default: 300
* lower = faster but noisier
* higher = smoother but slower
EMA smoothing
Default: 10
* controls signal stability
Weights (w1, w2)
* increase w2 → more reactive intraday signal
* increase w1 → more structural bias
Filters
Each filter can be turned ON/OFF for testing.
Recommended:
keep all filters ON.
Thresholds
Default:
* Long: +1
* Short: -1
Used only if adaptive thresholds are disabled.
---
[6] HOW TO READ THE INDICATOR
Factor values
* F > +1 → bullish bias
* F < -1 → bearish bias
* |F| < 0.5 → neutral (no edge)
Background color
* Green → long bias
* Red → short bias
Signals
Triangles mark the start of a new bias.
They are not entry signals.
---
[7] HOW TO USE IT
Main rule
Use the indicator to decide:
"Should I trust this move?"
Do not trade signals blindly.
---
Long setup
* Factor positive
* Price above VWAP
* Breakout or higher high
Enter on strength.
---
Short setup
* Factor negative
* Price below VWAP
* Breakdown or failed bounce
Enter on weakness.
---
Avoid
* trading in neutral zone
* counter-trend trades
* low liquidity periods
---
[8] USE CASES
Intraday trend trading
* primary use
* improves breakout quality
Scalping
* works with tighter settings
* requires confirmation
Mean reversion
* when factor is near zero
* market is balanced
News events
* useful after the move
* unreliable during releases
---
[9] OPTIMIZATION
If too many signals:
* increase smoothing
* increase thresholds
If too few signals:
* decrease thresholds
* reduce lookback
If signals are late:
* reduce smoothing
---
[10] LIMITATIONS
* not predictive alone
* depends on futures data quality
* weaker outside US session
* can fail during major news
---
[11] FINAL NOTES
This indicator reflects underlying futures positioning.
It will:
* reduce bad trades
* improve alignment with market pressure
It will NOT:
* generate signals by itself
* guarantee profitability
Focus on:
better trade selection, not more trades
User Manual
---
[1] OVERVIEW
This indicator uses the relationship between CL1 (front-month WTI futures)
and CL2 (second-month futures) to estimate intraday market pressure.
It helps identify:
* directional bias
* continuation vs mean reversion conditions
* higher-quality breakout environments
Important:
This is a filter, not a standalone trading system.
---
[2] CORE IDEA
The indicator is based on the spread:
S = CL2 - CL1
Interpretation:
* Backwardation (CL1 > CL2) → bullish pressure
* Contango (CL1 < CL2) → bearish pressure
However, the level alone is not enough.
The indicator focuses on:
* normalized spread (z-score)
* change in spread (most important)
---
[3] HOW THE FACTOR IS BUILT
The final factor combines:
* Spread (normalized)
* Change in spread (normalized)
Formula:
F = w1 * Z_spread + w2 * Z_delta
Default:
* w1 = 0.3
* w2 = 0.7
The change component drives most of the signal.
---
[4] ADDITIONAL FILTERS
The indicator includes several filters to improve accuracy.
Volatility scaling
* increases signal importance during active periods
* reduces noise in quiet markets
CL1 dominance filter
* requires front-month to lead the move
* removes weak or artificial spread changes
Persistence filter
* requires signal to hold for multiple bars
* avoids one-bar spikes
Momentum filter
* aligns trades with short-term direction
Session filter
* focuses on high liquidity hours (US session)
Adaptive thresholds
* adjusts sensitivity automatically based on market conditions
---
[5] SETTINGS EXPLANATION
Z-score lookback
Default: 300
* lower = faster but noisier
* higher = smoother but slower
EMA smoothing
Default: 10
* controls signal stability
Weights (w1, w2)
* increase w2 → more reactive intraday signal
* increase w1 → more structural bias
Filters
Each filter can be turned ON/OFF for testing.
Recommended:
keep all filters ON.
Thresholds
Default:
* Long: +1
* Short: -1
Used only if adaptive thresholds are disabled.
---
[6] HOW TO READ THE INDICATOR
Factor values
* F > +1 → bullish bias
* F < -1 → bearish bias
* |F| < 0.5 → neutral (no edge)
Background color
* Green → long bias
* Red → short bias
Signals
Triangles mark the start of a new bias.
They are not entry signals.
---
[7] HOW TO USE IT
Main rule
Use the indicator to decide:
"Should I trust this move?"
Do not trade signals blindly.
---
Long setup
* Factor positive
* Price above VWAP
* Breakout or higher high
Enter on strength.
---
Short setup
* Factor negative
* Price below VWAP
* Breakdown or failed bounce
Enter on weakness.
---
Avoid
* trading in neutral zone
* counter-trend trades
* low liquidity periods
---
[8] USE CASES
Intraday trend trading
* primary use
* improves breakout quality
Scalping
* works with tighter settings
* requires confirmation
Mean reversion
* when factor is near zero
* market is balanced
News events
* useful after the move
* unreliable during releases
---
[9] OPTIMIZATION
If too many signals:
* increase smoothing
* increase thresholds
If too few signals:
* decrease thresholds
* reduce lookback
If signals are late:
* reduce smoothing
---
[10] LIMITATIONS
* not predictive alone
* depends on futures data quality
* weaker outside US session
* can fail during major news
---
[11] FINAL NOTES
This indicator reflects underlying futures positioning.
It will:
* reduce bad trades
* improve alignment with market pressure
It will NOT:
* generate signals by itself
* guarantee profitability
Focus on:
better trade selection, not more trades
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
If you want to support further development - buy me a coffee!
paypal.com/donate/?business=AZNKQRW42YLSS&amount=5&no_recurring=1&item_name=Support+further+development!¤cy_code=EUR
paypal.com/donate/?business=AZNKQRW42YLSS&amount=5&no_recurring=1&item_name=Support+further+development!¤cy_code=EUR
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
If you want to support further development - buy me a coffee!
paypal.com/donate/?business=AZNKQRW42YLSS&amount=5&no_recurring=1&item_name=Support+further+development!¤cy_code=EUR
paypal.com/donate/?business=AZNKQRW42YLSS&amount=5&no_recurring=1&item_name=Support+further+development!¤cy_code=EUR
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.