OPEN-SOURCE SCRIPT
Smart money PSP with color themes
PSP with Color Themes — Price Strength Parity Indicator
PSP with Color Themes is a visual correlation indicator designed to detect Price Strength Parity (PSP) between the current chart symbol and a reference symbol.
It highlights candles where price behavior between two correlated instruments diverges or aligns, which is often used in SMT (Smart Money Technique) and intermarket analysis.
The indicator works directly on the chart and colors candles when a PSP condition is detected, using flexible and customizable color themes.
📌 What Is PSP (Price Strength Parity)?
PSP identifies situations where two correlated assets:
Move in opposite directions → Direct PSP (classic SMT divergence)
Move in the same direction → Inverse PSP (confirmation mode)
Such behavior often precedes:
⚙️ Indicator Inputs
Reference Symbol
Defines the second asset used for comparison (e.g., ETHUSDT vs BTCUSDT).
Purpose:
To detect relative strength or weakness between two correlated markets.
Inverse Correlation Mode
Inverse Correlation Mode (true / false)
Allows switching between divergence-based and confirmation-based analysis.
Color Theme
Available presets:
Purpose:
Adapts the indicator visually to different chart styles and backgrounds.
📈 How to Use in Trading
Typical use cases:
Recommended combinations:
⚠️ Important Notes
PSP is context-based, not a standalone entry system
Best results on correlated markets:
PSP with Color Themes is a visual correlation indicator designed to detect Price Strength Parity (PSP) between the current chart symbol and a reference symbol.
It highlights candles where price behavior between two correlated instruments diverges or aligns, which is often used in SMT (Smart Money Technique) and intermarket analysis.
The indicator works directly on the chart and colors candles when a PSP condition is detected, using flexible and customizable color themes.
📌 What Is PSP (Price Strength Parity)?
PSP identifies situations where two correlated assets:
Move in opposite directions → Direct PSP (classic SMT divergence)
Move in the same direction → Inverse PSP (confirmation mode)
Such behavior often precedes:
- Reversals
- Continuations
- Liquidity grabs
- Market structure shifts
⚙️ Indicator Inputs
Reference Symbol
Defines the second asset used for comparison (e.g., ETHUSDT vs BTCUSDT).
Purpose:
To detect relative strength or weakness between two correlated markets.
Inverse Correlation Mode
Inverse Correlation Mode (true / false)
Allows switching between divergence-based and confirmation-based analysis.
Color Theme
Available presets:
- Green / Red
- Blue / Orange
- Purple / Yellow
- Teal / Pink
- Custom
Purpose:
Adapts the indicator visually to different chart styles and backgrounds.
📈 How to Use in Trading
Typical use cases:
- SMT divergence detection
- Intermarket confirmation
- Reversal timing
- Liquidity sweep context
- SMC / ICT models
Recommended combinations:
- Market Structure (BOS / CHoCH)
- Fair Value Gaps
- Liquidity levels
- Session highs /lows
⚠️ Important Notes
PSP is context-based, not a standalone entry system
Best results on correlated markets:
- BTC / ETH
- Indices (ES / NQ / YM)
- FX pairs (EURUSD / DXY)
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Телеграм канал с ежедневной аналитикой и сигналами:
👉 t.me/+F73IczJII442NGMy
Самые низкие комиссии для вас на bingX:
👉bingx.com/invite/maniacdt/
Бесплатный альткоин сканнер:
👉 t.me/altcoin_scannerbot
👉 t.me/+F73IczJII442NGMy
Самые низкие комиссии для вас на bingX:
👉bingx.com/invite/maniacdt/
Бесплатный альткоин сканнер:
👉 t.me/altcoin_scannerbot
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Телеграм канал с ежедневной аналитикой и сигналами:
👉 t.me/+F73IczJII442NGMy
Самые низкие комиссии для вас на bingX:
👉bingx.com/invite/maniacdt/
Бесплатный альткоин сканнер:
👉 t.me/altcoin_scannerbot
👉 t.me/+F73IczJII442NGMy
Самые низкие комиссии для вас на bingX:
👉bingx.com/invite/maniacdt/
Бесплатный альткоин сканнер:
👉 t.me/altcoin_scannerbot
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.