OPEN-SOURCE SCRIPT
Updated Composite + Mayer Accumulator
It's looking at QQQ (or choice) and VIX over a longer timeframe to identify when the market is either deeply oversold or dangerously overextended. On the buy side it flags three levels of capitulation, from mild pullback to full crash. On the sell side it flags three levels of euphoria, from slightly stretched to historically overheated. It also tracks a Mayer Multiple, which is basically just asking whether the market is cheap or expensive relative to its own history. You check it once a day. It's not for scalping.
Release Notes
Improved euphoria indicatorOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.