OPEN-SOURCE SCRIPT
A+ Confluence Monitor for SPY/QQQ - MKTheGreat
Credit to - Manish Kapoor ( MKTheGreat)
For QQQ/SPY, start like this:
Setting Value
Chart timeframe 3 minutes
Higher timeframe 5 minutes
Minimum A+ score 6 out of 7
Volume multiplier 1.0
Breakout lookback 20
EMA 9 / 20 / 50
RSI 14
MACD 12 / 26 / 9
When it gives A+ CALL, don’t blindly buy. Use it as:
“Now check the option chain: ATM/slightly ITM, tight spread, high volume, clear stop.”
When it gives A+ PUT, same logic.
For alerts, use Once Per Bar Close so you avoid false alerts before the candle finishes.
For QQQ/SPY, start like this:
Setting Value
Chart timeframe 3 minutes
Higher timeframe 5 minutes
Minimum A+ score 6 out of 7
Volume multiplier 1.0
Breakout lookback 20
EMA 9 / 20 / 50
RSI 14
MACD 12 / 26 / 9
When it gives A+ CALL, don’t blindly buy. Use it as:
“Now check the option chain: ATM/slightly ITM, tight spread, high volume, clear stop.”
When it gives A+ PUT, same logic.
For alerts, use Once Per Bar Close so you avoid false alerts before the candle finishes.
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.
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.