OPEN-SOURCE SCRIPT
market sentiment 3.3
This code creates a Dynamic Multi-Index Dashboard on your TradingView chart. It is specifically designed to help an intraday or systematic trader (like you) identify momentum and trend direction across different timeframes.
Here is the "chota" summary of what the code does:
1. Adaptive Timeframe Logic
The table is not static. If you switch your chart from Daily (D) to Weekly (W), the table headers and calculations automatically change to show "Weekly % Chg" or "Day % Chg." It syncs perfectly with whatever timeframe you are viewing.
2. Momentum "Speed" Tracking (hRatio)
It calculates a "Speed" score by comparing the current candle's body and volume against the average of the last 20 candles.
* Stage 1: High explosive momentum (Great for directional selling).
* Stage 2: Normal trending move.
* Stage 3: Low volatility/Sideways (Best for eating Theta/Premium decay).
3. Open-to-Close Comparison
Unlike standard indicators that compare "Today's Close vs Yesterday's Close," this code calculates the internal strength of the candle by comparing the Open of the period to the Current Price.
* This tells you if the Bulls or Bears took control after the market opened.
4. Color-Coded Sentiment
It uses a 6-column table to give you a "Heatmap" of the last 7 days (or weeks):
* Green/Lime: Strong buying and positive closing.
* Red/Orange: Strong selling and negative closing.
* Gray: Flat/Sideways action.
5. Quick Decision Tool for 0.3 Delta
For your option selling, it acts as a filter:
* Don't fight the Speed: If "Speed" is high (Stage 1) and Status is "Positive," avoid selling Calls.
* Harvest Theta: If Status is "Flat" and Speed is "Stage 3," it’s the perfect environment for Strangles or range-bound trades.
In short: It’s a 7-day historical "health check" of the index that tells you exactly how fast the market is moving and where it stands relative to its opening price.
Here is the "chota" summary of what the code does:
1. Adaptive Timeframe Logic
The table is not static. If you switch your chart from Daily (D) to Weekly (W), the table headers and calculations automatically change to show "Weekly % Chg" or "Day % Chg." It syncs perfectly with whatever timeframe you are viewing.
2. Momentum "Speed" Tracking (hRatio)
It calculates a "Speed" score by comparing the current candle's body and volume against the average of the last 20 candles.
* Stage 1: High explosive momentum (Great for directional selling).
* Stage 2: Normal trending move.
* Stage 3: Low volatility/Sideways (Best for eating Theta/Premium decay).
3. Open-to-Close Comparison
Unlike standard indicators that compare "Today's Close vs Yesterday's Close," this code calculates the internal strength of the candle by comparing the Open of the period to the Current Price.
* This tells you if the Bulls or Bears took control after the market opened.
4. Color-Coded Sentiment
It uses a 6-column table to give you a "Heatmap" of the last 7 days (or weeks):
* Green/Lime: Strong buying and positive closing.
* Red/Orange: Strong selling and negative closing.
* Gray: Flat/Sideways action.
5. Quick Decision Tool for 0.3 Delta
For your option selling, it acts as a filter:
* Don't fight the Speed: If "Speed" is high (Stage 1) and Status is "Positive," avoid selling Calls.
* Harvest Theta: If Status is "Flat" and Speed is "Stage 3," it’s the perfect environment for Strangles or range-bound trades.
In short: It’s a 7-day historical "health check" of the index that tells you exactly how fast the market is moving and where it stands relative to its opening price.
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.