OPEN-SOURCE SCRIPT
Short Pressure Index
Overview
A composite 0-100 "short pressure" score built from three independently computed components (volume climax, MA deviation, and bearish-bar momentum), with optional automatic exchange routing for crypto and FINRA short-volume data substitution for stocks — so the same score means something comparable across very different asset classes.
How it's calculated
1. Volume pressure: the fraction of high-significance volume (climax or above-average bars, per a PVSRA-style multiplier check) that occurred on bearish closes over a rolling window. For US stocks with FINRA short volume enabled, this component is swapped for the actual reported short-volume ratio instead.
2. MA deviation pressure: how far below (in ATR multiples) price sits from its moving average, rescaled to 0-100 over a rolling window.
3. Momentum pressure: the % of the last N bars that closed bearish.
The three are averaged and smoothed with an EMA to produce the SPI line, which gets its own signal-line EMA and histogram. For crypto, price/volume can be routed to a more liquid exchange feed (e.g. Bitfinex) since the chart's native feed may be sparse; unsupported symbol types can be suppressed entirely rather than plotting a meaningless value.
How to use it
Readings above the high threshold (default 70) suggest broad short-side pressure building across all three components; below the low threshold (default 30) suggests minimal short pressure. The histogram and signal-line crosses give earlier, more granular entries than waiting for a threshold cross. For US equities, "Use FINRA Short Volume" swaps in real reported short-sale data for a more direct read than the volume-climax proxy alone.
A composite 0-100 "short pressure" score built from three independently computed components (volume climax, MA deviation, and bearish-bar momentum), with optional automatic exchange routing for crypto and FINRA short-volume data substitution for stocks — so the same score means something comparable across very different asset classes.
How it's calculated
1. Volume pressure: the fraction of high-significance volume (climax or above-average bars, per a PVSRA-style multiplier check) that occurred on bearish closes over a rolling window. For US stocks with FINRA short volume enabled, this component is swapped for the actual reported short-volume ratio instead.
2. MA deviation pressure: how far below (in ATR multiples) price sits from its moving average, rescaled to 0-100 over a rolling window.
3. Momentum pressure: the % of the last N bars that closed bearish.
The three are averaged and smoothed with an EMA to produce the SPI line, which gets its own signal-line EMA and histogram. For crypto, price/volume can be routed to a more liquid exchange feed (e.g. Bitfinex) since the chart's native feed may be sparse; unsupported symbol types can be suppressed entirely rather than plotting a meaningless value.
How to use it
Readings above the high threshold (default 70) suggest broad short-side pressure building across all three components; below the low threshold (default 30) suggests minimal short pressure. The histogram and signal-line crosses give earlier, more granular entries than waiting for a threshold cross. For US equities, "Use FINRA Short Volume" swaps in real reported short-sale data for a more direct read than the volume-climax proxy alone.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.