OPEN-SOURCE SCRIPT
Global Manufacturing Cycle Index 24/3
Global Manufacturing Cycle Index
A composite cyclical indicator that aggregates Year-over-Year (YoY) manufacturing production across major economies, rendering the result as a normalized, smoothed cycle oscillator.
The Motivation
TradingView lists ECONOMICS:WWMPMI (World Manufacturing PMI), but it does not plot because S&P Global keeps the underlying JPM Global PMI series behind a subscription wall. This script resolves that data gap by reconstructing a usable synthetic equivalent. It pulls publicly available country-level manufacturing data, aggregates it, and transforms the raw noisy YoY changes into a clean, actionable macroeconomic cycle signal.
Core Mechanics
Visuals & Diagnostics
Signal Interpretation
Zero represents the historical mean over your chosen lookback window.
Customization Notes
All series are monthly, meaning the indicator updates on the underlying release cadence regardless of your chart's timeframe. The default 24-month lookback and 3-month EMA provide a responsive signal. Users wanting a slower, more strategic read can extend these settings (e.g., 120-month lookback with a 6-12 EMA) to produce a smooth, business cycle wave.
A composite cyclical indicator that aggregates Year-over-Year (YoY) manufacturing production across major economies, rendering the result as a normalized, smoothed cycle oscillator.
The Motivation
TradingView lists ECONOMICS:WWMPMI (World Manufacturing PMI), but it does not plot because S&P Global keeps the underlying JPM Global PMI series behind a subscription wall. This script resolves that data gap by reconstructing a usable synthetic equivalent. It pulls publicly available country-level manufacturing data, aggregates it, and transforms the raw noisy YoY changes into a clean, actionable macroeconomic cycle signal.
Core Mechanics
- Data Ingestion: Pulls YoY manufacturing production for up to five economies via request.security (Default: US, China, Eurozone, Japan, plus one optional slot).
- Aggregation: Combines regional data using Sum, Average, or Weighted modes. Default weights approximate global manufacturing share (China 30%, US 17%, Eurozone 15%, Japan 7%).
- Z-Score Normalization: Translates the raw data into standard deviation units based on a rolling window (default 24-months). This keeps the index responsive to the current monetary and trade regime rather than averaging across structurally different historical eras.
- EMA Smoothing: Applies a customizable EMA pass to strip monthly noise and isolate the underlying structural trend.
Visuals & Diagnostics
- Regime Backgrounds: The chart background automatically colors green when the index is above zero (expansion) and red when below zero (contraction).
- Standard Deviation Bands: Plots ±1 SD and ±2 SD lines to help identify cycle extremes and mean-reversion zones.
- Status Table: Includes a built-in diagnostic table in the top right corner to verify if the underlying macroeconomic data series have loaded successfully.
- Raw Data Toggle: Option to plot the raw, individual YoY series for each country to see what is driving the composite.
Signal Interpretation
Zero represents the historical mean over your chosen lookback window.
- Above Zero: The global manufacturing cycle is expanding. This macro regime is typically highly conducive to risk asset rotation and momentum-based breakout setups.
- Below Zero: Contraction or relative weakness.
- Actionable Signals: Look for sustained inflections through the zero line, or divergences between this index and risk assets (or Dr. Copper).
Customization Notes
All series are monthly, meaning the indicator updates on the underlying release cadence regardless of your chart's timeframe. The default 24-month lookback and 3-month EMA provide a responsive signal. Users wanting a slower, more strategic read can extend these settings (e.g., 120-month lookback with a 6-12 EMA) to produce a smooth, business cycle wave.
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.