OPEN-SOURCE SCRIPT
VIGAX/VVIAX 10Y & 15Y Detrended Z-Scores
This indicator measures how stretched U.S. large-cap growth is versus U.S. large-cap value by analyzing the VIGAX/VVIAX ratio. Because VIGAX represents large-cap growth and VVIAX represents large-cap value, a rising ratio means growth is outperforming value, while a falling ratio means value is outperforming growth.
The script calculates the ratio, converts it to log scale, and then fits rolling 10-year and 15-year regression trends. It plots the residual z-score of the ratio relative to those trends. In plain terms, the indicator shows whether growth is unusually strong or weak versus value after accounting for the long-term upward trend in growth/value leadership.
A z-score near 0 means the ratio is near trend. A positive z-score means growth is above trend versus value. A negative z-score means growth is below trend versus value. The script plots reference bands at ±1.5, ±2.0, and ±2.5 standard deviations.
The signal logic is contrarian and re-entry based. A VALUE signal occurs when the selected z-score has moved above the chosen positive threshold and then crosses back below it. This means growth became statistically stretched and then started to fail. A GROWTH signal occurs when the selected z-score has moved below the chosen negative threshold and then crosses back above it. This means growth became statistically washed out and then started to recover.
Suggested use:
Use the 15-year z-score for the cleaner, long-cycle signal. Use the 10-year z-score for a more responsive, current-regime read. The ±2.5 threshold is the highest-conviction signal and will fire rarely. The ±2.0 and ±1.5 levels are better treated as early-warning zones rather than automatic trade signals.
The indicator does not read manual TradingView trendlines. It creates its own statistical trend using rolling regression. The strongest setup occurs when the z-score signal aligns with the visual long-term channel on the VIGAX/VVIAX chart.
The indicator is not designed to work with charts other than the VIGAX/VVIAX chart.
Code by ChatGPT 5.5 Thinking
Prompts by Jeremy L. A. Hill Edwards
The script calculates the ratio, converts it to log scale, and then fits rolling 10-year and 15-year regression trends. It plots the residual z-score of the ratio relative to those trends. In plain terms, the indicator shows whether growth is unusually strong or weak versus value after accounting for the long-term upward trend in growth/value leadership.
A z-score near 0 means the ratio is near trend. A positive z-score means growth is above trend versus value. A negative z-score means growth is below trend versus value. The script plots reference bands at ±1.5, ±2.0, and ±2.5 standard deviations.
The signal logic is contrarian and re-entry based. A VALUE signal occurs when the selected z-score has moved above the chosen positive threshold and then crosses back below it. This means growth became statistically stretched and then started to fail. A GROWTH signal occurs when the selected z-score has moved below the chosen negative threshold and then crosses back above it. This means growth became statistically washed out and then started to recover.
Suggested use:
Use the 15-year z-score for the cleaner, long-cycle signal. Use the 10-year z-score for a more responsive, current-regime read. The ±2.5 threshold is the highest-conviction signal and will fire rarely. The ±2.0 and ±1.5 levels are better treated as early-warning zones rather than automatic trade signals.
The indicator does not read manual TradingView trendlines. It creates its own statistical trend using rolling regression. The strongest setup occurs when the z-score signal aligns with the visual long-term channel on the VIGAX/VVIAX chart.
The indicator is not designed to work with charts other than the VIGAX/VVIAX chart.
Code by ChatGPT 5.5 Thinking
Prompts by Jeremy L. A. Hill Edwards
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.