OPEN-SOURCE SCRIPT
Majors HOD/LOD
Updated
This simple script detects when the major American sectors — technology ( QQQ ), financials ( XLF ), and healthcare ( XLV ) — are at the high or low of the current day at the same time. This information can be useful to gauge the potential strength or weakness of the trading day. The script uses the security function to pull in data from the three major indices and keeps a running cache of the high and low of the day regardless of the time frame selected.
A small table in the top right corner displays the current status of the major sectors. The display table can read:
"Mixed" - Major sectors are not at the high or low of the day at the same time
"Majors @ HOD" - Major sectors are at the high of day at the same time
"Majors @ LOD" - Major sectors are at the low of the day at the same time
Labels (optional) show past moments when the major sectors were at the high or low of the day at the same time. A green label above a candle indicates major sectors were at the high of the day at the same time, and a red label below a candle indicates major sectors were at the low of the day at the same time. These labels can be toggled on or off in the indicator settings.
To receive an alert when either condition happens (all majors at high of day or all majors at low of day), click the more (...) icon next to the indicator settings button and click "Add alert on Majors HOD/LOD".
If you notice any problems with the script, feel free to DM me.
A small table in the top right corner displays the current status of the major sectors. The display table can read:
"Mixed" - Major sectors are not at the high or low of the day at the same time
"Majors @ HOD" - Major sectors are at the high of day at the same time
"Majors @ LOD" - Major sectors are at the low of the day at the same time
Labels (optional) show past moments when the major sectors were at the high or low of the day at the same time. A green label above a candle indicates major sectors were at the high of the day at the same time, and a red label below a candle indicates major sectors were at the low of the day at the same time. These labels can be toggled on or off in the indicator settings.
To receive an alert when either condition happens (all majors at high of day or all majors at low of day), click the more (...) icon next to the indicator settings button and click "Add alert on Majors HOD/LOD".
If you notice any problems with the script, feel free to DM me.
Release Notes
-Changed the signals to reflect the real-time price and not the low or high of the current candle. This fixes the display table in the circumstance that the alert was triggered, but the sectors are no longer at the low or high of the day togetherRelease Notes
-Fixed a coding error that caused the "Majors @ LOD" alert to fire off incorrectlyRelease Notes
-Fix so it only works on intraday time framesOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
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