Omega Macro
The Omega Macro is an indicator part of the Omega Toolkit. The purpose of this tool is to provide a clear vision and a lot of useful indicators to analyze the market in the long term with more macro analysis.
The script has different features:
- Rating evaluator: this feature allow traders to have an overview of all the indicator inside of this script at once giving the asset you’re on a rating above or below zero.
- Option to select the chosen indicator to display
- Option to insert a benchmark symbol to analyze the correlation between the two assets. By default, if you enable the compared symbol, you’ll get a modification on the rating evaluator, the detrended spread, the value at risk, and on the sentiment oscillator. The benchmark can even be used in reverse, allowing for example traders to change the asset from USDJPY to JPYUSD.
- Option to activate the only long rating, useful to adjust the formula of the rating estimator for only long strategies.
- Settings to change the length of the indicator: between “Fast”, “Normal” and “Slow”. This setting is designed to use the indicator mainly on the Daily chart, analyzing respectively a month, a semester, and an entire year.
- Clear and easy visuals: users can adjust the color of all the indicators to have a common aesthetics and select the gradient mode for a different color mode of the rating evaluator
The Commitment of Traders (COT) report is a widely followed weekly publication in the futures market that provides a breakdown of the positions held by various market participants. It offers valuable insights into the market sentiment and helps traders and analysts assess the positioning of different market players, including commercial traders, non-commercial traders, and non-reportable traders. On this indicator you’ll see a colored line, indicating the Large traders, and the gray histogram, which displays the difference between the large traders and the commercial hedgers.
The VIX, also known as the CBOE Volatility Index, is a popular measure of market risk and investor sentiment. It is often referred to as the "fear gauge" or "fear index" because it is designed to reflect the market's expectation of future volatility over the next 30 days. On this indicator, we have designed a formula that allows traders to see an indicator that gives an output very similar to the standard Vix and can be calculated on any market.
Additionally, as shown in the picture, this indicator has two lines and a histogram, the upper line reflects the inverted vix, useful to analyze potential long reversal, meanwhile, the one below the zero line is calculated to detect the short price reversal and inversion. Together, they originate the gray histogram, which acts like a midpoint of the two lines.
The Detrended Spread indicator allows traders to analyze whether one asset outperforms or not the chosen benchmark, and also to detect clear price cycles and overbought or oversold levels thanks to the color coding of the main line.
The Value at Risk (VaR) is a widely used risk management tool that provides an estimate of the potential loss in value of a portfolio or assets over a specified time horizon, under normal market conditions, at a given confidence level. VaR helps traders assess and quantify the potential downside risk associated with their investments and portfolios.
With this script you’ll have both the short-term and the long-term VAR lines, being able to detect periods that allow traders to have less estimated risk on the market. The VAR does not provide any indication of the potential direction of the market, but it’s important data for risk management and volatility.
The Sentiment estimator is a tool that aims to give an indication about the sentiment of the markets, allowing traders both to have an indication about the direction of the market by timings and to have useful pieces of information about areas that can lead to a reversal of the price.
Risk Disclaimer:
All content and scripts provided are purely for informational & educational purposes only and do not constitute financial advice or a solicitation to buy or sell any securities of any type. Past performance does not guarantee future results. Trading can lead to a loss of the invested capital in the financial markets. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
The script has different features:
- Rating evaluator: this feature allow traders to have an overview of all the indicator inside of this script at once giving the asset you’re on a rating above or below zero.
- Option to select the chosen indicator to display
- Option to insert a benchmark symbol to analyze the correlation between the two assets. By default, if you enable the compared symbol, you’ll get a modification on the rating evaluator, the detrended spread, the value at risk, and on the sentiment oscillator. The benchmark can even be used in reverse, allowing for example traders to change the asset from USDJPY to JPYUSD.
- Option to activate the only long rating, useful to adjust the formula of the rating estimator for only long strategies.
- Settings to change the length of the indicator: between “Fast”, “Normal” and “Slow”. This setting is designed to use the indicator mainly on the Daily chart, analyzing respectively a month, a semester, and an entire year.
- Clear and easy visuals: users can adjust the color of all the indicators to have a common aesthetics and select the gradient mode for a different color mode of the rating evaluator
The Commitment of Traders (COT) report is a widely followed weekly publication in the futures market that provides a breakdown of the positions held by various market participants. It offers valuable insights into the market sentiment and helps traders and analysts assess the positioning of different market players, including commercial traders, non-commercial traders, and non-reportable traders. On this indicator you’ll see a colored line, indicating the Large traders, and the gray histogram, which displays the difference between the large traders and the commercial hedgers.
The VIX, also known as the CBOE Volatility Index, is a popular measure of market risk and investor sentiment. It is often referred to as the "fear gauge" or "fear index" because it is designed to reflect the market's expectation of future volatility over the next 30 days. On this indicator, we have designed a formula that allows traders to see an indicator that gives an output very similar to the standard Vix and can be calculated on any market.
Additionally, as shown in the picture, this indicator has two lines and a histogram, the upper line reflects the inverted vix, useful to analyze potential long reversal, meanwhile, the one below the zero line is calculated to detect the short price reversal and inversion. Together, they originate the gray histogram, which acts like a midpoint of the two lines.
The Detrended Spread indicator allows traders to analyze whether one asset outperforms or not the chosen benchmark, and also to detect clear price cycles and overbought or oversold levels thanks to the color coding of the main line.
The Value at Risk (VaR) is a widely used risk management tool that provides an estimate of the potential loss in value of a portfolio or assets over a specified time horizon, under normal market conditions, at a given confidence level. VaR helps traders assess and quantify the potential downside risk associated with their investments and portfolios.
With this script you’ll have both the short-term and the long-term VAR lines, being able to detect periods that allow traders to have less estimated risk on the market. The VAR does not provide any indication of the potential direction of the market, but it’s important data for risk management and volatility.
The Sentiment estimator is a tool that aims to give an indication about the sentiment of the markets, allowing traders both to have an indication about the direction of the market by timings and to have useful pieces of information about areas that can lead to a reversal of the price.
Risk Disclaimer:
All content and scripts provided are purely for informational & educational purposes only and do not constitute financial advice or a solicitation to buy or sell any securities of any type. Past performance does not guarantee future results. Trading can lead to a loss of the invested capital in the financial markets. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
Release Notes:
Downside Risk added