OPEN-SOURCE SCRIPT
SPY Ninja Oscillator
Updated
SPY Ninja Oscillator correlates the true strength index exponential moving averages of SPY (green) and VIX (red) together. In doing so we can determine the start of trend shifts via SPY / VIX convergence in addition to crossover, with potential market entries and exits represented by the vertical green and red bars.
MACD and RSI have been scaled proportionally to the oscillator range ( for rsi: (rsi-50)*. 01 , and for macd: macd /3) and when overlaid and used in conjunction with the market vertical entry and exit signals, potential trend prediction becomes much more apparent.
Release Notes
SPY Ninja Oscillator correlates the true strength index exponential moving averages of SPY (green) and VIX (red) together. In doing so we can determine the start of trend shifts via SPY / VIX convergence in addition to crossover, with potential market entries and exits represented by the vertical green and red bars.MACD and RSI have been scaled proportionally to the oscillator range ( for rsi: (rsi-50)*. 01 , and for macd: macd /[dynamic var]) and when overlaid and used in conjunction with the market vertical entry and exit signals, potential trend prediction becomes much more apparent.
Changelog
- v2 - Added additional VIX sources, created dynamic MACD Scaler, SPY security detection
Release Notes
Reversed Macd/Signal ColorsOpen-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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