OPEN-SOURCE SCRIPT
Greed-Fear MTF Waves v4.3
The indicator is based on previous close values. The colors and bands don't change after close. I react to the closed colors. They show increasing/decreasing greed versus increasing/decreasing fear in bullish (increasing Simple Moving Average/mean)/bearish (decreasing SMA/mean) market as waves.
I zoom in the signal on longer timeframe from longer timeframe to shorter ones to assess the amount of greed or fear on shorter timeframes due to that longer timeframe, i.e. to assess the impact of the longer timeframe to shorter ones to open a position and then I watch/follow the amount of growth of the greed/fear waves from shortest timeframe to longer timeframes to assess the impact of the longer timeframe to the growth of greed/fear from shortest timeframe to longer timeframes, until I get a signal that tells me to close the position.
I zoom in the signal on longer timeframe from longer timeframe to shorter ones to assess the amount of greed or fear on shorter timeframes due to that longer timeframe, i.e. to assess the impact of the longer timeframe to shorter ones to open a position and then I watch/follow the amount of growth of the greed/fear waves from shortest timeframe to longer timeframes to assess the impact of the longer timeframe to the growth of greed/fear from shortest timeframe to longer timeframes, until I get a signal that tells me to close the position.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.