OPEN-SOURCE SCRIPT

Biddles OIWAP-Price Spread

This indicator is the companion to my OIWAP (Open Interested-Weighted Average price) open source indicator.

In observing the OIWAP, what seemed most interesting was the distance between price and OIWAP.

This indicator plots that spread in a histogram.

It seems when price is too high above all OIWAPs, it's locally overbought (sentiment is overly bullish), and vice versa when it's too far below all OIWAPs (sentiment is overly bearish).

But I think there are more unique observations to be made beyond that - I am still in discovery phase myself.

For example: Looking at the SPX while using the ticker override to display BINANCE:BTCUSDT.P OI-Price spread data.

It works on any asset that Tradingview has OI data for. But it's also interesting to view correlated assets by using ticker override in the indicator settings (open the correlated asset w/o OI data in your chart, then set ticker override to a symbol with OI data, like the SPX example above).

>> If you find any interesting observations using it, have suggestions for improving the script, etc., hit me up on Twitter!

>>> @thalamu_
Moving AveragesOpen InterestsentimentTrend Analysis

Open-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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