Defining a single market indicator in TradingView -
Updated
Defining a single market indicator in TradingView -
I thought I would share a couple things that may help others. I’m new to trading, so if anyone has any feedback, or comments, or if I got anything wrong - please let me know.
My goal was (as the bottom has been falling out of the market) to understand the relative performance of my portfolio in relation to the market. Stated differently, are my long positions down because I made bad choices, bought at the wrong time or are they a casualty of the general downturn in the markets.
As I looked at well-known market indicators:
SPX Representing the S&P-500
IXIC Representing the NASDAQ composite index
DJI Representing the Dow Jones Industrial average
I learned that the SPX represents roughly $31.6 trillion in 500-US companies, the IXIC represents $17.2 trillion in 100 large US companies, and the DJI represents $8.3 trillion in 30 of the largest US companies.
Sharing this without permission of the author:
bit.ly/3bf0jCU
This helped me understand the valuation, and overlap of these averages.
It’s widely understood that you can look at these indicators within charts using TradingView.
What was less-obvious to me is that TradingView is powerful in-that you can also combine multiple symbols, and perform mathematical operations using the symbol-selection dialog (command line).
VIEWING REALTIME PROFIT / LOSS VIA TRADINGVIEW:
Ford motors is on the NYSE, so you can enter: F ; Tradingview prepends the exchange and looks up: NYSE:F. Resulting in a graph of Ford motors.
But let’s say you bought 100 shares of Ford at 10.54/share and you really want TradingView to show you a graph of your profit or loss on your investment.
So your cost for this block of stock is: 100 (shares) x 10.54/share = $1,054.00
To show a graph of your profit in Tradingview, you can enter:
NYSE:F * 100 - 1054
This tells Tradingview to calculate the current value of 100 shares, and subtract your basis, of $1,054.00, resulting in a real-time view of your profit/loss.
VIEWING REALTIME PROFIT / LOSS FOR A GROUP OF HOLDINGS TRADINGVIEW:
I built an equation in Google Sheets / Excel, to create a string like this for each of my long positions.
You can concatenate multiple positions together like this. Let’s say you have a position in
NYSE:UL*182-9978.15 ; representing a position in UL
NYSE:SQ*44-9881.52 ; representing a position in SQ
NYSE:MSFT*43-9949.6 ; representing a position in MSFT
NYSE:UL*182-9978.15+NYSE:SQ*44-9881.52+NYSE:MSFT*43-9949.6 ; representing the overall profit/loss on this group
VIEWING REALTIME COMBINED MARKET PERFORMANCE VIA INDEX SUMMARY:
Similar to the process listed above, I built a spreadsheet that combines the SPX, IXIC and DJI.
So the math I used here is the market-cap of SPX / the market cap of DJI, to calculate a relative multiplier.
Based on this, you can open Tradingview, and in the stock selection dialog, enter:
TVC:SPX*3.795+TVC:IXIC*2.065+TVC:DJI
Based on this you can now view a single real-time graph showing the relative performance of the SPX, IXIC and DJI.
Hopefully this will help someone and if I got anything wrong here, please let me know (while trying to be nice).
I thought I would share a couple things that may help others. I’m new to trading, so if anyone has any feedback, or comments, or if I got anything wrong - please let me know.
My goal was (as the bottom has been falling out of the market) to understand the relative performance of my portfolio in relation to the market. Stated differently, are my long positions down because I made bad choices, bought at the wrong time or are they a casualty of the general downturn in the markets.
As I looked at well-known market indicators:
SPX Representing the S&P-500
IXIC Representing the NASDAQ composite index
DJI Representing the Dow Jones Industrial average
I learned that the SPX represents roughly $31.6 trillion in 500-US companies, the IXIC represents $17.2 trillion in 100 large US companies, and the DJI represents $8.3 trillion in 30 of the largest US companies.
Sharing this without permission of the author:
bit.ly/3bf0jCU
This helped me understand the valuation, and overlap of these averages.
It’s widely understood that you can look at these indicators within charts using TradingView.
What was less-obvious to me is that TradingView is powerful in-that you can also combine multiple symbols, and perform mathematical operations using the symbol-selection dialog (command line).
VIEWING REALTIME PROFIT / LOSS VIA TRADINGVIEW:
Ford motors is on the NYSE, so you can enter: F ; Tradingview prepends the exchange and looks up: NYSE:F. Resulting in a graph of Ford motors.
But let’s say you bought 100 shares of Ford at 10.54/share and you really want TradingView to show you a graph of your profit or loss on your investment.
So your cost for this block of stock is: 100 (shares) x 10.54/share = $1,054.00
To show a graph of your profit in Tradingview, you can enter:
NYSE:F * 100 - 1054
This tells Tradingview to calculate the current value of 100 shares, and subtract your basis, of $1,054.00, resulting in a real-time view of your profit/loss.
VIEWING REALTIME PROFIT / LOSS FOR A GROUP OF HOLDINGS TRADINGVIEW:
I built an equation in Google Sheets / Excel, to create a string like this for each of my long positions.
You can concatenate multiple positions together like this. Let’s say you have a position in
NYSE:UL*182-9978.15 ; representing a position in UL
NYSE:SQ*44-9881.52 ; representing a position in SQ
NYSE:MSFT*43-9949.6 ; representing a position in MSFT
NYSE:UL*182-9978.15+NYSE:SQ*44-9881.52+NYSE:MSFT*43-9949.6 ; representing the overall profit/loss on this group
VIEWING REALTIME COMBINED MARKET PERFORMANCE VIA INDEX SUMMARY:
Similar to the process listed above, I built a spreadsheet that combines the SPX, IXIC and DJI.
So the math I used here is the market-cap of SPX / the market cap of DJI, to calculate a relative multiplier.
Based on this, you can open Tradingview, and in the stock selection dialog, enter:
TVC:SPX*3.795+TVC:IXIC*2.065+TVC:DJI
Based on this you can now view a single real-time graph showing the relative performance of the SPX, IXIC and DJI.
Hopefully this will help someone and if I got anything wrong here, please let me know (while trying to be nice).
Note
Here is a link to a Google Sheets spreadsheet to show you how to do your own concatenation.docs.google.com/spreadsheets/d/1tfmqvec9xzOtZWi7bkwHBfs11jAgmUY2t_C-g4DwWOo/edit?usp=sharing
Another point here is that when you are viewing the profit / loss of a single stock or a group of stocks, you can view the performance as a percentage or as a dollar-amount by changing the settings icon in the bottom of the right column of your chart.
Note
typo above, Microsoft is on the NASDAQNASDAQ:MSFT*43-9949.6
and the combined line should read:
(NYSE:UL*182)-9978.15+(NYSE:SQ*44)-9881.52+(NASDAQ:MSFT*43)-9949.6
(sorry)
Note
Another idea (seeking feedback) is to use SPY, QQQ, and DIA as proxies for overall market performance since the indicators for the SPX, IXIC, and DJI don’t include volume information. I added a section in the spreadsheet above and substituted SPY, QQQ and DIA. With this, you can view a composite of those three ETF’s and use things like MACD.Try:
amex:SPY*3.795+NASDAQ:QQQ*2.065+AMEX:DIA
I realize the volume of these ETF’s doesn’t mirror overall volume, but it may still be useful.
Note
I've been studying the MTTR (mean time to recover) from the March 2020 crash using this indicator.The March 2020 crash caused a -33.7% market drop which took 166 days to recover.
Comparing that drop to other stocks, if you look at the same data for MSFT, it dropped -28% and took 119 days to recover.
Similarly ARKF, it dropped by -34.5%, but recovered in 90-days.
I think what all the naysayers are missing here in this downturn is that we will see another 2T (trillion) dollars enter the monetary supply, which will cause devaluation of the dollar. If you think of this in terms of hard assets, like shares in a company, those shares will be worth much more (in dollars) as these additional funds enter the market.
I think using this combined with something like a 50-EMA can help you from buying-in when you think you've seen the bottom but where bottom has not yet occurred.
Open the stock selector and paste this:
AMEX:SPY*3.795+NASDAQ:QQQ*2.065+AMEX:DIA
Then apply whatever functions you like.
Note
To apply the color-alternating 50-SMA:Add Fx
Search for: Simple Moving Averages by stocksinboxx
Add this to your chart
select properties for this function.
under Style tab at top, disable (un-check) all SMA #'s except for SMA #5
under Inputs tab, scroll down to line that reads: SMA #5, and set whatever interval you like, I have been using 50
click ok
Note
Important note: set your data frequency to 1-hour, to achieve same results. See my other post on the relationship between SMA and data frequency.Note
YIKES! PLEASE READ:I seriously apologize for this but I made a mathematical error. The concatenated string for the combined indicator should be:
TVC:SPX/3.795+TVC:IXIC/2.065+TVC:DJI
In my original post, I accidentally multiplied by the scaling factor instead of dividing. The string listed above correctly weights the three stock indexes equally. I also corrected the referenced Google Sheets spreadsheet.
Disclaimer
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