INVITE-ONLY SCRIPT
Technimentals S&P Weighted Flow
Updated
This script runs a proprietary money flow algorithm three times with different user defined inputs on the subsectors of the S&P, weights their outputs directly according to their weighting in the S&P and then plots the cumulative total of the 33 outputs as a single line which overlays the chart.
The algorithm works by measuring relative volatility on each candlestick compared to the previous candlestick and compares that with it's smoothed recent volatility . This produces a binary (signum) output which is then weighted and accumulated.
The script is designed for use on shorter term timeframes. I do not recommend using this indicator on the daily timeframe or higher unless you lower the timeframe setting inside the script itself. The reason for this is that the signals it provides are often very slow and require zooming the chart out to get enough context to interpret the signals. For example, using this indicator on the one minute timeframe may produce signals several days out, or more!
The algorithm works by measuring relative volatility on each candlestick compared to the previous candlestick and compares that with it's smoothed recent volatility . This produces a binary (signum) output which is then weighted and accumulated.
The script is designed for use on shorter term timeframes. I do not recommend using this indicator on the daily timeframe or higher unless you lower the timeframe setting inside the script itself. The reason for this is that the signals it provides are often very slow and require zooming the chart out to get enough context to interpret the signals. For example, using this indicator on the one minute timeframe may produce signals several days out, or more!
Release Notes
Fixed decimalsInvite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact barnabygraham for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
Author's instructions
″The stock weightings can be modified in the user settings. Sector weightings in the NDX change all the time and while I will try my best to keep them up to date for you, it is your responsibility to keep them accurate!
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Disclaimer
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