OPEN-SOURCE SCRIPT
Weighted RiskONess
Updated
Revision of tedtalksmacro's risk-on metric. Number go up means global markets are more risk-on; number go down means more risk-off. Weights now allow you to adjust the weights of various elements of the indicator. These are exponentials with the weight being the power / 10.
I.e. setting gold's weight to 10 takes it's value ^ (10 / 10). Setting it to 5 would square root it (^5/10 = ^1/2) while 20 would square it (^20/10 = ^2).
A green line means "riskONess" has gone up in the last day, red means down.
Resolution minimum for the indicator is 1D due to TradingView's limitations.
I.e. setting gold's weight to 10 takes it's value ^ (10 / 10). Setting it to 5 would square root it (^5/10 = ^1/2) while 20 would square it (^20/10 = ^2).
A green line means "riskONess" has gone up in the last day, red means down.
Resolution minimum for the indicator is 1D due to TradingView's limitations.
Release Notes
Uncapped weights. Negative weights will effectively let you treat them as inverse elements (GOLD is risk-off, but a -10 weight would treat it as risk on).Also option for EMA.
Release Notes
V3 allows you to select up to 8 elements and designate any of them as risk-on or risk-off indicators.Weights similar, though no negative values (just turn it risk-on or risk-off)
EMA available, defaults to OFF.
Release Notes
Added 2 factor slots for up to 10 factors.Also changed line color to gray if no change in indicator value.
Release Notes
Updated it to allow users to select the timeframe they want rather than fixing it at 1D.Note: at timeframes lower than 1D, this sometimes causes the script to hang, never load, or throw an error. Haven't been able to isolate why.
Release Notes
Last edit was a bit hasty, forgot to uncomment some code.Release Notes
Last of update spam.Added deviations: triangles are bullish/bearish deviations, arrows hidden bullish/bearish.
Release Notes
Fixed error.Lower timeframes sometimes don't work. If so, try removing and re-adding securities individually. Looking into the what and why it's doing this.
Release Notes
♦Improved UI for settings menu♦Fixed VIX - formerly was making lower timeframes hang if used
Release Notes
Typo + had RiskOn/Off switched after UI update.Release Notes
Updated to 10 default risk indicators (5 on, 5 off).Updated RiskON ribbon for better look.
Release Notes
♦now allows 12 factors♦can select whether your asset is risk on or off
♦now shows deviations between the selected asset and risk-on or risk-offness. If riskON is up and the asset is down the deviation is denoted with a "+". If RiskON is down and the asset is up, it's denoted with a "-".
♦cleaned up inputs into groups. MUCH cleaner and easier to navigate now
♦ditched old deviations as they generally registered too slowly to be actionable.
Release Notes
Added bullish/bearish divergences.Release Notes
Fixed bugRelease Notes
Fixed issue with candles being wrong color.Release Notes
Updated default 10 elements to extend before 2018.Added ability to toggle between candle color being based on close > prev. close (default) or close vs open (enable "Delta Close Color")
Also added a current-value line.
Release Notes
Better chart previewRelease Notes
Better chartOpen-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.
Disclaimer
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