OPEN-SOURCE SCRIPT
CE - Market Performance Table
Updated
The ๐๐ช๐ป๐ด๐ฎ๐ฝ ๐๐ฎ๐ป๐ฏ๐ธ๐ป๐ถ๐ช๐ท๐ฌ๐ฎ ๐ฃ๐ช๐ซ๐ต๐ฎ is a sophisticated market tool designed to provide valuable insights into the current market trends and the approximate current position in the Macroeconomic Regime.
Furthermore the ๐๐ช๐ป๐ด๐ฎ๐ฝ ๐๐ฎ๐ป๐ฏ๐ธ๐ป๐ถ๐ช๐ท๐ฌ๐ฎ ๐ฃ๐ช๐ซ๐ต๐ฎ provides the Correlation Implied Trend for the Asset on the Chart. Lastly it provides information about current "RISK ON" or "RISK OFF" periods.
Methodology:
๐๐ช๐ป๐ด๐ฎ๐ฝ ๐๐ฎ๐ป๐ฏ๐ธ๐ป๐ถ๐ช๐ท๐ฌ๐ฎ ๐ฃ๐ช๐ซ๐ต๐ฎ tracks the 15 underlying Stock ETF's to identify their performance and puts the combined performances together to visualize 42MACRO's GRID Equity Model.
For this it uses the below ETF's:
Overall Settings:
The main time values you want to change are:
Visuals:
There is a variety of options to change the visual settings of what is being plotted and the two table positions and additional considerations.
Everything that is relevant in the underlying logic that can help comprehension can be visualized with these options.
Market Correlation:
The Market Correlation Table takes the Correlation of the above ETF's to the Asset on the Chart, it furthermore uses the Normalized KAMA Oscillator by IkkeOmar to analyse the current trend of every single ETF.
It then Implies a Correlation based on the Trend and the Correlation to give a probabilistically adjusted expectation for the future Chart Asset Movement. This is strengthened by taking the average of all Implied Trends.
With this the Correlation Table provides valuable insights about probabilistically likely Movement of the Asset, for Traders and Investors alike, over the defined time duration.
Market Performance:
๐๐ช๐ป๐ด๐ฎ๐ฝ ๐๐ฎ๐ป๐ฏ๐ธ๐ป๐ถ๐ช๐ท๐ฌ๐ฎ ๐ฃ๐ช๐ซ๐ต๐ฎ is the actual valuable part of this Indicator.
It provides valuable information about the current market environment (whether it's risk on or risk off), the rough GRID models from 42MACRO and the actual market performance.
This allows you to obtain a deeper understanding of how the market works and makes it simple to identify the actual market direction.
Utility:
The ๐๐ช๐ป๐ด๐ฎ๐ฝ ๐๐ฎ๐ป๐ฏ๐ธ๐ป๐ถ๐ช๐ท๐ฌ๐ฎ ๐ฃ๐ช๐ซ๐ต๐ฎ is divided in 4 Sections which are the GRID regimes:
Economic Growth:
Top 5 Equity Style Factors:
Are the values green for a specific Column? If so then the market reflects the corresponding GRID behavior.
Bottom 5 Equity Style Factors:
Are the values red for a specific Column? If so then the market reflects the corresponding GRID behavior.
So if we have Goldilocks as current regime we would see green values in the Top 5 Goldilocks Cells and red values in the Bottom 5 Goldilocks Cells.
You will find that Reflation will look similar, as it is also a sign of Economic Growth.
Same is the case for the two Contraction regimes.
Furthermore the ๐๐ช๐ป๐ด๐ฎ๐ฝ ๐๐ฎ๐ป๐ฏ๐ธ๐ป๐ถ๐ช๐ท๐ฌ๐ฎ ๐ฃ๐ช๐ซ๐ต๐ฎ provides the Correlation Implied Trend for the Asset on the Chart. Lastly it provides information about current "RISK ON" or "RISK OFF" periods.
Methodology:
๐๐ช๐ป๐ด๐ฎ๐ฝ ๐๐ฎ๐ป๐ฏ๐ธ๐ป๐ถ๐ช๐ท๐ฌ๐ฎ ๐ฃ๐ช๐ซ๐ต๐ฎ tracks the 15 underlying Stock ETF's to identify their performance and puts the combined performances together to visualize 42MACRO's GRID Equity Model.
For this it uses the below ETF's:
- Dividends (SPHD)
- Low Beta (SPLV)
- Quality (QUAL)
- Defensives (DEF)
- Growth (IWF)
- High Beta (SPHB)
- Cyclicals (IYT, IWN)
- Value (IWD)
- Small Caps (IWM)
- Mid Caps (IWR)
- Mega Cap Growth (MGK)
- Size (OEF)
- Momentum (MTUM)
- Large Caps (IWB)
Overall Settings:
The main time values you want to change are:
- Correlation Length
- Defines the time horizon for the Correlation Table - ROC Period
- Defines the time horizon for the Performance Table - Normalization lookback
- Defines the time horizon for the Trend calculation of the ETF's
- For longer term Trends over weeks or months a length of 50 is usually pretty accurate
Visuals:
There is a variety of options to change the visual settings of what is being plotted and the two table positions and additional considerations.
Everything that is relevant in the underlying logic that can help comprehension can be visualized with these options.
Market Correlation:
The Market Correlation Table takes the Correlation of the above ETF's to the Asset on the Chart, it furthermore uses the Normalized KAMA Oscillator by IkkeOmar to analyse the current trend of every single ETF.
It then Implies a Correlation based on the Trend and the Correlation to give a probabilistically adjusted expectation for the future Chart Asset Movement. This is strengthened by taking the average of all Implied Trends.
With this the Correlation Table provides valuable insights about probabilistically likely Movement of the Asset, for Traders and Investors alike, over the defined time duration.
Market Performance:
๐๐ช๐ป๐ด๐ฎ๐ฝ ๐๐ฎ๐ป๐ฏ๐ธ๐ป๐ถ๐ช๐ท๐ฌ๐ฎ ๐ฃ๐ช๐ซ๐ต๐ฎ is the actual valuable part of this Indicator.
It provides valuable information about the current market environment (whether it's risk on or risk off), the rough GRID models from 42MACRO and the actual market performance.
This allows you to obtain a deeper understanding of how the market works and makes it simple to identify the actual market direction.
Utility:
The ๐๐ช๐ป๐ด๐ฎ๐ฝ ๐๐ฎ๐ป๐ฏ๐ธ๐ป๐ถ๐ช๐ท๐ฌ๐ฎ ๐ฃ๐ช๐ซ๐ต๐ฎ is divided in 4 Sections which are the GRID regimes:
Economic Growth:
- Goldilocks
- Reflation
Economic Contraction: - Inflation
- Deflation
Top 5 Equity Style Factors:
Are the values green for a specific Column? If so then the market reflects the corresponding GRID behavior.
Bottom 5 Equity Style Factors:
Are the values red for a specific Column? If so then the market reflects the corresponding GRID behavior.
So if we have Goldilocks as current regime we would see green values in the Top 5 Goldilocks Cells and red values in the Bottom 5 Goldilocks Cells.
You will find that Reflation will look similar, as it is also a sign of Economic Growth.
Same is the case for the two Contraction regimes.
Release Notes
Improved Standard Visual LayoutRelease Notes
Improved UI for better User experience and more intuitive handlingRelease Notes
This little update makes it possible to hide either or both tables for better organization.Release Notes
Improved upon the Visuals of the Code and made it possible to change the size of the table textRelease Notes
Updated some of the Code and optimized precisionOpen-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.
No statements or claims aim to be financial advice,
neither are any signals from us or our indicators.
Want to learn Trading, Investing or system building?
Join the Community via Discord or Website! ๐
discord.gg/FMZDM3bZ9T
neither are any signals from us or our indicators.
Want to learn Trading, Investing or system building?
Join the Community via Discord or Website! ๐
discord.gg/FMZDM3bZ9T
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.