Market Condition Detector

2023년 3월 7일

This script allows to change the background color of the main chart to green or red depending on the following factors:

Based on the QQQ graph whatever ticker you are watching
- Price > EMA20 Da
- Net New Highs > 0
- 10EMA Da > 20 EMA Da

When you are trading Break-Out, EP or other similar trades you will need the market at your back to improve both the winrate and the risk reward ratio.
This is a very useful tool if you struggle with the FOMO biais. It will help you detect the trend at a glance.
Remember that the top best trader are waiting for their trade to work and only after getting some traction, and only then will they take the next trade.

I also proceeded to find a formula that make the indicator be the smoother possible with the less possible amount of noise.

/!\ This indicator is intended for use on daily charts . /!\

2023년 4월 17일

릴리즈 노트

- Inputs have been arranged and cleaned
- Now possible to modify reference ticker for calculation

2023년 5월 5일

릴리즈 노트

- Changed opacity from 70 to 85
- Changed the reference ticker from QQQ to SP:SPX for better historical results

2023년 5월 5일

릴리즈 노트

- Deleted drawings on the graph, woops