Market Sentiment Fear and Greed [AlgoAlpha]

Key Features ๐ฏ
- ๐ง Sentiment Analysis: Calculates market sentiment using volume and price data. ๐
- ๐
Customizable Lookback Window: Adjust the lookback period to fine-tune sensitivity. ๐ง
- ๐จ Bullish and Bearish Colors: Visualize trends with customizable colors. ๐ข๐ด
- ๐ Impulse Detection: Identifies bullish and bearish impulses for trend confirmation. ๐
- ๐ Normalized Sentiment Index: Offers a normalized view of market sentiment. ๐
- ๐ Alerts: Set alerts for key sentiment changes and trend impulses. ๐จ
- ๐ข๐ด Table Visualization: Displays sentiment strength using a gradient color table. ๐๏ธ
How to Use ๐
Maximize your trading potential with this indicator by following these steps:
- ๐ Add the Indicator: Search for "Market Sentiment Fear and Greed [AlgoAlpha]" in TradingView's Indicators & Strategies. Customize settings like the lookback window and trend breakout threshold to suit your trading strategy.
- ๐ Monitor Sentiment: Watch the sentiment gauge and plot changes to detect market sentiment shifts. Use the Normalized Sentiment Index for a more balanced view.
- ๐จ Set Alerts: Enable alerts for sentiment flips and trend impulses to stay ahead of market movements.
How It Works โ๏ธ
The indicator calculates market sentiment by averaging the volume and closing prices over a user-defined lookback period, creating a sentiment score. It differentiates between bullish and bearish sentiment by evaluating whether the closing price is higher or lower than the opening price, summing the respective volumes. The true sentiment is determined by comparing these summed values, with a positive score indicating bullish sentiment and a negative score indicating bearish sentiment. The indicator further normalizes this sentiment score by dividing it by the EMA of the highest high minus the lowest low over double the lookback period, ensuring values are constrained between -1 and 1. Bullish and bearish impulses are identified using Hull Moving Averages (HMA) of the positive and negative sentiments, respectively. When these impulses exceed a calculated threshold based on the standard deviation of the sentiment, it indicates a significant trend change. The script also includes a gradient color table to visually represent the strength of sentiment, and customizable alerts to notify users of key sentiment changes and trend impulses.
Unlock deeper insights into market sentiment and elevate your trading strategy with the Market Sentiment Fear and Greed Indicator! ๐โจ
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
Untuk akses pantas pada carta, tambah skrip ini kepada kegemaran anda โ ketahui lebih lanjut di sini.
Code: EASTER25
๐จGet premium: algoalpha.io
๐Get FREE signals: discord.gg/xCmqTVRexz
โDo you have feedback or indicator ideas? Join our server to tell us about it!
Penafian
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
Untuk akses pantas pada carta, tambah skrip ini kepada kegemaran anda โ ketahui lebih lanjut di sini.
Code: EASTER25
๐จGet premium: algoalpha.io
๐Get FREE signals: discord.gg/xCmqTVRexz
โDo you have feedback or indicator ideas? Join our server to tell us about it!