Market Volatility Key: CHOP, ATR, VIX & 10Y Bond

6 paź 2024

This script builds upon existing market analysis tools by providing a comprehensive dashboard that combines the Choppiness Index (CHOP), Average True Range (ATR) with a user-selectable timeframe, VIX (Volatility Index), and the 10-year US Treasury bond price in a compact tile format. The color-coded key provides quick visual cues for market conditions—highlighting whether the market is trending or consolidating—allowing traders to make informed decisions quickly.

For example, when trading the Nasdaq (NQ), you might use this indicator to help manage your scalping trades. If you trade on a 10-minute chart but set the ATR timeframe to 1 minute, it helps identify whether there is enough price movement to justify entering a trade. If the ATR is less than 10, it suggests there's not enough range for scalping opportunities, and you may choose to stay out of the trade.

This expanded indicator integrates and enhances existing concepts to deliver a well-rounded view of volatility, trend strength, and market conditions all in one glance, making it an essential tool for both trend-following and scalping strategies.

8 sty

Informacje o Wersji

Added BTC and MAG7 prices

16 sty

Informacje o Wersji

Title: Market Volatility Key: CHOP, ATR, VIX, 10Y Bond, BTC, DXY & MAG 7
Description:
This script is a comprehensive market analysis tool designed to help traders monitor key volatility metrics and asset movements in real time. It combines several widely-used indicators and assets into a single, easy-to-read panel.

Key Features:
Choppiness Index (CHOP): Measures market consolidation or trending conditions.
Values below 38.2 indicate strong trends.
Values above 61.8 indicate high consolidation.
Average True Range (ATR): Customizable across multiple timeframes, it measures market volatility.
Volatility Index (VIX): Tracks the CBOE Volatility Index, often referred to as the "fear gauge."
10-Year US Treasury Bond (10Y): Displays the current price of the US 10-year bond.
Bitcoin (BTC): Tracks BTC/USD price and displays directional arrows for price changes:
▲ Uptrend
▼ Downtrend
→ Sideways
Dollar Index (DXY): Tracks the US Dollar Index value along with directional arrows for its movements.
MAG 7 Index: A custom index averaging the prices of seven key stocks:
Microsoft (MSFT)
Apple (AAPL)
Alphabet (GOOGL)
Amazon (AMZN)
Tesla (TSLA)
Meta (META)
NVIDIA (NVDA)
Displays directional arrows (▲, ▼, →) based on index movement.
Visuals:
Data is presented in a color-coded table to simplify interpretation:
CHOP value changes color depending on its range:
Green: Strong trend
Red: High consolidation
Blue: Neutral zone
Directional arrows (▲, ▼, →) are added for BTC, DXY, and MAG 7 to show price direction.
Customization Options:
Users can adjust the timeframe for ATR calculations.
Table positioning is fully adjustable (top, middle, bottom; left, center, right).
Intended Use:
This script provides a high-level overview of multiple market indicators and assets in one place, making it ideal for tracking volatility and asset correlations. It is not a standalone trading signal tool but is intended to complement other technical or fundamental analysis methods.