OPEN-SOURCE SCRIPT
S&P 500 E-Mini Tracker
This script generates a reference price for the S&P 500 ETF - SPY based on the current price of the ES contract, which is an E-Mini Futures contract representing the S&P 500 index. The indicator plots this reference price on the chart, providing a unique view of the relationship between these two popular markets.
Advantages:
Customizable Parameters:
To use it with other Stocks/ ETFs, use simple ratio math to calculate the divisor and you can customize the indicator to scale accordingly.
By using this indicator, traders can gain a deeper understanding of the relationship between the E-Mini and SPY markets, making it easier to identify trading opportunities and confirm trends.
Advantages:
- Identifies divergence between the ES and SPY prices, indicating potential trading opportunities or shifts in market sentiment.
- Confirms trends by showing the correlation between the ES and SPY prices.
- Eliminates the need for multiple charts, allowing traders to focus on a single screen and make more informed decisions.
Customizable Parameters:
- Color Scheme: Choose from various color options to customize the appearance of the indicator.
- Line Style: Select from different line styles to change the visual representation of the reference price.
- Divisor: Set the dividing factor to adjust the ratio at which the reference price is calculated. (Default value: 10). It is recommended to keep it at 10 for SPY.
To use it with other Stocks/ ETFs, use simple ratio math to calculate the divisor and you can customize the indicator to scale accordingly.
By using this indicator, traders can gain a deeper understanding of the relationship between the E-Mini and SPY markets, making it easier to identify trading opportunities and confirm trends.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Visit snowflaketrader.com to get access to Free & Premium resources for Traders
Email : support@snowflaketrader.com
WhatsApp (Messages Only) : +1 341 345 8266
Discord : snowflaketrader
Email : support@snowflaketrader.com
WhatsApp (Messages Only) : +1 341 345 8266
Discord : snowflaketrader
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Visit snowflaketrader.com to get access to Free & Premium resources for Traders
Email : support@snowflaketrader.com
WhatsApp (Messages Only) : +1 341 345 8266
Discord : snowflaketrader
Email : support@snowflaketrader.com
WhatsApp (Messages Only) : +1 341 345 8266
Discord : snowflaketrader
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.