PROTECTED SOURCE SCRIPT
Market Sentiment Fans [CosmonautC]
With these fans you can determine market sentiment.
Key assumption behind this is that traders are momentum focused so that majority of trades are in confluence with MA crosses.
Orange == Current trend is in bad condition and retail most likely in dire drawdown, capitulation
Red == Current trend is either flip floppy (chop) or approaching to go towards drawdown and push retail into heavy drawdown
Green == Choppy trend or approaching towards profitability for majority of retail traders
Lime (light green) = Majroity of retail in profit, euphoria
Added so you can change MA lookbacks, MA types, slope of the baseline as well as spread of the fan
Enjoy!
Key assumption behind this is that traders are momentum focused so that majority of trades are in confluence with MA crosses.
Orange == Current trend is in bad condition and retail most likely in dire drawdown, capitulation
Red == Current trend is either flip floppy (chop) or approaching to go towards drawdown and push retail into heavy drawdown
Green == Choppy trend or approaching towards profitability for majority of retail traders
Lime (light green) = Majroity of retail in profit, euphoria
Added so you can change MA lookbacks, MA types, slope of the baseline as well as spread of the fan
Enjoy!
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