OPEN-SOURCE SCRIPT
Biddles OIWAP-Price Spread
This indicator is the companion to my OIWAP (Open Interested-Weighted Average price) open source indicator.
In observing the OIWAP, what seemed most interesting was the distance between price and OIWAP.
This indicator plots that spread in a histogram.
It seems when price is too high above all OIWAPs, it's locally overbought (sentiment is overly bullish), and vice versa when it's too far below all OIWAPs (sentiment is overly bearish).
But I think there are more unique observations to be made beyond that - I am still in discovery phase myself.
For example: Looking at the SPX while using the ticker override to display BINANCE:BTCUSDT.P OI-Price spread data.
It works on any asset that Tradingview has OI data for. But it's also interesting to view correlated assets by using ticker override in the indicator settings (open the correlated asset w/o OI data in your chart, then set ticker override to a symbol with OI data, like the SPX example above).
>> If you find any interesting observations using it, have suggestions for improving the script, etc., hit me up on Twitter!
>>> @thalamu_
In observing the OIWAP, what seemed most interesting was the distance between price and OIWAP.
This indicator plots that spread in a histogram.
It seems when price is too high above all OIWAPs, it's locally overbought (sentiment is overly bullish), and vice versa when it's too far below all OIWAPs (sentiment is overly bearish).
But I think there are more unique observations to be made beyond that - I am still in discovery phase myself.
For example: Looking at the SPX while using the ticker override to display BINANCE:BTCUSDT.P OI-Price spread data.
It works on any asset that Tradingview has OI data for. But it's also interesting to view correlated assets by using ticker override in the indicator settings (open the correlated asset w/o OI data in your chart, then set ticker override to a symbol with OI data, like the SPX example above).
>> If you find any interesting observations using it, have suggestions for improving the script, etc., hit me up on Twitter!
>>> @thalamu_
开源脚本
本着真正的TradingView精神，此脚本的作者已将其开源，以便交易者可以理解和验证它。向作者致敬！您可以免费使用它，但在出版物中重复使用此代码受网站规则约束。 您可以收藏它以在图表上使用。
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