Revision of tedtalksmacro's risk-on metric. Number go up means global markets are more risk-on; number go down means more risk-off. Weights now allow you to adjust the weights of various elements of the indicator. These are exponentials with the weight being the power / 10.
I.e. setting gold's weight to 10 takes it's value ^ (10 / 10). Setting it to 5 would square root it (^5/10 = ^1/2) while 20 would square it (^20/10 = ^2).
A green line means "riskONess" has gone up in the last day, red means down.
Resolution minimum for the indicator is 1D due to TradingView's limitations.
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Uncapped weights. Negative weights will effectively let you treat them as inverse elements (GOLD is risk-off, but a -10 weight would treat it as risk on).
Also option for EMA.
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V3 allows you to select up to 8 elements and designate any of them as risk-on or risk-off indicators.
Weights similar, though no negative values (just turn it risk-on or risk-off)
EMA available, defaults to OFF.
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Added 2 factor slots for up to 10 factors.
Also changed line color to gray if no change in indicator value.
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Updated it to allow users to select the timeframe they want rather than fixing it at 1D.
Note: at timeframes lower than 1D, this sometimes causes the script to hang, never load, or throw an error. Haven't been able to isolate why.
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Last edit was a bit hasty, forgot to uncomment some code.
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Last of update spam. Added deviations: triangles are bullish/bearish deviations, arrows hidden bullish/bearish.
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Fixed error. Lower timeframes sometimes don't work. If so, try removing and re-adding securities individually. Looking into the what and why it's doing this.
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♦Improved UI for settings menu ♦Fixed VIX - formerly was making lower timeframes hang if used
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Typo + had RiskOn/Off switched after UI update.
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Updated to 10 default risk indicators (5 on, 5 off). Updated RiskON ribbon for better look.
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♦now allows 12 factors ♦can select whether your asset is risk on or off ♦now shows deviations between the selected asset and risk-on or risk-offness. If riskON is up and the asset is down the deviation is denoted with a "+". If RiskON is down and the asset is up, it's denoted with a "-". ♦cleaned up inputs into groups. MUCH cleaner and easier to navigate now ♦ditched old deviations as they generally registered too slowly to be actionable.
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Added bullish/bearish divergences.
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Fixed bug
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Fixed issue with candles being wrong color.
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Updated default 10 elements to extend before 2018.
Added ability to toggle between candle color being based on close > prev. close (default) or close vs open (enable "Delta Close Color")