Custom Trading Scripts

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CTS Monthly and Weekly Bias Permission Column


This code is used to help traders understand the current market situation and decide whether it’s a good time to make trades. It looks at market forecast data and determines whether the market is in a bullish (going up), bearish (going down), or neutral (neither strongly up nor down) state. It then displays this information on a trading chart with different colors and labels.

Here’s what the code does:

1. Data Analysis:
– It considers different aspects of market forecast data to understand market trends.

2. Direction Identification:
– It checks if the market is moving upwards (bullish) or downwards (bearish) by comparing recent data with past data.

3. Categorization:
– It categorizes the market conditions based on bullish and bearish trends, and it considers different degrees of strength in these trends.

4. Permission Determination:
– It determines whether there’s permission for trading based on the categorized conditions. If there’s a strong bullish or bearish trend, there’s permission for trading. If both bullish and bearish trends are present, the code tries to determine a neutral permission if the market forecast value (`GW`) is above or below 50.

5. Label and Color Display:
– It adds labels to the chart to indicate whether it’s a good time for bullish trades, bearish trades, neutral trades, or if there’s not enough data to make a decision.
– Different colors are used for these labels to make it easy for traders to quickly see the market sentiment.

6. Background Color Setting:
– The code also changes the background color of the chart to match the sentiment. This provides a visual representation of the market conditions while looking at the chart.

In essence, this code is like a traffic light for traders. It tells them whether they have the “green light” to make bullish or bearish trades, if the situation is “yellow” (neutral), or if they should proceed with caution due to insufficient data. It’s a tool to help traders quickly understand the market sentiment and make informed trading decisions.

Please note that this script is for educational purposes and cannot be shared due to user agreement restrictions.