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CTS Daily Forecast Elite Column


This column is designed to help traders identify specific trading conditions and display them on a chart with different labels and colors.

  1. Setting Up Zones:
    • The code decides on upper and lower price zones for analysis.
  2. Getting Data:
    • It looks at forecasts for different market aspects like intermediate (GW), near-term (NT), and momentum (Momo).
  3. Checking Clusters:
    • It checks if all these values are either too low or too high, forming clusters.
  4. Direction Checks:
    • It checks if values are in specific zones and moving in certain directions.
  5. Power Bars:
    • It watches for very low or very high values as “power bars.”
  6. Calculating Changes:
    • The code figures out changes over multiple bars.
  7. Labeling and Coloring:
    • It adds labels and colors to the chart based on what’s happening.
    • Different labels and colors show different situations, like possible bullish or bearish trends.
  8. Background Colors:
    • Background colors are set to match the situations, providing more visual cues.

This code helps traders identify specific situations in the market based on market forecast data and price zone analysis. It then displays these situations using labels and colors on the trading chart. The colors help traders quickly understand the market conditions and make informed decisions.

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