Today I am adding a new indicator to the Insider Bars free add-on package, called Insider Bars Spectrum.
It shows relative performance of the five US stock index futures markets at a glance:
- Dow Jones Industrial Average (YM)
- Standard & Poors 500 (ES)
- Nasdaq 100 (NQ)
- Standard & Poors Midcap 400 (EMD)
- Russell 2000 (RTY)
OF-G Suite users: Note that Insider Bars Spectrum is not the same as the SPAD AD Spectrum indicator. Insider Bars Spectrum works on price action of the futures markets, not market breadth like SPAD.
The indicator uses color to show how the various indices are performing in a very small subgraph window. A grid of squares shows performance for each for each bar on your chart.
- Blue squares indicate bullishness, with brighter blue meaning more bullish and darker blue meaning less. And the same applies with red squares and bearishness. Coloring is based on the current price within either a) the current session range, or b) the true range (taking into account the previous close.)
- The blue and red circles represent new highs and new lows for the session.
- To display all five indices, you must have data subscriptions to subscribe to both CME and CBOT Eminis (DJ futures trade on CBOT). If you only have a CME subscription, thie indicator will display the four CME indices only.
- Insider Bars Spectrum will work with pit session data or overnight data, depending on the chart symbol. It will work with any symbol (a stock, for instance) as long as you have the necessary data subscriptions.
Inputs are very simple:
- Color_Bull: Bullish gradient color
- Color_Bear: Bearish gradient color
- Color_Flat: Neutral gradient color
- Color_Symbol: Color for the symbol display at left of display
- Color_NewHIgh: Color of the new high circle
- Color_NewLow: Color of the new low circle
Many of you are probably saying, “There is so much more you could do with this!“ Yes, you are right. This is the initial release. In the months to come, more functionality will be added, including
- Volume delta comparisons among markets
- Choosing your own markets, e.g., multiple currency futures or FANG stocks, or crude oil expirations
But it does a really good job for what it does right now. I have used it every day for the past few months. So I wanted to go ahead and share it with subscribers.
Insider Bars and OF-G Suite Subscribers, look for it on the downloads page of online help.