Skito

OPAL - Omni

Hi, here is my Open Interest script for Market Activity analysis & chop spotting.

This indicator include : Open Interest, 6 EMAs based on OI, Regular and Hidden divergences with double pivot confirmation
OI Colors is gradient : momentums with power will turn to lighter colors, momentums without power will turn to darker colors

1) OI : Open Interest
Open interest is a measure of the Money Flow into a market.
Increasing open interest shows money coming into the market.
Decreasing open interest shows money flowing out of the market.

Calculation :
Open interest is a measure of market activity.
It's sometimes confused with volumes but it's different : OI moves on new contracts, while Volume moves on new trades/
For example, if a trader holds 100 contracts and sells it to another, OI will not change,
because there is no addition of new contracts in the market, but volume will change because 100 contracts have ben transferred.

2) EMAs & Cloud :
A bunch of 6 EMAs adapted on open interest, the last of the 6 EMAs ( EMA 6) forms a colored cloud with the OI Line
EMA 1 is the first filter for OI colors
EMA6 is the last filter for OI colors

3) Multi Divergences :
Divergence detection based on 2 pivot levels verification (taken from OPAL - Newton)
Plots Regular and Hidden Divergences
Filtered with EMA 6

4) Alerts:
Set alerts on Divergences, regular, hidden, or both
Set alerts on EMA1/EMA6 Crosses
Set alerts on OBV fast Crosses with EMA 1
Set alerts on OBV slow Crosses with EMA 6

This might help you to see when market activity is increasing or decreasing to anticipate volatility in your waves.
This is not a bounded indicator like RSI or stoch's

Stick with the trends : when market activity is rising on your side)
Everything is customizable, all the settings are unlocked

Wishing you success !

<o/

Here is the other indicator used on the chart, using the same template, based on On Balance Volumes:
Notes de version: tooltips
Script protégé
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