Meridian - Futures Context

//@version=6
// SPDX-License-Identifier: MPL-2.0
// Meridian — Futures Context · v0.2.0

indicator(
     title = "Meridian - Futures Context",
     shorttitle = "Meridian Futures Context",
     overlay = false,
     format = format.price,
     precision = 2,
     max_bars_back = 5000,
     explicit_plot_zorder = true
 )

const string G_GENERAL = "01 — General"
const string G_SESSION = "02 — Session + Baselines"
const string G_RVOL    = "03 — Participation / RVOL"
const string G_VOL     = "04 — Realized Volatility"
const string G_VWAP    = "05 — VWAP Context"
const string G_EMA     = "06 — EMA Structure"
const string G_TREND   = "07 — Trend Quality"
const string G_RS      = "08 — Intermarket"
const string G_REGIME  = "09 — Regime Engine"
const string G_PLOTS   = "10 — Supporting Plots"
const string G_THEME   = "11 — Meridian Theme"
const string G_DASH    = "12 — Dashboard + Alerts"

bool indicatorEnabled = input.bool(true, "Enable indicator", group = G_GENERAL)
string sessionTimezone = input.string("America/New_York", "Analysis time zone", group = G_GENERAL,
     tooltip = "Use an IANA time zone. America/New_York is recommended for CME index futures.")
bool classifyOutsideRTH = input.bool(false, "Classify outside RTH", group = G_GENERAL,
     tooltip = "When disabled, the dashboard reports Outside RTH while participation metrics pause. Technical metrics continue calculating.")

string rthSession = input.session("0930-1600:23456", "RTH session", group = G_SESSION)
int rthOpenHour = input.int(9, "RTH open hour", minval = 0, maxval = 23, inline = "rthopen", group = G_SESSION)
int rthOpenMinute = input.int(30, "Minute", minval = 0, maxval = 59, inline = "rthopen", group = G_SESSION)
int rthCloseHour = input.int(16, "RTH close hour", minval = 0, maxval = 23, inline = "rthclose", group = G_SESSION)
int rthCloseMinute = input.int(0, "Minute", minval = 0, maxval = 59, inline = "rthclose", group = G_SESSION)
bool excludeIncompleteSessions = input.bool(true, "Exclude incomplete RTH sessions from baselines", group = G_SESSION,
     tooltip = "Recommended. Sessions that end materially before the configured RTH close, such as many exchange holiday sessions or truncated data days, are not committed to same-time volume/range baselines.")
int baselineSessions = input.int(40, "Historical sessions", minval = 5, maxval = 60, group = G_SESSION,
     tooltip = "Number of prior completed sessions retained for each same-time chart slot.")
int minimumBaselineSamples = input.int(10, "Minimum samples before display", minval = 3, maxval = 40, group = G_SESSION)
int maximumSupportedMinutes = input.int(30, "Maximum supported chart timeframe", minval = 1, maxval = 60, group = G_SESSION,
     tooltip = "Same-time RVOL is intended for minute-based intraday charts. 1m, 5m, and 15m are recommended.")

float elevatedRvolThreshold = input.float(1.25, "Elevated bar RVOL", minval = 1.0, maxval = 5.0, step = 0.05, group = G_RVOL)
float extremeRvolThreshold = input.float(1.75, "Extreme bar RVOL", minval = 1.0, maxval = 10.0, step = 0.05, group = G_RVOL)
float elevatedCumulativeRvol = input.float(1.15, "Elevated cumulative RVOL", minval = 1.0, maxval = 5.0, step = 0.05, group = G_RVOL)
float quietRvolThreshold = input.float(0.75, "Quiet RVOL", minval = 0.1, maxval = 1.0, step = 0.05, group = G_RVOL)

int realizedVolLength = input.int(30, "Rolling return window", minval = 5, maxval = 300, group = G_VOL)
int realizedVolBaselineLength = input.int(150, "Volatility baseline length", minval = 20, maxval = 1000, group = G_VOL)
int realizedVolZLength = input.int(150, "Volatility z-score length", minval = 20, maxval = 1000, group = G_VOL)
float volatilityExpansionRatio = input.float(1.20, "Expansion ratio", minval = 1.01, maxval = 5.0, step = 0.05, group = G_VOL)
float volatilityContractionRatio = input.float(0.80, "Contraction ratio", minval = 0.1, maxval = 0.99, step = 0.05, group = G_VOL)

float vwapSource = input.source(hlc3, "VWAP source", group = G_VWAP)
int vwapSlopeLookback = input.int(5, "VWAP slope lookback", minval = 1, maxval = 100, group = G_VWAP)
int vwapCrossLookback = input.int(20, "VWAP crossing lookback", minval = 5, maxval = 200, group = G_VWAP)
float strongVwapSlopeAtr = input.float(0.12, "Strong VWAP slope (ATR)", minval = 0.01, maxval = 2.0, step = 0.01, group = G_VWAP)
float vwapRotationZ = input.float(0.55, "Rotation distance (σ)", minval = 0.1, maxval = 3.0, step = 0.05, group = G_VWAP)
int rotationCrossTarget = input.int(3, "Crosses indicating rotation", minval = 1, maxval = 20, group = G_VWAP)

float emaSource = input.source(close, "EMA source", group = G_EMA)
int emaFastLength = input.int(9, "Fast EMA", minval = 1, maxval = 200, inline = "emas", group = G_EMA)
int emaMidLength = input.int(20, "Mid EMA", minval = 2, maxval = 300, inline = "emas", group = G_EMA)
int emaSlowLength = input.int(50, "Slow EMA", minval = 3, maxval = 500, inline = "emas", group = G_EMA)
int emaSlopeLookback = input.int(5, "Slope lookback", minval = 1, maxval = 100, group = G_EMA)
float emaCompressionAtr = input.float(0.18, "Compression spread (ATR)", minval = 0.01, maxval = 3.0, step = 0.01, group = G_EMA)
float emaExpansionAtr = input.float(0.65, "Expansion spread (ATR)", minval = 0.05, maxval = 5.0, step = 0.05, group = G_EMA)

int atrLength = input.int(14, "ATR length", minval = 2, maxval = 200, group = G_TREND)
int diLength = input.int(14, "DI length", minval = 2, maxval = 100, inline = "dmi", group = G_TREND)
int adxSmoothing = input.int(14, "ADX smoothing", minval = 2, maxval = 100, inline = "dmi", group = G_TREND)
float weakAdx = input.float(17.0, "Weak ADX", minval = 1.0, maxval = 50.0, step = 0.5, inline = "adx", group = G_TREND)
float strongAdx = input.float(28.0, "Strong ADX", minval = 5.0, maxval = 80.0, step = 0.5, inline = "adx", group = G_TREND)
int efficiencyLength = input.int(20, "Directional efficiency length", minval = 2, maxval = 300, group = G_TREND)
float weakEfficiency = input.float(0.22, "Weak efficiency", minval = 0.01, maxval = 0.9, step = 0.01, inline = "eff", group = G_TREND)
float strongEfficiency = input.float(0.55, "Strong efficiency", minval = 0.05, maxval = 1.0, step = 0.01, inline = "eff", group = G_TREND)

bool enableRelativeStrength = input.bool(true, "Enable intermarket analysis", group = G_RS)
string relativeAnchorMode = input.string("Automatic", "Peer mode", options = ["Automatic", "Custom"], group = G_RS)
string customRelativeSymbol = input.symbol("CME_MINI:ES1!", "Custom primary peer", group = G_RS)
bool useSecondaryPeers = input.bool(true, "Use YM / RTY secondary peers", group = G_RS)
int relativeHorizon = input.int(5, "Return horizon (bars)", minval = 1, maxval = 100, group = G_RS)
int betaLength = input.int(100, "Rolling beta length", minval = 20, maxval = 1000, group = G_RS)
int relativeZLength = input.int(150, "Residual z-score length", minval = 20, maxval = 1000, group = G_RS)
float relativeDislocationZ = input.float(1.25, "Dislocation threshold (σ)", minval = 0.25, maxval = 5.0, step = 0.05, group = G_RS)
bool includeRelativeInRegime = input.bool(true, "Use intermarket state in regime", group = G_RS)

float directionThreshold = input.float(0.34, "Directional threshold", minval = 0.05, maxval = 0.9, step = 0.01, group = G_REGIME)
float trendThreshold = input.float(0.54, "Trend-quality threshold", minval = 0.05, maxval = 0.95, step = 0.01, group = G_REGIME)
float expansionThreshold = input.float(0.56, "Expansion threshold", minval = 0.05, maxval = 0.95, step = 0.01, group = G_REGIME)
float compressionThreshold = input.float(0.62, "Compression threshold", minval = 0.05, maxval = 0.95, step = 0.01, group = G_REGIME)
float balanceThreshold = input.float(0.58, "Balance threshold", minval = 0.05, maxval = 0.95, step = 0.01, group = G_REGIME)
float rangeExpansionRatio = input.float(1.18, "Range expansion ratio", minval = 1.01, maxval = 5.0, step = 0.05, group = G_REGIME)
float rangeCompressionRatio = input.float(0.78, "Range compression ratio", minval = 0.1, maxval = 0.99, step = 0.05, group = G_REGIME)

bool showBarRvol = input.bool(true, "Show bar RVOL histogram", group = G_PLOTS)
bool showCumulativeRvol = input.bool(true, "Show cumulative RVOL", group = G_PLOTS)
bool showRealizedVolRatio = input.bool(false, "Show realized-volatility ratio", group = G_PLOTS)
bool showRangeRatio = input.bool(false, "Show developing-range ratio", group = G_PLOTS)
float plotCap = input.float(4.0, "Visual plot cap", minval = 1.5, maxval = 20.0, step = 0.5, group = G_PLOTS,
     tooltip = "Caps extreme values visually without changing dashboard calculations or alerts.")
bool showPlotValues = input.bool(false, "Show plot values on scale/status", group = G_PLOTS)

color accentColor = input.color(#8B5CF6, "Brand / header", group = G_THEME)
color secondaryColor = input.color(#C4B5FD, "Secondary", group = G_THEME)
color participationColor = input.color(#2DD4BF, "Participation", group = G_THEME)
color volatilityColor = input.color(#FBBF24, "Volatility / warning", group = G_THEME)
color bullishColor = input.color(#2DD4BF, "Bullish", group = G_THEME)
color bearishColor = input.color(#F87171, "Bearish", group = G_THEME)
color informationColor = input.color(#38BDF8, "Information", group = G_THEME)
color pendingColor = input.color(#A1A1AA, "Pending / developing", group = G_THEME)
color warningColor = input.color(#FBBF24, "Transition / warning", group = G_THEME)
color neutralColor = input.color(#94A3B8, "Neutral", group = G_THEME)
color panelColor = input.color(#090E17, "Dashboard background", group = G_THEME)
color borderColor = input.color(#334155, "Dashboard border", group = G_THEME)
color textColor = input.color(#F8FAFC, "Dashboard text", group = G_THEME)
int cardTransparency = input.int(86, "Card transparency", minval = 70, maxval = 95, group = G_THEME)

bool showDashboard = input.bool(true, "Show context dashboard", group = G_DASH)
string dashboardTextSize = input.string("Small", "Dashboard text size", options = ["Tiny", "Small", "Normal"], group = G_DASH)
bool enableDynamicAlerts = input.bool(false, "Enable dynamic JSON alert() calls", group = G_DASH,
     tooltip = "Create an alert using Any alert() function call. Events are emitted only on confirmed bars.")
float alertRvolThreshold = input.float(2.0, "RVOL alert threshold", minval = 1.0, maxval = 20.0, step = 0.1, group = G_DASH)
float alertVolatilityRatio = input.float(1.40, "Volatility alert threshold", minval = 1.0, maxval = 10.0, step = 0.05, group = G_DASH)
float alertRelativeZ = input.float(1.75, "Relative-strength alert threshold", minval = 0.5, maxval = 10.0, step = 0.05, group = G_DASH)

f_clamp(float value, float lower, float upper) =>
    math.max(lower, math.min(upper, value))

f_safe_ratio(float numerator, float denominator) =>
    not na(numerator) and not na(denominator) and math.abs(denominator) > 1e-12 ? numerator / denominator : na

f_zscore(float source, int length) =>
    float meanValue = ta.sma(source, length)
    float deviation = ta.stdev(source, length)
    not na(deviation) and deviation > 1e-12 ? (source - meanValue) / deviation : na

f_ratio_text(float value) =>
    na(value) ? "—" : str.tostring(value, "#.##") + "×"

f_number_text(float value, string pattern) =>
    na(value) ? "—" : str.tostring(value, pattern)

f_signed_text(float value, string pattern) =>
    na(value) ? "—" : (value > 0.0 ? "+" : "") + str.tostring(value, pattern)

f_text_size(string name) =>
    switch name
        "Tiny"   => size.tiny
        "Normal" => size.normal
        "Large"  => size.large
        => size.small

f_alpha_from_strength(float strength, int lowAlpha, int highAlpha) =>
    int(math.round(f_clamp(lowAlpha - (lowAlpha - highAlpha) * strength, highAlpha, lowAlpha)))

f_histogram_color(float ratio, float quietThreshold, float elevatedThreshold, float extremeThreshold) =>
    if na(ratio)
        color.new(neutralColor, 70)
    else if ratio >= 1.0
        float denom = math.max(extremeThreshold - 1.0, 0.01)
        float strength = f_clamp((ratio - 1.0) / denom, 0.0, 1.0)
        color.new(participationColor, f_alpha_from_strength(strength, 72, 5))
    else
        float denom = math.max(1.0 - quietThreshold, 0.01)
        float strength = f_clamp((1.0 - ratio) / denom, 0.0, 1.0)
        color.new(pendingColor, f_alpha_from_strength(strength, 72, 8))

f_regime_text(int code) =>
    switch code
        2  => "Bull Expansion"
        1  => "Bull Trend"
        -1 => "Bear Trend"
        -2 => "Bear Expansion"
        3  => "Balanced Rotation"
        4  => "Compression"
        5  => "Volatility Expansion"
        9  => "Outside RTH"
        => "Transition"

f_regime_color(int code) =>
    switch code
        2  => bullishColor
        1  => bullishColor
        -1 => bearishColor
        -2 => bearishColor
        3  => accentColor
        4  => neutralColor
        5  => volatilityColor
        9  => neutralColor
        => warningColor

f_peer_metrics(float peerClose) =>
    float chartOneBar = close > 0.0 and close[1] > 0.0 ? math.log(close / close[1]) : na
    float peerOneBar = peerClose > 0.0 and peerClose[1] > 0.0 ? math.log(peerClose / peerClose[1]) : na
    float corr = ta.correlation(chartOneBar, peerOneBar, betaLength)
    float chartDev = ta.stdev(chartOneBar, betaLength)
    float peerDev = ta.stdev(peerOneBar, betaLength)
    float beta = not na(corr) and not na(peerDev) and peerDev > 1e-12 ? corr * chartDev / peerDev : na
    float chartHorizon = close > 0.0 and close[relativeHorizon] > 0.0 ? math.log(close / close[relativeHorizon]) : na
    float peerHorizon = peerClose > 0.0 and peerClose[relativeHorizon] > 0.0 ? math.log(peerClose / peerClose[relativeHorizon]) : na
    float residual = not na(beta) and not na(chartHorizon) and not na(peerHorizon) ? chartHorizon - beta * peerHorizon : na
    float residualZ = f_zscore(residual, relativeZLength)
    [residualZ, corr, beta, peerHorizon]

bool inRTH = not na(time(timeframe.period, rthSession, sessionTimezone))
int localYear = year(time, sessionTimezone)
int localMonth = month(time, sessionTimezone)
int localDay = dayofmonth(time, sessionTimezone)
int rthDateKey = localYear * 10000 + localMonth * 100 + localDay
bool newRTH = inRTH and (not inRTH[1] or rthDateKey != rthDateKey[1])

float timeframeSeconds = timeframe.in_seconds()
int timeframeMinutes = timeframe.isintraday ? int(math.round(timeframeSeconds / 60.0)) : 0
bool supportedTimeframe = timeframe.isintraday and timeframeSeconds >= 60.0 and timeframeMinutes <= maximumSupportedMinutes
int timeframeMilliseconds = supportedTimeframe ? int(timeframeSeconds * 1000.0) : 0
int rthStartTimestamp = timestamp(sessionTimezone, localYear, localMonth, localDay, rthOpenHour, rthOpenMinute)
int currentSlot = inRTH and supportedTimeframe and timeframeMilliseconds > 0 ? int(math.floor((time - rthStartTimestamp) / timeframeMilliseconds)) : -1

const int MAX_RTH_SLOTS = 500
bool validSlot = currentSlot >= 0 and currentSlot < MAX_RTH_SLOTS

var float[] slotVolumeHistory = array.new_float(MAX_RTH_SLOTS * baselineSessions, na)
var float[] slotRangeHistory = array.new_float(MAX_RTH_SLOTS * baselineSessions, na)
var float[] slotVolumeSums = array.new_float(MAX_RTH_SLOTS, 0.0)
var float[] slotRangeSums = array.new_float(MAX_RTH_SLOTS, 0.0)
var int[] slotSampleCounts = array.new_int(MAX_RTH_SLOTS, 0)
var int[] slotWriteIndices = array.new_int(MAX_RTH_SLOTS, 0)
var float[] pendingSessionVolumes = array.new_float(MAX_RTH_SLOTS, na)
var float[] pendingSessionRanges = array.new_float(MAX_RTH_SLOTS, na)
var int pendingLastSlot = -1
var bool havePendingSession = false

int rthOpenMinutes = rthOpenHour * 60 + rthOpenMinute
int rthCloseMinutes = rthCloseHour * 60 + rthCloseMinute
int rthDurationMinutes = rthCloseMinutes > rthOpenMinutes ? rthCloseMinutes - rthOpenMinutes : 24 * 60 - rthOpenMinutes + rthCloseMinutes
int expectedRthSlots = supportedTimeframe and timeframeMinutes > 0 ? int(math.ceil(float(rthDurationMinutes) / timeframeMinutes)) : 0
int expectedLastSlot = math.min(math.max(expectedRthSlots - 1, 0), MAX_RTH_SLOTS - 1)

f_commit_pending_session() =>
    bool completeEnough = pendingLastSlot >= math.max(expectedLastSlot - 1, 0)
    bool commitSession = havePendingSession and (not excludeIncompleteSessions or completeEnough)
    if commitSession
        int upperSlot = math.min(pendingLastSlot, MAX_RTH_SLOTS - 1)
        if upperSlot >= 0
            for slot = 0 to upperSlot
                float pendingVolume = array.get(pendingSessionVolumes, slot)
                float pendingRange = array.get(pendingSessionRanges, slot)
                if not na(pendingVolume) and not na(pendingRange)
                    int writeIndex = array.get(slotWriteIndices, slot)
                    int historyIndex = slot * baselineSessions + writeIndex
                    int existingCount = array.get(slotSampleCounts, slot)
                    float oldVolume = array.get(slotVolumeHistory, historyIndex)
                    float oldRange = array.get(slotRangeHistory, historyIndex)
                    if existingCount < baselineSessions
                        array.set(slotVolumeHistory, historyIndex, pendingVolume)
                        array.set(slotRangeHistory, historyIndex, pendingRange)
                        array.set(slotVolumeSums, slot, array.get(slotVolumeSums, slot) + pendingVolume)
                        array.set(slotRangeSums, slot, array.get(slotRangeSums, slot) + pendingRange)
                        array.set(slotSampleCounts, slot, existingCount + 1)
                    else
                        array.set(slotVolumeHistory, historyIndex, pendingVolume)
                        array.set(slotRangeHistory, historyIndex, pendingRange)
                        array.set(slotVolumeSums, slot, array.get(slotVolumeSums, slot) - nz(oldVolume, 0.0) + pendingVolume)
                        array.set(slotRangeSums, slot, array.get(slotRangeSums, slot) - nz(oldRange, 0.0) + pendingRange)
                    array.set(slotWriteIndices, slot, (writeIndex + 1) % baselineSessions)
    for slot = 0 to MAX_RTH_SLOTS - 1
        array.set(pendingSessionVolumes, slot, na)
        array.set(pendingSessionRanges, slot, na)
    commitSession

if newRTH
    f_commit_pending_session()
    pendingLastSlot := -1
    havePendingSession := false

int slotSamples = validSlot ? array.get(slotSampleCounts, currentSlot) : 0
float slotVolumeAverage = validSlot and slotSamples > 0 ? array.get(slotVolumeSums, currentSlot) / slotSamples : na
float slotRangeAverage = validSlot and slotSamples > 0 ? array.get(slotRangeSums, currentSlot) / slotSamples : na
bool baselineReady = validSlot and slotSamples >= minimumBaselineSamples

var float rthOpen = na
var float rthHigh = na
var float rthLow = na
var float sessionCumulativeVolume = 0.0
var float expectedCumulativeVolume = 0.0

if newRTH
    rthOpen := open
    rthHigh := high
    rthLow := low
    sessionCumulativeVolume := nz(volume, 0.0)
    expectedCumulativeVolume := nz(slotVolumeAverage, 0.0)
else if inRTH
    rthHigh := na(rthHigh) ? high : math.max(rthHigh, high)
    rthLow := na(rthLow) ? low : math.min(rthLow, low)
    sessionCumulativeVolume += nz(volume, 0.0)
    expectedCumulativeVolume += nz(slotVolumeAverage, 0.0)

float developingRange = inRTH and not na(rthHigh) and not na(rthLow) ? rthHigh - rthLow : na
float barRvol = inRTH and baselineReady ? f_safe_ratio(nz(volume, 0.0), slotVolumeAverage) : na
float cumulativeRvol = inRTH and baselineReady and expectedCumulativeVolume > 0.0 ? sessionCumulativeVolume / expectedCumulativeVolume : na
float developingRangeRatio = inRTH and baselineReady ? f_safe_ratio(developingRange, slotRangeAverage) : na

if barstate.isconfirmed and inRTH and validSlot
    array.set(pendingSessionVolumes, currentSlot, nz(volume, 0.0))
    array.set(pendingSessionRanges, currentSlot, nz(developingRange, 0.0))
    pendingLastSlot := math.max(pendingLastSlot, currentSlot)
    havePendingSession := true

var float vwapCumulativeVolume = 0.0
var float vwapCumulativePV = 0.0
var float vwapCumulativeP2V = 0.0

if newRTH
    vwapCumulativeVolume := 0.0
    vwapCumulativePV := 0.0
    vwapCumulativeP2V := 0.0

if inRTH
    float vwapBarVolume = nz(volume, 0.0)
    vwapCumulativeVolume += vwapBarVolume
    vwapCumulativePV += vwapSource * vwapBarVolume
    vwapCumulativeP2V += vwapSource * vwapSource * vwapBarVolume

float rthVwap = vwapCumulativeVolume > 0.0 ? vwapCumulativePV / vwapCumulativeVolume : na
float vwapVariance = vwapCumulativeVolume > 0.0 and not na(rthVwap) ? math.max(vwapCumulativeP2V / vwapCumulativeVolume - rthVwap * rthVwap, 0.0) : na
float vwapDeviation = math.sqrt(vwapVariance)
float vwapZ = inRTH and not na(vwapDeviation) and vwapDeviation > syminfo.mintick ? (close - rthVwap) / vwapDeviation : na

float atr = ta.atr(atrLength)
float emaFast = ta.ema(emaSource, emaFastLength)
float emaMid = ta.ema(emaSource, emaMidLength)
float emaSlow = ta.ema(emaSource, emaSlowLength)
float emaMaximum = math.max(emaFast, math.max(emaMid, emaSlow))
float emaMinimum = math.min(emaFast, math.min(emaMid, emaSlow))
float emaSpreadAtrValue = not na(atr) and atr > 0.0 ? (emaMaximum - emaMinimum) / atr : na
float emaFastSlopeAtr = not na(atr) and atr > 0.0 ? ((emaFast - emaFast[emaSlopeLookback]) / math.max(float(emaSlopeLookback), 1.0)) / atr : na

bool emaBullStack = emaFast > emaMid and emaMid > emaSlow
bool emaBearStack = emaFast < emaMid and emaMid < emaSlow
bool emaCompressed = not na(emaSpreadAtrValue) and emaSpreadAtrValue <= emaCompressionAtr
bool emaExpanded = not na(emaSpreadAtrValue) and emaSpreadAtrValue >= emaExpansionAtr

string emaState = na(emaFast) or na(emaMid) or na(emaSlow) ? "Warming Up" :
     emaCompressed ? "Compressed" :
     emaBullStack and emaExpanded and emaFastSlopeAtr > 0.0 ? "Bull Expansion" :
     emaBearStack and emaExpanded and emaFastSlopeAtr < 0.0 ? "Bear Expansion" :
     emaBullStack and close < emaFast and close >= emaMid ? "Bull Pullback" :
     emaBearStack and close > emaFast and close <= emaMid ? "Bear Pullback" :
     emaBullStack ? "Bull Stack" :
     emaBearStack ? "Bear Stack" : "Tangled"

[plusDI, minusDI, adx] = ta.dmi(diLength, adxSmoothing)
float totalPath = ta.sma(math.abs(ta.change(close)), efficiencyLength) * efficiencyLength
float directionalEfficiency = not na(totalPath) and totalPath > 0.0 ? math.abs(close - close[efficiencyLength]) / totalPath : na

float logReturn = close > 0.0 and close[1] > 0.0 ? math.log(close / close[1]) : 0.0
float realizedVariance = ta.sma(logReturn * logReturn, realizedVolLength) * realizedVolLength
float realizedVolatility = math.sqrt(math.max(nz(realizedVariance, 0.0), 0.0))
float realizedVolBaseline = ta.ema(realizedVolatility, realizedVolBaselineLength)
float realizedVolRatio = f_safe_ratio(realizedVolatility, realizedVolBaseline)
float realizedVolZ = f_zscore(realizedVolatility, realizedVolZLength)

float vwapSlopeAtrValue = inRTH and validSlot and currentSlot >= vwapSlopeLookback and not na(atr) and atr > 0.0 ? ((rthVwap - rthVwap[vwapSlopeLookback]) / math.max(float(vwapSlopeLookback), 1.0)) / atr : na
bool rawVwapCross = ta.cross(close, rthVwap)
float vwapCrossSeries = inRTH and rawVwapCross ? 1.0 : 0.0
float vwapCrossCount = ta.sma(vwapCrossSeries, vwapCrossLookback) * vwapCrossLookback

bool vwapRotating = inRTH and not na(vwapZ) and math.abs(vwapZ) <= vwapRotationZ and vwapCrossCount >= rotationCrossTarget
string vwapState = not inRTH or na(rthVwap) ? "Inactive" :
     vwapRotating ? "Rotating" :
     close > rthVwap and nz(vwapSlopeAtrValue) > 0.0 ? "Above · Rising" :
     close < rthVwap and nz(vwapSlopeAtrValue) < 0.0 ? "Below · Falling" :
     close > rthVwap ? "Above VWAP" : "Below VWAP"

bool chartIsNasdaqFuture = syminfo.root == "NQ" or syminfo.root == "MNQ"
bool chartIsSpFuture = syminfo.root == "ES" or syminfo.root == "MES"
bool chartIsDowFuture = syminfo.root == "YM" or syminfo.root == "MYM"
bool chartIsRtyFuture = syminfo.root == "RTY" or syminfo.root == "M2K"
string primaryAutoPeer = chartIsNasdaqFuture ? "CME_MINI:ES1!" : chartIsSpFuture ? "CME_MINI:NQ1!" : chartIsDowFuture ? "CME_MINI:ES1!" : chartIsRtyFuture ? "CME_MINI:ES1!" : customRelativeSymbol
string secondaryAutoPeer = chartIsNasdaqFuture or chartIsSpFuture ? "CBOT_MINI:YM1!" : "CME_MINI:NQ1!"
string tertiaryAutoPeer = chartIsRtyFuture ? "CBOT_MINI:YM1!" : "CME_MINI:RTY1!"
string primaryPeer = relativeAnchorMode == "Automatic" ? primaryAutoPeer : customRelativeSymbol

float primaryClose = request.security(primaryPeer, timeframe.period, close, gaps = barmerge.gaps_off, lookahead = barmerge.lookahead_off, ignore_invalid_symbol = true)
float secondaryClose = request.security(secondaryAutoPeer, timeframe.period, close, gaps = barmerge.gaps_off, lookahead = barmerge.lookahead_off, ignore_invalid_symbol = true)
float tertiaryClose = request.security(tertiaryAutoPeer, timeframe.period, close, gaps = barmerge.gaps_off, lookahead = barmerge.lookahead_off, ignore_invalid_symbol = true)

[primaryZ, primaryCorrelation, rollingBeta, primaryHorizonReturn] = f_peer_metrics(primaryClose)
[secondaryZRaw, secondaryCorrelation, _, secondaryHorizonReturn] = f_peer_metrics(secondaryClose)
[tertiaryZRaw, tertiaryCorrelation, _, tertiaryHorizonReturn] = f_peer_metrics(tertiaryClose)
float secondaryZ = useSecondaryPeers ? secondaryZRaw : na
float tertiaryZ = useSecondaryPeers ? tertiaryZRaw : na
float chartHorizonReturn = close > 0.0 and close[relativeHorizon] > 0.0 ? math.log(close / close[relativeHorizon]) : na

float intermarketNumerator = 0.0
float intermarketDenominator = 0.0
float correlationNumerator = 0.0
float correlationDenominator = 0.0
if not na(primaryZ)
    float quality = f_clamp(math.abs(nz(primaryCorrelation)), 0.0, 1.0)
    intermarketNumerator += primaryZ * math.max(quality, 0.25)
    intermarketDenominator += math.max(quality, 0.25)
    correlationNumerator += math.abs(nz(primaryCorrelation))
    correlationDenominator += 1.0
if not na(secondaryZ)
    float quality = f_clamp(math.abs(nz(secondaryCorrelation)), 0.0, 1.0)
    intermarketNumerator += secondaryZ * math.max(quality, 0.25)
    intermarketDenominator += math.max(quality, 0.25)
    correlationNumerator += math.abs(nz(secondaryCorrelation))
    correlationDenominator += 1.0
if not na(tertiaryZ)
    float quality = f_clamp(math.abs(nz(tertiaryCorrelation)), 0.0, 1.0)
    intermarketNumerator += tertiaryZ * math.max(quality, 0.25)
    intermarketDenominator += math.max(quality, 0.25)
    correlationNumerator += math.abs(nz(tertiaryCorrelation))
    correlationDenominator += 1.0
float relativeZ = intermarketDenominator > 0.0 ? intermarketNumerator / intermarketDenominator : na
float averagePeerCorrelation = correlationDenominator > 0.0 ? correlationNumerator / correlationDenominator : na
bool relativeReady = enableRelativeStrength and not na(relativeZ)

int positiveMarkets = (not na(chartHorizonReturn) and chartHorizonReturn > 0.0 ? 1 : 0) + (not na(primaryHorizonReturn) and primaryHorizonReturn > 0.0 ? 1 : 0) + (useSecondaryPeers and not na(secondaryHorizonReturn) and secondaryHorizonReturn > 0.0 ? 1 : 0) + (useSecondaryPeers and not na(tertiaryHorizonReturn) and tertiaryHorizonReturn > 0.0 ? 1 : 0)
int negativeMarkets = (not na(chartHorizonReturn) and chartHorizonReturn < 0.0 ? 1 : 0) + (not na(primaryHorizonReturn) and primaryHorizonReturn < 0.0 ? 1 : 0) + (useSecondaryPeers and not na(secondaryHorizonReturn) and secondaryHorizonReturn < 0.0 ? 1 : 0) + (useSecondaryPeers and not na(tertiaryHorizonReturn) and tertiaryHorizonReturn < 0.0 ? 1 : 0)
int availableMarkets = (not na(chartHorizonReturn) ? 1 : 0) + (not na(primaryHorizonReturn) ? 1 : 0) + (useSecondaryPeers and not na(secondaryHorizonReturn) ? 1 : 0) + (useSecondaryPeers and not na(tertiaryHorizonReturn) ? 1 : 0)
bool broadRiskOn = availableMarkets >= 3 and positiveMarkets >= math.ceil(availableMarkets * 0.75)
bool broadRiskOff = availableMarkets >= 3 and negativeMarkets >= math.ceil(availableMarkets * 0.75)
bool meaningfulDivergence = relativeReady and math.abs(relativeZ) >= relativeDislocationZ and nz(averagePeerCorrelation) >= 0.45
string relativeState = not enableRelativeStrength ? "Disabled" : not relativeReady ? "Warming Up" : broadRiskOn ? "Broad Risk-On" : broadRiskOff ? "Broad Risk-Off" : meaningfulDivergence and relativeZ > 0.0 ? "Leading / Diverging" : meaningfulDivergence ? "Lagging / Diverging" : relativeZ >= relativeDislocationZ ? "Leading" : relativeZ <= -relativeDislocationZ ? "Lagging" : "In Line"

float emaDirection = emaBullStack ? 1.0 : emaBearStack ? -1.0 : close >= emaMid ? 0.25 : -0.25
float vwapDirection = inRTH and not na(rthVwap) ?
     (close >= rthVwap ? 0.60 : -0.60) + (nz(vwapSlopeAtrValue) > 0.02 ? 0.40 : nz(vwapSlopeAtrValue) < -0.02 ? -0.40 : 0.0) : 0.0
float diDirection = plusDI > minusDI ? 0.70 : plusDI < minusDI ? -0.70 : 0.0
float efficiencyDirection = not na(directionalEfficiency) ?
     directionalEfficiency * (close >= close[efficiencyLength] ? 0.70 : -0.70) : 0.0
float relativeDirection = includeRelativeInRegime and relativeReady ? f_clamp(relativeZ / 2.5, -0.45, 0.45) : 0.0
float openDirection = inRTH and not na(rthOpen) ? (close >= rthOpen ? 0.35 : -0.35) : 0.0
float directionRaw = emaDirection + vwapDirection + diDirection + efficiencyDirection + relativeDirection + openDirection
float directionMaximum = 4.20
float directionScore = f_clamp(directionRaw / directionMaximum, -1.0, 1.0)

float adxScore = f_clamp((adx - weakAdx) / math.max(strongAdx - weakAdx, 0.1), 0.0, 1.0)
float efficiencyScore = f_clamp((nz(directionalEfficiency) - weakEfficiency) / math.max(strongEfficiency - weakEfficiency, 0.01), 0.0, 1.0)
float emaSeparationScore = f_clamp(nz(emaSpreadAtrValue) / math.max(emaExpansionAtr, 0.01), 0.0, 1.0)
float vwapSlopeScore = f_clamp(math.abs(nz(vwapSlopeAtrValue)) / math.max(strongVwapSlopeAtr, 0.01), 0.0, 1.0)
float trendQualityScore = adxScore * 0.35 + efficiencyScore * 0.30 + emaSeparationScore * 0.20 + vwapSlopeScore * 0.15

float volatilityExpansionScore = f_clamp((nz(realizedVolRatio) - 1.0) / math.max(volatilityExpansionRatio - 1.0, 0.01), 0.0, 1.0)
float rangeExpansionScore = f_clamp((nz(developingRangeRatio) - 1.0) / math.max(rangeExpansionRatio - 1.0, 0.01), 0.0, 1.0)
float cumulativeParticipationScore = f_clamp((nz(cumulativeRvol) - 1.0) / math.max(elevatedCumulativeRvol - 1.0, 0.01), 0.0, 1.0)
float barParticipationScore = f_clamp((nz(barRvol) - 1.0) / math.max(elevatedRvolThreshold - 1.0, 0.01), 0.0, 1.0)

float expansionNumerator = volatilityExpansionScore * 0.35
float expansionDenominator = 0.35
if not na(developingRangeRatio)
    expansionNumerator += rangeExpansionScore * 0.30
    expansionDenominator += 0.30
if not na(cumulativeRvol)
    expansionNumerator += cumulativeParticipationScore * 0.20
    expansionDenominator += 0.20
if not na(barRvol)
    expansionNumerator += barParticipationScore * 0.15
    expansionDenominator += 0.15
float expansionScore = expansionDenominator > 0.0 ? expansionNumerator / expansionDenominator : 0.0

float emaCompressionScore = 1.0 - f_clamp(nz(emaSpreadAtrValue) / math.max(emaCompressionAtr, 0.01), 0.0, 1.0)
float adxCompressionScore = 1.0 - f_clamp(adx / math.max(weakAdx, 0.1), 0.0, 1.0)
float volatilityCompressionScore = 1.0 - f_clamp((nz(realizedVolRatio) - 0.55) / math.max(1.0 - 0.55, 0.01), 0.0, 1.0)
float rangeCompressionScore = not na(developingRangeRatio) ? 1.0 - f_clamp((developingRangeRatio - 0.45) / math.max(rangeCompressionRatio - 0.45, 0.01), 0.0, 1.0) : 0.0
float efficiencyCompressionScore = 1.0 - f_clamp(nz(directionalEfficiency) / math.max(weakEfficiency, 0.01), 0.0, 1.0)
float compressionScore = emaCompressionScore * 0.30 + adxCompressionScore * 0.20 + volatilityCompressionScore * 0.20 + rangeCompressionScore * 0.15 + efficiencyCompressionScore * 0.15

float crossRotationScore = f_clamp(vwapCrossCount / math.max(rotationCrossTarget, 1), 0.0, 1.0)
float vwapNearScore = 1.0 - f_clamp(math.abs(nz(vwapZ)) / 1.50, 0.0, 1.0)
float lowEfficiencyScore = 1.0 - f_clamp(nz(directionalEfficiency) / math.max(strongEfficiency, 0.01), 0.0, 1.0)
float lowDirectionScore = 1.0 - math.abs(directionScore)
float balanceScore = crossRotationScore * 0.30 + vwapNearScore * 0.25 + lowEfficiencyScore * 0.25 + lowDirectionScore * 0.20

bool directionalEnvironment = math.abs(directionScore) >= directionThreshold
bool trendingEnvironment = trendQualityScore >= trendThreshold and directionalEnvironment
bool expandingEnvironment = expansionScore >= expansionThreshold
bool compressingEnvironment = compressionScore >= compressionThreshold
bool balancedEnvironment = balanceScore >= balanceThreshold

int regimeCode = 0
if not inRTH and not classifyOutsideRTH
    regimeCode := 9
else if compressingEnvironment and not expandingEnvironment
    regimeCode := 4
else if expandingEnvironment and directionalEnvironment
    regimeCode := directionScore > 0.0 ? 2 : -2
else if trendingEnvironment
    regimeCode := directionScore > 0.0 ? 1 : -1
else if balancedEnvironment
    regimeCode := 3
else if expandingEnvironment
    regimeCode := 5
else
    regimeCode := 0

float maximumCompetingScore = math.max(trendQualityScore, math.max(expansionScore, math.max(compressionScore, balanceScore)))
float regimeAgreement = switch regimeCode
    2  => (expansionScore + trendQualityScore + math.abs(directionScore)) / 3.0
    -2 => (expansionScore + trendQualityScore + math.abs(directionScore)) / 3.0
    1  => (trendQualityScore + math.abs(directionScore) + (1.0 - balanceScore)) / 3.0
    -1 => (trendQualityScore + math.abs(directionScore) + (1.0 - balanceScore)) / 3.0
    3  => balanceScore
    4  => compressionScore
    5  => expansionScore
    9  => 0.0
    => f_clamp(1.20 - maximumCompetingScore, 0.35, 0.72)
int regimeConfidence = int(math.round(f_clamp(regimeAgreement, 0.0, 1.0) * 100.0))
string regimeText = f_regime_text(regimeCode)
color regimeColor = f_regime_color(regimeCode)

string participationState = not inRTH ? "Inactive" :
     not baselineReady ? "Warming Up" :
     nz(barRvol) >= extremeRvolThreshold ? "Extreme" :
     nz(barRvol) >= elevatedRvolThreshold or nz(cumulativeRvol) >= elevatedCumulativeRvol ? "Elevated" :
     nz(barRvol) <= quietRvolThreshold and nz(cumulativeRvol) <= quietRvolThreshold ? "Quiet" : "Normal"

string volatilityState = na(realizedVolRatio) ? "Warming Up" :
     realizedVolRatio >= volatilityExpansionRatio ? "Expanding" :
     realizedVolRatio <= volatilityContractionRatio ? "Contracting" : "Normal"

string trendStrengthState = na(adx) ? "Warming Up" : adx >= strongAdx ? "Strong" : adx <= weakAdx ? "Weak" : "Moderate"
string rangeState = not inRTH ? "Inactive" :
     not baselineReady ? "Warming Up" :
     nz(developingRangeRatio) >= rangeExpansionRatio ? "Expanded" :
     nz(developingRangeRatio) <= rangeCompressionRatio ? "Compressed" : "Normal"

int localMinutes = hour(time, sessionTimezone) * 60 + minute(time, sessionTimezone)
string sessionPhase = not inRTH ? "Outside RTH" :
     localMinutes < 600 ? "Opening Drive" :
     localMinutes < 660 ? "Price Discovery" :
     localMinutes < 840 ? "Midday" :
     localMinutes < 900 ? "Late Session" : "Power Hour"

string relativeDetail = not relativeReady ? "No baseline" : f_signed_text(relativeZ, "#.##") + "σ · Corr " + f_number_text(averagePeerCorrelation, "#.##")
string participationDetail = "Bar " + f_ratio_text(barRvol) + " · Cum " + f_ratio_text(cumulativeRvol)
string volatilityDetail = "RV " + f_ratio_text(realizedVolRatio) + " · Z " + f_signed_text(realizedVolZ, "#.##")
string trendDetail = "ADX " + f_number_text(adx, "#.0") + " · Eff " + f_number_text(directionalEfficiency, "#.##")
string locationDetail = "VWAP Z " + f_signed_text(vwapZ, "#.##") + " · Range " + f_ratio_text(developingRangeRatio)
string regimeDetail = "Bias " + f_signed_text(directionScore * 100.0, "#.0") + " · Confidence " + str.tostring(regimeConfidence) + "%"

float cappedBarRvol = na(barRvol) ? na : math.min(barRvol, plotCap)
float cappedCumulativeRvol = na(cumulativeRvol) ? na : math.min(cumulativeRvol, plotCap)
float cappedRealizedVolRatio = na(realizedVolRatio) ? na : math.min(realizedVolRatio, plotCap)
float cappedRangeRatio = na(developingRangeRatio) ? na : math.min(developingRangeRatio, plotCap)

color barRvolColor = f_histogram_color(barRvol, quietRvolThreshold, elevatedRvolThreshold, extremeRvolThreshold)
contextPlotDisplay = showPlotValues ? display.all : display.all - display.price_scale - display.status_line
plot(indicatorEnabled and showBarRvol ? cappedBarRvol : na, "Same-time Bar RVOL", color = barRvolColor, linewidth = 1, style = plot.style_columns, histbase = 0.0, display = contextPlotDisplay)
plot(indicatorEnabled and showCumulativeRvol ? cappedCumulativeRvol : na, "Cumulative RVOL", color = participationColor, linewidth = 2, style = plot.style_linebr, display = contextPlotDisplay)
plot(indicatorEnabled and showRealizedVolRatio ? cappedRealizedVolRatio : na, "Realized Volatility Ratio", color = volatilityColor, linewidth = 2, style = plot.style_linebr, display = contextPlotDisplay)
plot(indicatorEnabled and showRangeRatio ? cappedRangeRatio : na, "Developing Range Ratio", color = secondaryColor, linewidth = 1, style = plot.style_linebr, display = contextPlotDisplay)
hline(1.0, "Normal Baseline", color = color.new(neutralColor, 55), linestyle = hline.style_dotted, linewidth = 1)

plot(directionScore, "Regime Direction Score", color = na, display = display.data_window)
plot(trendQualityScore, "Trend Quality Score", color = na, display = display.data_window)
plot(expansionScore, "Expansion Score", color = na, display = display.data_window)
plot(compressionScore, "Compression Score", color = na, display = display.data_window)
plot(balanceScore, "Balance Score", color = na, display = display.data_window)
plot(relativeZ, "Intermarket Residual Z", color = na, display = display.data_window)
plot(primaryZ, "Primary Peer Residual Z", color = na, display = display.data_window)
plot(secondaryZ, "Secondary Peer Residual Z", color = na, display = display.data_window)
plot(tertiaryZ, "Tertiary Peer Residual Z", color = na, display = display.data_window)
plot(averagePeerCorrelation, "Average Peer Correlation", color = na, display = display.data_window)
plot(vwapZ, "VWAP Z", color = na, display = display.data_window)
plot(emaSpreadAtrValue, "EMA Spread / ATR", color = na, display = display.data_window)
plot(directionalEfficiency, "Directional Efficiency", color = na, display = display.data_window)
plot(adx, "ADX", color = na, display = display.data_window)

var table dashboard = table.new(
     position.top_right,
     2,
     8,
     bgcolor = color.new(panelColor, 10),
     frame_color = color.new(borderColor, 35),
     frame_width = 1,
     border_color = color.new(borderColor, 72),
     border_width = 1)

if barstate.isfirst
    table.merge_cells(dashboard, 0, 0, 1, 0)

if barstate.islast
    bool dashboardVisible = indicatorEnabled and showDashboard
    color invisible = color.new(panelColor, 100)
    color rowBackground = dashboardVisible ? color.new(panelColor, 10) : invisible
    color alternateBackground = dashboardVisible ? color.new(panelColor, 4) : invisible
    color visibleText = dashboardVisible ? textColor : color.new(textColor, 100)
    color mutedText = dashboardVisible ? neutralColor : color.new(neutralColor, 100)
    int freshnessThresholdMs = math.max(int(timeframe.in_seconds() * 3000.0), 15 * 60 * 1000)
    bool dataStale = timenow > time_close and timenow - time_close > freshnessThresholdMs
    string dataState = barstate.isrealtime ? "LIVE" : dataStale ? "STALE / CLOSED" : "CONFIRMED"
    color dataColor = dataStale ? warningColor : barstate.isrealtime ? informationColor : neutralColor
    string participationCompact = participationState + (not na(barRvol) ? " · " + f_ratio_text(barRvol) : "")
    string trendCompact = emaState + " · " + trendStrengthState
    string locationCompact = not inRTH ? "Inactive" : vwapState + " · " + rangeState
    string regimeCompact = regimeCode == 9 ? regimeText : regimeText + " · " + str.tostring(regimeConfidence)

    table.cell(dashboard, 0, 0, "Meridian -- Futures Context", bgcolor = dashboardVisible ? color.new(accentColor, 18) : color.new(accentColor, 100), text_color = visibleText, text_size = f_text_size(dashboardTextSize), text_halign = text.align_left)
    table.cell(dashboard, 0, 1, "Regime", bgcolor = rowBackground, text_color = mutedText, text_size = f_text_size(dashboardTextSize), text_halign = text.align_left)
    table.cell(dashboard, 1, 1, regimeCompact, bgcolor = rowBackground, text_color = dashboardVisible ? regimeColor : color.new(regimeColor, 100), text_size = f_text_size(dashboardTextSize), text_halign = text.align_right)
    table.cell(dashboard, 0, 2, "Participation", bgcolor = alternateBackground, text_color = mutedText, text_size = f_text_size(dashboardTextSize), text_halign = text.align_left)
    table.cell(dashboard, 1, 2, participationCompact, bgcolor = alternateBackground, text_color = dashboardVisible ? participationColor : color.new(participationColor, 100), text_size = f_text_size(dashboardTextSize), text_halign = text.align_right)
    table.cell(dashboard, 0, 3, "Trend", bgcolor = rowBackground, text_color = mutedText, text_size = f_text_size(dashboardTextSize), text_halign = text.align_left)
    table.cell(dashboard, 1, 3, trendCompact, bgcolor = rowBackground, text_color = dashboardVisible ? (str.contains(emaState, "Bull") ? bullishColor : str.contains(emaState, "Bear") ? bearishColor : neutralColor) : invisible, text_size = f_text_size(dashboardTextSize), text_halign = text.align_right)
    table.cell(dashboard, 0, 4, "Volatility", bgcolor = alternateBackground, text_color = mutedText, text_size = f_text_size(dashboardTextSize), text_halign = text.align_left)
    table.cell(dashboard, 1, 4, volatilityState, bgcolor = alternateBackground, text_color = dashboardVisible ? (volatilityState == "Expanding" ? warningColor : neutralColor) : invisible, text_size = f_text_size(dashboardTextSize), text_halign = text.align_right)
    table.cell(dashboard, 0, 5, "Intermarket", bgcolor = rowBackground, text_color = mutedText, text_size = f_text_size(dashboardTextSize), text_halign = text.align_left)
    table.cell(dashboard, 1, 5, relativeState, bgcolor = rowBackground, text_color = dashboardVisible ? (str.contains(relativeState, "Leading") or relativeState == "Broad Risk-On" ? bullishColor : str.contains(relativeState, "Lagging") or relativeState == "Broad Risk-Off" ? bearishColor : informationColor) : invisible, text_size = f_text_size(dashboardTextSize), text_halign = text.align_right)
    table.cell(dashboard, 0, 6, "Location", bgcolor = alternateBackground, text_color = mutedText, text_size = f_text_size(dashboardTextSize), text_halign = text.align_left)
    table.cell(dashboard, 1, 6, locationCompact, bgcolor = alternateBackground, text_color = dashboardVisible ? informationColor : invisible, text_size = f_text_size(dashboardTextSize), text_halign = text.align_right)
    table.cell(dashboard, 0, 7, "Data", bgcolor = rowBackground, text_color = mutedText, text_size = f_text_size(dashboardTextSize), text_halign = text.align_left)
    table.cell(dashboard, 1, 7, dataState, bgcolor = rowBackground, text_color = dashboardVisible ? dataColor : invisible, text_size = f_text_size(dashboardTextSize), text_halign = text.align_right)

bool regimeChanged = barstate.isconfirmed and inRTH and regimeCode != regimeCode[1]
bool rvolSpike = barstate.isconfirmed and inRTH and not na(barRvol) and barRvol >= alertRvolThreshold and nz(barRvol[1], 0.0) < alertRvolThreshold
bool volatilityExpansionEvent = barstate.isconfirmed and not na(realizedVolRatio) and realizedVolRatio >= alertVolatilityRatio and nz(realizedVolRatio[1], 0.0) < alertVolatilityRatio
bool relativeDislocationEvent = barstate.isconfirmed and relativeReady and math.abs(relativeZ) >= alertRelativeZ and math.abs(nz(relativeZ[1], 0.0)) < alertRelativeZ

string dynamicEvent = regimeChanged ? "regime_change" : rvolSpike ? "rvol_spike" : volatilityExpansionEvent ? "volatility_expansion" : relativeDislocationEvent ? "relative_dislocation" : ""

if enableDynamicAlerts and str.length(dynamicEvent) > 0
    string jsonMessage = "{" +
         "\"source\":\"meridian_futures_context\"," +
         "\"version\":\"0.2.0\"," +
         "\"event\":\"" + dynamicEvent + "\"," +
         "\"symbol\":\"" + syminfo.tickerid + "\"," +
         "\"timeframe\":\"" + timeframe.period + "\"," +
         "\"regime\":\"" + regimeText + "\"," +
         "\"confidence\":" + str.tostring(regimeConfidence) + "," +
         "\"direction_score\":" + str.tostring(directionScore, "#.####") + "," +
         "\"bar_rvol\":" + str.tostring(nz(barRvol), "#.####") + "," +
         "\"cumulative_rvol\":" + str.tostring(nz(cumulativeRvol), "#.####") + "," +
         "\"realized_vol_ratio\":" + str.tostring(nz(realizedVolRatio), "#.####") + "," +
         "\"relative_z\":" + str.tostring(nz(relativeZ), "#.####") + "," +
         "\"bar_time\":" + str.tostring(time) + "}"
    alert(jsonMessage, alert.freq_once_per_bar_close)

alertcondition(regimeChanged, "Meridian — Futures regime changed", "Meridian Futures Context: the confirmed RTH regime changed.")
alertcondition(rvolSpike, "Meridian — Same-time RVOL spike", "Meridian Futures Context: same-time bar RVOL crossed the configured alert threshold.")
alertcondition(volatilityExpansionEvent, "Meridian — Realized volatility expansion", "Meridian Futures Context: rolling realized volatility crossed the configured expansion alert threshold.")
alertcondition(relativeDislocationEvent, "Meridian — Relative-strength dislocation", "Meridian Futures Context: the beta-adjusted relative residual crossed the configured z-score threshold.")