Trading Psychology - Fear & Gree…: Free TradingView Indicator (Pine Script)

Add It to Your TradingView Chart

1Copy the scriptPress Copy script above, or the copy button on the code below.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.

Source Code

194 lines of Pine Script v5 from signal-ext/fg-cycle.pine, published under MPL-2.0. Keep the author's credit and licence lines when you reuse it.

fg-cycle.pine

//@version=5
// ══════════════════════════════════════════════════════════════════════════════════════════════════ //
//# * ══════════════════════════════════════════════════════════════════════════════════════════════
//# *
//# * Study       : Trading Psychology - Fear & Greed Index by DGT
//# * Author      : © dgtrd
//# *
//# * Revision History
//# *  Release    : Jul 21, 2020
//# *  Update     : Apr 09, 2021 : Added ability to display Current Time Frame's Fear and Greed Index
//# *  Update     : Apr 09, 2022 : Added Price Candle display option with Fear & Greed weighted risk levels 
//# *
//# * ══════════════════════════════════════════════════════════════════════════════════════════════
// ══════════════════════════════════════════════════════════════════════════════════════════════════ //

indicator('Trading Psychology - Fear & Greed Index by DGT', 'F&G CYCLE ʙʏ DGT ☼☾', false, max_bars_back=252)

// -Inputs ====================================================================================== //

display = input.string('Fear & Greed Index', 'Display as', options=['Price Candles', 'Fear & Greed Index'])
smoothLength = input.int(5, 'RMA Smoothing Length', minval=1, maxval=13)
faster = input(false, 'Fear & Greed Index : Calculation with Faster Legths')
daily = input(false, 'Display Daily Time Frame Calculated Value')
lagendDesc = input(true, 'Show Color Legend')
hLabel = input(false, 'Hide Statistical Label')


fastLength = faster ? 13 : 21
slowLength = faster ? 89 : 144

// -Calculations ================================================================================ //

pmacd = (close / ta.ema(close, slowLength) - 1) * 100
pmacd_d = request.security(syminfo.tickerid, 'D', pmacd, barmerge.gaps_off, barmerge.lookahead_on)

ror = (close - close[slowLength]) / close[slowLength] * 100
ror_d = request.security(syminfo.tickerid, 'D', ror, barmerge.gaps_off, barmerge.lookahead_on)

accDist = close == high and close == low or high == low ? 0 : (2 * close - low - high) / (high - low)
nzVolume = nz(volume)
moneyFlow = math.sum(accDist * nzVolume, fastLength) / math.sum(nzVolume, fastLength) * 100

accDist_d = request.security(syminfo.tickerid, 'D', accDist, barmerge.gaps_off, barmerge.lookahead_on)
nzVolume_d = request.security(syminfo.tickerid, 'D', nzVolume)
moneyFlow_d = math.sum(accDist_d * nzVolume_d, fastLength) / math.sum(nzVolume_d, fastLength) * 100

vix = request.security('VIX', timeframe.period, -(close / ta.ema(close, slowLength) - 1) * 100, barmerge.gaps_off, barmerge.lookahead_on)
vix_d = request.security('VIX', 'D', -(close / ta.ema(close, slowLength) - 1) * 100, barmerge.gaps_off, barmerge.lookahead_on)

gold = request.security('GOLD', timeframe.period, -(1 - close[fastLength] / close) * 100, barmerge.gaps_off, barmerge.lookahead_on)
gold_d = request.security('GOLD', 'D', -(1 - close[fastLength] / close) * 100, barmerge.gaps_off, barmerge.lookahead_on)

cycle_raw = nzVolume ? math.avg(pmacd, ror, moneyFlow, vix, gold) : math.avg(pmacd, ror, vix, gold)
cycle_raw_d = nzVolume_d ? math.avg(pmacd_d, ror_d, moneyFlow_d, vix_d, gold_d) : math.avg(pmacd_d, ror_d, vix_d, gold_d)

cycle = ta.rma(cycle_raw, smoothLength)
cycle_d = ta.rma(cycle_raw_d, smoothLength)

f_getText(_cycle) =>
    if _cycle > 73
        'Extreame Greed'
    else if _cycle > 33
        'Greed'
    else if _cycle < -25
        'Fear'
    else if _cycle < -41
        'Extreame Fear'
    else
        'Neutral'

f_getColor(_cycle) =>
    if _cycle >= 73
        #006400
    else if _cycle >= 63 and _cycle < 73
        #007439
    else if _cycle >= 52 and _cycle < 63
        #008368
    else if _cycle >= 41 and _cycle < 52
        #009096
    else if _cycle >= 30 and _cycle < 41
        #009bbf
    else if _cycle >= 20 and _cycle < 30
        #00a4df
    else if _cycle >= 10 and _cycle < 20
        #00a4df
    else if _cycle >= 5 and _cycle < 10
        #65a095
    else if _cycle < -5 and _cycle >= -10
        #b7b763
    else if _cycle < -10 and _cycle >= -15
        #fafa6e
    else if _cycle < -15 and _cycle >= -20
        #fecb35
    else if _cycle < -20 and _cycle >= -25
        #ff9800
    else if _cycle < -25 and _cycle >= -31
        #ff7434
    else if _cycle < -31 and _cycle >= -37
        #ff5252
    else if _cycle < -37 and _cycle >= -41
        #c72e29
    else if _cycle < -41
        #910000
    else
        #92928f

f_getColor1(_cycle) =>
    if _cycle >= 73
        #910000
    else if _cycle >= 63 and _cycle  <  73
        #c72e29
    else if _cycle >= 52 and _cycle  <  63
        #ff5252
    else if _cycle >= 41 and _cycle  <  52
        #ff7434
    else if _cycle >= 30 and _cycle  <  41
        #ff9800
    else if _cycle >= 20 and _cycle  <  30
        #fecb35
    else if _cycle >= 10 and _cycle  <  20
        #fafa6e
    else if _cycle >= 5  and _cycle  <  10
        #b7b763
    else if _cycle < -5  and _cycle >= -10
        #65a095
    else if _cycle < -10 and _cycle >= -15
        #00a4df
    else if _cycle < -15 and _cycle >= -20
        #00a4df
    else if _cycle < -20 and _cycle >= -25
        #009bbf
    else if _cycle < -25 and _cycle >= -31
        #009096
    else if _cycle < -31 and _cycle >= -37
        #008368
    else if _cycle < -37 and _cycle >= -41
        #007439
    else if _cycle < -41 
        #006400
    else
        #92928f

// -Plotting ==================================================================================== //

fgColor = daily ? f_getColor(cycle_d) : f_getColor(cycle)
plot(display == 'Fear & Greed Index' ? daily ? cycle_d : cycle : na, 'Psychology of The Market Cycle - Index Display', fgColor, 2)

var label fgiLabel = na
if not hLabel
    fgiLabel := label.new(time + math.round(ta.change(time) * 7), display == 'Price Candles' ? close : daily ? cycle_d : cycle, (daily ? '*Daily' : 'Daily') + ' Time Frame : ' + f_getText(cycle_d) + ' : ' + 
                             str.tostring(math.round(cycle_d, 2)) + '%\n' + (daily ? 'Current' : '*Current') + ' Time Frame (' + timeframe.period + ') : ' + f_getText(cycle) + ' : ' + 
                             str.tostring(math.round(cycle, 2)) + '%', xloc.bar_time, tooltip='Psychology of The Market Cycle by DGT\n\n' + 'Fear & Greed Index :\nDaily Time Frame : ' + f_getText(cycle_d) + ' : ' + 
                             str.tostring(math.round(cycle_d, 2)) + '%\nCurrent Time Frame (' + timeframe.period + ') : ' + f_getText(cycle) + ' : ' + 
                             str.tostring(math.round(cycle, 2)) + '%' + '%\n\nReference Sources : ' + '\n-------------------------------------------------------------------' + 
                             '\n 1 - Price Convergence/Divergence to/from its Moving Average (' + str.tostring(slowLength) + ') :\n     Daily TF ' + str.tostring(math.round(pmacd_d, 2)) + '% / Current TF ' + str.tostring(math.round(pmacd, 2)) + '%' + 
                             '\n 2 - Rate of Return (Momentum/RoC), Length (' + str.tostring(slowLength) + ') :\n     Daily TF ' + str.tostring(math.round(ror_d, 2)) + '% / Current TF ' + str.tostring(math.round(ror, 2)) + '%' + 
                             '\n 3 - Chaikin Money Flow, Length (' + str.tostring(fastLength) + ') :\n     Daily TF ' + str.tostring(math.round(moneyFlow_d, 2)) + '% / Current TF ' + str.tostring(math.round(moneyFlow, 2)) + '% \n      ps: cmf calculated only if volume data is provided' + 
                             '\n 4 - VIX - Volatility (Fear) Index, Length (' + str.tostring(slowLength) + ') :\n     Daily TF ' + str.tostring(math.round(vix_d, 2)) + '% / Current TF ' + str.tostring(math.round(vix, 2)) + '%' + 
                             '\n 5 - Safe Haven Demand - Gold Demand, Length (' + str.tostring(fastLength) + ') :\n     Daily TF ' + str.tostring(math.round(gold_d, 2)) + '% / Current TF ' + str.tostring(math.round(gold, 2)) + '%' + 
                             '\n\nWarren Buffett’s quote, buy when others are fearful, and sell when others are greedy', color=color.new(color.gray, 85), style=label.style_label_left, textcolor=color.gray, textalign=text.align_left)

label.delete(fgiLabel[1])

var o = 0., var h = 0., var l = 0., var c = 0.

if display == 'Price Candles'
    o := open, h := high, l := low, c := close

fgColor := daily ? f_getColor1(cycle_d) : f_getColor1(cycle)

if display == 'Fear & Greed Index'
    fgColor := na

plotcandle(o, h, l, c, 'Psychology of The Market Cycle - Price Display', fgColor, fgColor, bordercolor = fgColor)

var table logo = table.new(position.bottom_right, 1, 1)
table.cell(logo, 0, 0, "☼☾  ", text_size = size.normal, text_color = color.teal)


var table legend = table.new(position.middle_right   , 1, 5)

if lagendDesc
    if display == 'Price Candles'
        table.cell(legend, 0, 0, "Max Opportunity █", text_size = size.small, text_color = #006400, text_halign = text.align_right)
        table.cell(legend, 0, 1, "Opportunity █", text_size = size.small, text_color = #008368, text_halign = text.align_right)
        table.cell(legend, 0, 2, "Neutral █", text_size = size.small, text_color = #92928f, text_halign = text.align_right)
        table.cell(legend, 0, 3, "Risk █", text_size = size.small, text_color = #ff7434, text_halign = text.align_right)
        table.cell(legend, 0, 4, "Max Rsik █", text_size = size.small, text_color = #910000, text_halign = text.align_right)
    else
        table.cell(legend, 0, 0, "Extreame Greed █", text_size = size.small, text_color = #006400, text_halign = text.align_right)
        table.cell(legend, 0, 1, "Greed █", text_size = size.small, text_color = #008368, text_halign = text.align_right)
        table.cell(legend, 0, 2, "Neutral █", text_size = size.small, text_color = #92928f, text_halign = text.align_right)
        table.cell(legend, 0, 3, "Fear █", text_size = size.small, text_color = #ff7434, text_halign = text.align_right)
        table.cell(legend, 0, 4, "Extreame Fear █", text_size = size.small, text_color = #910000, text_halign = text.align_right)

Overview

Trading Psychology - Fear & Greed Index by DGT offers display options for the raw index value or price candles scaled by the index level. Smoothing via RMA, faster or standard calculation lengths, and daily timeframe values are configurable. The indicator renders in a dedicated pane beneath the main price chart with optional color legend and statistical labels.

Fear & Greed Index
RMA Smoothing
Faster Lengths
Daily Timeframe Value
Price Candle Display

Details

Published by

f-cksociety on GitHub

Type

Indicator, Pine Script v5

Draws

Separate pane below the chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

Reads higher-timeframe data with lookahead on, so the history can show signals that were not there in real time

File

signal-ext/fg-cycle.pine

Repository

github.com/f-cksociety/backtesting-trading-engine-pinecoders. See its other scripts in the library

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

Setting	Type	Default	Variable
Display as	`string`	`Fear & Greed Index`	`display`
RMA Smoothing Length	`int`	`5`	`smoothLength`
Fear & Greed Index : Calculation with Faster Legths	`bool`	`false`	`faster`
Display Daily Time Frame Calculated Value	`bool`	`false`	`daily`
Show Color Legend	`bool`	`true`	`lagendDesc`
Hide Statistical Label	`bool`	`false`	`hLabel`

Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.

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