The "Godmode Indicator" is a tool designed initially to provide Bitcoin ($BTC) support & resistance to cryptocurrency.
In this thinkscript adaptation, it plots S&P 500 ($SPY) support & resistance levels onto your instrument's chart.
Perfect for traders who thrive on spotting opportunities in trend alignment or divergences, and provides a friendly reminder: always stay alert for the broader market context.
The original Tradingview script can be found:
https://www.tradingview.com/script/xP4FsDqA-Godmode-4-0-2-Supply-Demand/
The new ThinkOrSwim code can be found below.
In this thinkscript adaptation, it plots S&P 500 ($SPY) support & resistance levels onto your instrument's chart.
How It Works:
- Reversion Traders' Perspective: When highly liquid ETFs or market maker stocks are below $SPY support, it could signal a reversal opportunity. Just keep in mind that it may also hint at a market correction or an asset diverging from $SPY due to other influences (think oil or other uncorrelated sectors).
- Trend/Momentum Traders' Perspective: For trend followers, this indicator emphasizes trading when your instrument is above the $SPY support levels and not at resistance levels. —because, as the saying goes, “The trend is your friend.”
Perfect for traders who thrive on spotting opportunities in trend alignment or divergences, and provides a friendly reminder: always stay alert for the broader market context.
The original Tradingview script can be found:
https://www.tradingview.com/script/xP4FsDqA-Godmode-4-0-2-Supply-Demand/
The new ThinkOrSwim code can be found below.
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