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Trader Sentiment Tool for our community


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Trader Sentiment Tool for our community

 
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,404 since Jun 2009
Thanks Given: 33,181
Thanks Received: 101,542

Guys,

I want to publish a public trader sentiment tool but first want to gather feedback from you guys:

- How to best handle multiple timeframe from users?
- Ability to choose public or private publishing, to show your username or not (if not, you also can't see anyone's name)
- Show a ES chart for starters and let people pick where they believe price will be at tomorrow's close, one week away close, one month close, six months close. Something like that.
- API so someone can write NT indicator to gather and publish data

I think you get the idea and I want to hear your thoughts on how to do this right.

Mike

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Can you help answer these questions
from other members on NexusFi?
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blackgrey45's Avatar
 blackgrey45 
Marco Island, FL
Legendary Market Wizard
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP Global
Trading: MCL ES ZN MGC E6
Frequency: Several times daily
Duration: Minutes
Posts: 761 since Jul 2022
Thanks Given: 860
Thanks Received: 905

That would be cool if there could be a poll for a specific time frame on the ES for example. Like release a poll at 9am and close it at 9:30am and ask if we think the ES will be higher at close or some other time like you said. And have a comments section for why somebody thinks what they voted. That would be a great idea and I would look at something like that often.

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Philippe56140
Rennes, France
 
Posts: 11 since Dec 2021
Thanks Given: 0
Thanks Received: 2


The best known trader sentiment is IG: https://www.dailyfx.com/sentiment
But very basic of course.

Probably start with a Circle cloud for each timeframe and/or each asset. Each cloud being greater if many votes in it.

The a click on this circle lead to a detailled page with most common targets, yesterday sentiment and all and all



Sorry about the presentation. I'm not a graphist at all ...

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Mr Nasti's Avatar
 Mr Nasti 
Orlando, FL
 
Experience: Advanced
Platform: Jigsaw, DAS Trader Pro
Trading: ZN, ZB, ES, Stocks, Options
Posts: 5 since Sep 2021
Thanks Given: 6
Thanks Received: 18

This is a very interesting idea, but challenging. The idea blackgrey45 had about a poll for higher or lower for the day is good for me (I don't hold overnights), but I would put the time it is open earlier in the day. Maybe 7:00 EST to 9:20, so anyone trading the cash opening can have a game plan together if they are going to incorporate this into it. Could be as simple as a histogram that has bins every 5 - 10 handles. The real trick would be in getting participation, because ideally you want as many guesses as possible if you want this to incorporate the "wisdom of crowds" effect.

Maybe for the higher timeframes like week, month, quarter, etc., you could run a chart off the forecasts similar to a yield curve, that shows (as the user toggles) the average, high, and low guess on a line. Even better, you could enter two dates for comparisons of the forecast lines to see how sentiment shifts based on some catalysts.

 
 kazbek966 
Turku , Finland
 
Experience: Intermediate
Platform: NinjaTrader
Trading: Futures
Posts: 74 since Oct 2021
Thanks Given: 9
Thanks Received: 20

I actually think there are already 3 excellent sentiment tools available
1. VWAP and its momentum
2. Cummulative Delta ( Session and Bar)
3. Volume Up Down

I was also working on layout incorporating either RENKO or RANGE bars series of varying size on a single chart.
For MNQ 35, 70 and 140 works really well . From what I remember for MES it would be 15, 30, 60.
Applying HalfTrend indicator on all of them gives you coloured sentiment on one chart.

I also dont see why similar concept can not be applied on daily, weekly and monthly time frames where throwing Coppock into the mix would really give additional clarity on the long term trend, but as mentioned it may not bee too helpful for day traders.

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 jerbear45 
Westminster
 
Experience: Intermediate
Platform: MT4, CQG, Trader Workstat
Trading: FOREX, Options, Futures
Posts: 1 since Sep 2017
Thanks Given: 0
Thanks Received: 1

This looks like fun, and something many traders including myself could benefit from.

Possible Dev Environment Setup:

We can do this in Python and/or C++ if any specific optimizations are required.

Install Python on your development machine if it's not already installed. You can download the latest version of Python from the official website (https://www.python.org/).

Decide whether you prefer to work with Python 2 or Python 3. I recommend using Python 3.11 as it is the latest version with ongoing support and improvements.

Set up a project directory with a logical structure to organize the code.
Create subdirectories for different components of the project, such as data collection, data analysis, user interface, and API. You could also setup a venv.

For the Data Collection:

Implement the code to fetch data from the selected data sources for the sentiment indicators (e.g. VIX, BPI, moving averages,bull/bear, etc.).

Store the collected data in a suitable database or file format for further analysis.

For the Data Analysis and Sentiment Calculation:

Develop the algorithms and calculations to analyze the collected data and derive trader sentiment indicators.
Implement functions or classes to perform moving average calculations, analyze bull/bear indicators, and calculate sentiment scores based on user-definable desired formulas.

For the User Interface Development:

Build the user interface that allows traders to select time frames, instruments, and view the trader sentiment indicators.
Perhaps, utilize libraries like Matplotlib or Plotly to create charts and graphs that present the sentiment data in an intuitive and visually appealing manner.

For the Developer API Implementation:

Design and implement the API endpoints using a framework like Flask.
Create the necessary routes and handlers to handle requests for trader sentiment data, instrument selection, and other functionalities.

You should also implement authentication and authorization mechanisms to secure the API endpoints.

These my first thoughts on some initial steps to get started with the code implementation of the Trader Sentiment tool.

Below is a skeletal python script with notes to add-in your own code in various places...

# Required libraries
import pandas as pd
import requests
from flask import Flask, jsonify

# Define data sources
vix_url = "https://api.example.com/vix"
bpi_url = "https://api.example.com/bpi"
# Add URLs for other indicators

# Function to fetch data from a URL
def fetch_data(url):
response = requests.get(url)
if response.status_code == 200:
data = response.json()
return data
else:
print("Error fetching data from", url)
return None

# Data collection
def collect_data():
vix_data = fetch_data(vix_url)
bpi_data = fetch_data(bpi_url)
# Fetch data for other indicators

# Store the collected data in a suitable format (e.g., CSV, database)
# For example, using Pandas DataFrame:
vix_df = pd.DataFrame(vix_data)
vix_df.to_csv("vix_data.csv", index=False)

bpi_df = pd.DataFrame(bpi_data)
bpi_df.to_csv("bpi_data.csv", index=False)

# Store data for other indicators

# Data analysis and sentiment calculation
def analyze_data():
# Read the collected data from CSV files (or database)
vix_df = pd.read_csv("vix_data.csv")
bpi_df = pd.read_csv("bpi_data.csv")
# Read data for other indicators

# Perform data analysis and sentiment calculation
# Add your code here to calculate sentiment indicators based on the collected data

# Store the calculated sentiment indicators in a suitable format (e.g., CSV, database)
# For example, using Pandas DataFrame:
sentiment_df = pd.DataFrame()
# Add columns and populate the DataFrame with the calculated sentiment indicators
sentiment_df.to_csv("sentiment_data.csv", index=False)

# User interface
def user_interface():
# Add code here to develop the user interface
# This can include GUI development, charting, and user interaction elements

# Developer API
app = Flask(__name__)

@app.route("/sentiment", methods=["GET"])
def get_sentiment():
# Read the calculated sentiment data from CSV files (or database)
sentiment_df = pd.read_csv("sentiment_data.csv")

# Convert the sentiment data to a JSON response
sentiment_json = sentiment_df.to_json(orient="records")

return jsonify(sentiment_json)

# Main function to run the Trader Sentiment tool
def main():
collect_data()
analyze_data()
user_interface()
app.run()

# Execute the Trader Sentiment tool
if __name__ == "__main__":
main()

Please make sure to install the required libraries (e.g. pandas, requests, flask, etc.) before running the script. You can install them using pip or other package managers.

I am usually working/trading futures day and night so if anyone has any questions it may take some time for me to respond but will check back periodically.

Ciao!

Thanked by:
 
 
forgiven's Avatar
 forgiven 
Fletcher NC
Market Wizard
 
Experience: Intermediate
Platform: nijia trader
Broker: A.M.P. I.Q. ....C.Q.G.
Trading: ym es
Frequency: Every few days
Duration: Days
Posts: 862 since Mar 2012
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Big Mike View Post
Guys,

I want to publish a public trader sentiment tool but first want to gather feedback from you guys:

- How to best handle multiple timeframe from users?
- Ability to choose public or private publishing, to show your username or not (if not, you also can't see anyone's name)
- Show a ES chart for starters and let people pick where they believe price will be at tomorrow's close, one week away close, one month close, six months close. Something like that.
- API so someone can write NT indicator to gather and publish data

I think you get the idea and I want to hear your thoughts on how to do this right.



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Most members on the forum are trying to day trade . I am not sure how helpful that indicator would be for what they are trying to accomplish . I understand the concept and its sound . A complex market breathe indicator using the NAZ , TRIN , ADVANCE/DECLINE LINE , TICK , $ BAX data inputs into one reading would be ground breaking . when day trading you are trying to I .D. a market turn or brake out interdaly . Using market breathe is how shadowtrader does it . montering all the ones referenced at the same time is not so easy . it takes hundreds of hours of screen time to look at them all separately . having one indicator ready out based on all of them would change the ball game for new inexperienced day traders .

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abev
seattle washington
 
Posts: 75 since Feb 2019
Thanks Given: 11
Thanks Received: 29


Big Mike View Post
Guys,

I want to publish a public trader sentiment tool but first want to gather feedback from you guys:

- How to best handle multiple timeframe from users?
- Ability to choose public or private publishing, to show your username or not (if not, you also can't see anyone's name)
- Show a ES chart for starters and let people pick where they believe price will be at tomorrow's close, one week away close, one month close, six months close. Something like that.
- API so someone can write NT indicator to gather and publish data

I think you get the idea and I want to hear your thoughts on how to do this right.

Mike

Sent using the NexusFi mobile app

I like the idea. My input is; keep everything as simple as possible to begin -- you'll get a ton of feedback on what it **should be**, so don't waste effort and time creating something that everyone hates (a bit of hyperbole there). E.g. using the ES as the basis for determining market sentiment is simple, tough argue against, and impossible to hate. Timeframes...mmmmm, I don't see multi timeframes (i.e. five minutes vs one hour) as a problem -- you choose the time frame as part of the question and the answers should be according to that timeframe. If by timeframe you are refering to the time zones represented by the membership, state that all times are EST or CST. Public or private is not simple. Yeah, ok, not very complicated either but to give a choice is a distraction. Worst case, make all entries public to the Futures.io membership but don't allow the API to pull personal info out of the data set.

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Last Updated on June 9, 2023


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