Modified Mannarino Market Risk Indicator MMMRI was developed by "Nobody Special Finance" as an enhancement to the original MMRI developed by Gregory Mannarino. The original and modified version were created as a way to gauge current level of risk in the market. This published indicator includes both versions along with ability to customize the symbols, denominators, and ratio factors that are used within their formulas. Additional options have been included to colorize the candles, plot, and level fills, as well as the option to show or hide a table containing the realtime values for both versions, along with the current dollar strength and 10Y yield.
Levels of market risk are denoted by dashed lines which represent the following levels: 0-50 slight risk, 50-100 low risk, 100-200 moderate risk, 200-300 high risk, 300+ extreme risk. The plot displays whichever of the following two formulas has been selected in the indicator settings, the default choice has been set to MMMRI:
NOTICE: This is an example script and not meant to be used as an actual strategy. By using this script or any portion thereof, you acknowledge that you have read and understood that this is for research purposes only and I am not responsible for any financial losses you may incur by using this script!
Versionsinformation
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Revision 1
For weekly or higher timeframes using default settings the realtime values for MMRI and MMMRI should match the realtime values that are published on the Mannarino Market Risk Indicator site.
For lower than weekly timeframes using default settings the realtime values for MMRI and MMMRI will not match the realtime values that are published on the Mannarino Market Risk Indicator site.
For intraday timeframes added resolution check on security requests to prevent "unsupported resolution" errors. Any symbols with unsupported resolutions at those lower timeframes are now substituted with 1 day resolution requests.
@RedKTrader, thank you for your interest, encouragement, and coins!
KioseffTrading
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Very cool!
allanster
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@KioseffTrading, thanks for the kind words and gift, greatly appreciated!
PineCoders
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allanster
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@PineCoders, thank you for the gift, much appreciated!
PineCoders
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