Omega Market Mood Meter [OmegaTools]

The Omega Market Mood Meter is a precision-built sentiment oscillator that captures the market’s emotional intensity through a multi-layered RSI system. Designed for traders who seek to align with the market's true behavioral state, it blends momentum readings with a brand-new, rarely-seen innovation: the Sentiment-Weighted Moving Average (WMA-Ω)—a trend filter that dynamically adjusts to the market’s psychological tone.

🧠 Market Mood Oscillator
At its core, the Ω 3M oscillator aggregates three RSI-based components:

RSI(9) on close — captures short-term tension;

RSI(21) on HLC3 — balances medium-term positioning;

RSI(50) on HL2 — reflects long-term directional weight.

Each input is scaled and weighted to contribute to a final oscillator centered around zero, with ±50 and ±100 acting as key sentiment boundaries. When values exceed ±100, the market is likely reaching emotional extremes—zones that often precede reversals or require caution.

Visual features include:

Dynamic Background Highlighting: automatically emphasizes extreme sentiment zones.

Reference Lines: plotted at ±100, ±50, and 0 for fast sentiment interpretation.

🔥 WMA-Ω: Sentiment-Weighted Moving Average
The standout innovation of this tool is the Weighted Market Mood Moving Average, or WMA-Ω—a proprietary calculation that averages price using the absolute value of sentiment as its weighting force. This approach gives greater importance to price during periods of strong emotional conviction (either bullish or bearish), resulting in a context-aware trend filter that reacts only when sentiment truly matters.

This technique:

Filters noise during low-volatility or indecisive conditions;

Enhances reliability by reacting to meaningful sentiment surges;

Offers a more psychologically-adjusted trend baseline compared to traditional MAs.

Visually:

When price is above WMA-Ω, a semi-transparent bullish fill highlights underlying strength;

When below, a bearish fill reveals dominant downward sentiment.

This feature is unique among public TradingView tools and provides an edge in identifying trend quality with psychological context.

✅ How to Use
Extreme Sentiment Zones (±100): Use as contrarian warning zones or signal dampeners.

Crosses of WMA-Ω: Treat these as psychological trend confirmations; price above indicates structurally bullish sentiment and vice versa.

Range-bound Bias: Between ±50, sentiment may be indecisive; watch for breakout or alignment with WMA-Ω.

Advanced Confluence: Combine with other Omega tools (e.g., Ω Bias Forecaster, Ω IV Walls) for powerful regime-based strategies.

Omega Market Mood Meter is ideal for discretionary and systematic traders who want a clean, multi-timeframe sentiment readout and a cutting-edge weighted trend engine grounded in market psychology.