Plots Futures Curve: Futures contract prices over the next 3.5 years; to easily visualize Backwardation Vs Contango(carrying charge) markets. Carrying charge (contract prices increasing into the future) = normal, representing the costs of carrying/storage of a commodity. When this is flipped to Backwardation(As the above; contract prices decreasing into the future): it's a bullish sign: Buyers want this commodity, and they want it NOW.
Note: indicator does not map to time axis in the same way as price; it simply plots the progression of contract months out into the future; left to right; so timeframe DOESN'T MATTER for this plot
TO UPDATE (every year or so): in REQUEST CONTRACTS section, delete old contracts (top) and add new ones (bottom). Then in PLOTTING section, Delete old contract labels (bottom); add new contract labels (top); adjust the X in 'bar_index-(X+_historical)' numbers accordingly
This is one of several similar Futures Curve indicators: Meats | Metals | Grains | VIX | Crude Oil If you want to build from this; to work on other commodities; be aware that Tradingview limits the number of contract calls to 40 (hence the multiple indicators)
Tips: -Right click and reset chart if you can't see the plot; or if you have trouble with the scaling. -Right click and add to new scale if you prefer this not to overlay directly on price. Or move to new pane below. -If this takes too long to load (due to so many security calls); comment out the more distant future half of the contracts; and their respective labels. Or comment out every other contract and every other label if you prefer.