OPEN-SOURCE SCRIPT
10Y–2Y Treasury Yield Curve Spread & MES % Change
📝 Description:
This indicator tracks the U.S. 10-Year minus 2-Year Treasury yield spread — a powerful macroeconomic signal often used by professional traders to gauge market sentiment and recession risk — and overlays an optional MES % change line to help intraday futures traders spot macro–price divergences in real time.
Features:
🏦 Plots the 10Y–2Y spread, with optional EMA smoothing.
📉 Highlights yield curve inversion (background turns red when spread < 0).
📊 Optional MES % change line from daily or RTH open for directional bias.
🔔 Alert conditions for:
Yield curve inversion / un-inversion.
Sudden spread spikes in basis points (customizable).
🧮 Optional correlation plot to visualize relationship strength between MES and the yield curve.
🧭 Z-score normalization allows both series to be viewed in one pane without scaling issues.
Why it matters:
A falling or inverted 2s10s spread often signals risk-off behavior and pressure on equities.
A steepening curve tends to support risk-on rallies.
Divergences between MES price action and the spread can provide early warning signals of reversals or fakeouts.
Best used with:
MES (MES1!) or MYM charts for intraday & swing bias.
Fed event days, CPI/NFP, or any macro-sensitive sessions.
VWAP or structure-based intraday trading strategies.
⚠️ Note: This indicator is for informational purposes only and does not constitute financial advice. Always combine macro context with your own trade plan and risk management.
This indicator tracks the U.S. 10-Year minus 2-Year Treasury yield spread — a powerful macroeconomic signal often used by professional traders to gauge market sentiment and recession risk — and overlays an optional MES % change line to help intraday futures traders spot macro–price divergences in real time.
Features:
🏦 Plots the 10Y–2Y spread, with optional EMA smoothing.
📉 Highlights yield curve inversion (background turns red when spread < 0).
📊 Optional MES % change line from daily or RTH open for directional bias.
🔔 Alert conditions for:
Yield curve inversion / un-inversion.
Sudden spread spikes in basis points (customizable).
🧮 Optional correlation plot to visualize relationship strength between MES and the yield curve.
🧭 Z-score normalization allows both series to be viewed in one pane without scaling issues.
Why it matters:
A falling or inverted 2s10s spread often signals risk-off behavior and pressure on equities.
A steepening curve tends to support risk-on rallies.
Divergences between MES price action and the spread can provide early warning signals of reversals or fakeouts.
Best used with:
MES (MES1!) or MYM charts for intraday & swing bias.
Fed event days, CPI/NFP, or any macro-sensitive sessions.
VWAP or structure-based intraday trading strategies.
⚠️ Note: This indicator is for informational purposes only and does not constitute financial advice. Always combine macro context with your own trade plan and risk management.
開源腳本
本著TradingView的真正精神，此腳本的創建者將其開源，以便交易者可以查看和驗證其功能。向作者致敬！雖然您可以免費使用它，但請記住，重新發佈程式碼必須遵守我們的網站規則。
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。
開源腳本
本著TradingView的真正精神，此腳本的創建者將其開源，以便交易者可以查看和驗證其功能。向作者致敬！雖然您可以免費使用它，但請記住，重新發佈程式碼必須遵守我們的網站規則。
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。