MarketSmith Daily Market Indicators is designed to mimic the Daily Market Indicators tab found in MarketSmith. This tab contains 4 different secondary indicators to help gauge the health of the overall market.
This indicator allows you to choose which of the 4 indicators to show, as well as which index to pull data from, Nasdaq or NYSE. There is also a snapshot table showing the following:
# of stock advancing and up volume
# of stocks declining and down volume
# of stock unchanged and unchanged volume
# of stocks making new highs and new lows
Now let's look at the 4 indicators and how they work.
Advance/Decline Line Plots the number of advancing shares vs the number of declining shares. Heavily weighted index stocks can skew price action, this line helps reveal that and whether most stocks are aligned with the trend.
Short Term Overbought/Oversold Oscillator A 10-day moving average of the number of stocks moving up in price less the number of stocks moving down in price.
10 Day Moving Average of Up & Down Volume Two 10 day moving averages to represent the volume of all stocks. Blue line: total volume of all stocks moving up in price. Red line: the total volume of all stocks moving down in price.
10 Day Moving Average of New Highs & New Lows Two 10-day moving average to represent stocks making new highs and new lows. Blue line: The number of stocks making new price highs. Red line: The number of stocks reaching new lows.
Note this indicator is designed to work on a daily time frame chart. Data typically updates 90 minutes after the close. Data may differ from Marketsmith due to different providers, however the general trends are the same.
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Two new features in this update.
Option to see a moving average of the Advance/Decline Lines
Option to display the daily net highs/lows as a histogram
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Fixed a bug in the offset option (horizontal to vertical) for the advance decline lines.
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Update includes ability to show or hide a watermark for each different data point.
Sir, Great, Whenever the breadth data for the Indian markets will be available in TradingView. Kindly make it
Amphibiantrading
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@jeewangarg, I would love to, but unfortunately breadth data for the Indian market isn’t available
diltdr
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This is amazing, thank you!
Have you ever considered looking at a script for % stocks above a moving average per index ? (i.e. % of Nasdaq stocks above their 50 day moving average)
Amphibiantrading
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@diltdr, Thanks! No need to make that into an indicator as the data is already available. Try symbol NCFI =)
aes0n
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@Amphibiantrading, there's none for NYSE stocks above their 50-day or 200-day MA. these two charts are literally the only reason i subscribe to stockcharts! it sucks that tradingview has charts for nasdaq, s&p, russell, etc but they somehow ignore NYSE
Amphibiantrading
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@aes0n, from my understanding MMFI and MMTH are those, but maybe I’m mistaken
diltdr
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@Amphibiantrading, Thank you so much, have been looking for these for a long time and never came across that symbol!!