Breadth - % Above * MA
█ OVERVIEW
'Breadth - % Above * MA' is a script developed to measure market breadth, providing traders with a deeper understanding of the overall health of a chosen stock market or specific sector. By calculating the percentage of stocks performing above their Simple Moving Average (SMA), it offers an efficient and precise method to gauge market trends.
█ MARKET BREADTH
Market breadth is a powerful tool in technical analysis. It examines the number of securities on an upward trajectory versus those on a downward one. This indicator serves as a measure of market sentiment and assists in identifying the strength and sustainability of market trends.
█ PERCENTAGE ABOVE MOVING AVERAGE
The script's primary function is to show the percentage of stocks trading above a selected SMA. This provides valuable insight into the market's condition. For instance, a high percentage of stocks above their 200-day moving average may suggest a strong bull market. Conversely, a low percentage could indicate a bearish market. However, these are mere observations and should be supplemented with additional analysis for informed trading decisions.
█ KEY FEATURES
The script offers extensive customization. Users can choose from various stock market groups and SMA periods. The options for data smoothing and chart visualization enhance the versatility of the script.
The script also offers a choice of different candlestick styles for visualizing price movements. An added feature colors the inside bars in Heikin-Ashi (HA) format black, providing additional clarity.
█ ACKNOWLEDGEMENTS
The script incorporates code from the 'Line Break' script by kitoboynaya. We gratefully acknowledge their contribution.
█ CODE
The script is published as a protected code due to the usage of a certain style/formula. While the idea of knowledge sharing is encouraged, certain aspects of the script remain confidential.
'Breadth - % Above * MA' is a script developed to measure market breadth, providing traders with a deeper understanding of the overall health of a chosen stock market or specific sector. By calculating the percentage of stocks performing above their Simple Moving Average (SMA), it offers an efficient and precise method to gauge market trends.
█ MARKET BREADTH
Market breadth is a powerful tool in technical analysis. It examines the number of securities on an upward trajectory versus those on a downward one. This indicator serves as a measure of market sentiment and assists in identifying the strength and sustainability of market trends.
█ PERCENTAGE ABOVE MOVING AVERAGE
The script's primary function is to show the percentage of stocks trading above a selected SMA. This provides valuable insight into the market's condition. For instance, a high percentage of stocks above their 200-day moving average may suggest a strong bull market. Conversely, a low percentage could indicate a bearish market. However, these are mere observations and should be supplemented with additional analysis for informed trading decisions.
█ KEY FEATURES
The script offers extensive customization. Users can choose from various stock market groups and SMA periods. The options for data smoothing and chart visualization enhance the versatility of the script.
The script also offers a choice of different candlestick styles for visualizing price movements. An added feature colors the inside bars in Heikin-Ashi (HA) format black, providing additional clarity.
█ ACKNOWLEDGEMENTS
The script incorporates code from the 'Line Break' script by kitoboynaya. We gratefully acknowledge their contribution.
█ CODE
The script is published as a protected code due to the usage of a certain style/formula. While the idea of knowledge sharing is encouraged, certain aspects of the script remain confidential.
Note di rilascio:
'index:' prefix added to prevent future symbol errors