This script provides you with several indicators that will enable you to mimic MarketSmith charts, even with a free TradingView plan.
You can use this script with my 'EPS & Sales' indicator.
MarketSmith-style bars The script offers an original approach to managing candlesticks within the code, making them almost identical to those on MarketSmith. For a perfect display, select 'Bars' on your chart and set the opacity of your candles to 100% to display only the candles proposed by this indicator. If you don't want them, you can simply disable them in the 'Style' tab by unchecking 'MarketSmith Bars' and 'Chars'. These candles are designed to be used with a fix chart. (No beautiful result with zooming in or out.) Normally, the display will still be correct by right-clicking, and 'Reset Chart'.
Simple customizable moving averages With automatic distinction of the weekly time unit. You can choose to display them or not, select the calculation method and modify their length via the panel.
The RS Rating indicator I've integrated the RS Rating indicator into this script, as the RS Rating is a fundamental component of this layout.
High and valley points These points are used by MarketSmith to detect bases, patterns, cup & handle.
Designed for US Market only you won't be able to screen correctly the India market for example.
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- Now 'Hide RS Line' is working - Corrected a bug where when the current close was equal to that of the previous candle, the script colored pink, while TradingView colored blue. (Thank you @Yaron_)
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- You can now customize the color of the bars - You can now display % variation of Peak/Valley points
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- Added the Weekly Tight Closes Detector available on 'Mark Minervini' script
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- Now SMA/EMA colors are customizable
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- Added Optional Beta Chart Recognition Pattern
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- Corrected Graph Display
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- Corrected graph again
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- Corrected a minor bug that deleted hisotorical valid flat bases
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- Added Double Bottom Detection - Pattern are only detected in Daily TimeFrame
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- Forgot to link the ability not to display patterns, corrected!
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- Added recent modification on the RS Rating
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- Modified label size to tiny
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- Adjust some parameters in the base formation to be closer to MarketSmith - Corrected some bugs with the double bottom detection
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- Little correction for the initial depth of the creation of a base -> 35% to 40%
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- Changed default Depth and Length values to better match MarketSmith Chart Pattern Recognition system
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- Corrected Input Description for Double Bottom Depth and Length
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- Corrected some parameters for base detection - Changed Dotted Lines to Dashed lines - More discreet line rendering
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- Chart updated
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- Chart Updated (Try to find a correct display)
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- Back to the previous style display because bases were hard to see
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- Added Beta Cup Detection (not Cup n Handle yet) - Corrected bug of SPX display
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- Corrected incorrect depth setting
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- Adaptation of offset display for sectors and indices
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- Rs Rating label adjusted
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- Added Default Blue Dot New High
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- Now we can display the rating only, eg: for smartphone display
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- Adapted the RS Rating Update! In this update, I propose to use an option to view the historical RS Rating. This method is an approximation, as the performance environment of US equities varies over time, whereas the historical RS Rating is calculated with fixed values. However, this option can be of interest when studying past setups, and can provide relevant indications.
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- We can add a second SMA/EMA on the RS Line.
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- Corrected the rounding of the Average Volume
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- Confused MarketSmith Volume and MarketSmith Indicator. It's late at night
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- Added EPS & Sales Table due to recent TradingView free plan limitation
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- Corrected the Comparative Symbol for Line input that wasn't correctly wired to the calculation.
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- Removed unused input
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For the EPS & Sales table - Corrected shifting color to transparent of the daily table
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- Added the Maj for the EPS & Sales indicator
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- Corrected wrong digit on the 'versus' display on sales after @B_Kaminski pointed it out
Hey Fred, just a little something to show my heartfelt appreciation for your hard work, cheers and God Bless.
Fred6724
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@terrence7d, Thank you Terrence! I'm glad you enjoy it :)
terrence7d
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@Fred6724, I am not only enjoying it , I'm Lovin it Bro :), It has helped me immensely, I am just hoping and waiting for your update on the weekly TF.
Fred6724
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@terrence7d, Haha, I need to free some time to do that!
terrence7d
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@Fred6724, Yeah, I know its time consuming with the current indicator having almost 2138 lines of code, thats going to be a lot of work still, I will be waiting patiently,
Adante79
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Amazing indicator. What do the Coloured Areas signal? Green areas, or Blue or Red?
Fred6724
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@Adante79, Thank you Adante79! These are the Entry Area (In Blue), Stop Loss Area (In Red) and Take Profit Area (In Green) that you can chose to display or not. They correspond to the theoretical trades that correspond to base break-out bases :) (Same that MarketSmith/MarketSurge)
PS: I don't recommend buying in these places unless you have thoroughly studied the setup and its earnings potential.