Market Breath is the equilibrium between number of stocks in advance to those in a decline, in other words a method to determine the current market environment. In a positive phase bullish setups will have improved probabilities and presence, whereas in a bearish phase the opposite would be true.
The primary indicator measure the trend in SPY and correlation between different EMA's. - Green Columns: Positive Breadth - Red Columns: Negative Breadth
This indicator can be combined with the secondary breadth indicator to further note excessive movement and risk of mean reversion.
Release Notes
You can now customize which symbol / market the indicator will be based on.
This script is published closed-source and you may privately use it freely.
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