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Breadth Indicators

Cumulative Volume OscillatorCVO: Cumulative Volume Oscillator allows you to choose between 3 types of oscillators based on volume indicators: -OBV (On Balance Volume) -CVD (Cumulative Volume Delta) -PVT (Price Volume Trend) Being a volume based oscillator this indicator allows for the detection of divergences between price action and volume, ideal for predicting reversals. As an oscillator you can choose the length of the fast & slow EMAs, and a signal line is provided for trend following.
Pine Script™ indicator
by FractalTrade_
24
BULLSEYE BORDERS (Combined Price Action Follower)Developed for Crypto Currency Market! Use for 15 minutes period or more! Under 15 minutes, results are unpredictible. This script had been orginized with Donchian Lines based on support and resistance levels. Rules: If the price is under top line, you will be ready for short position, and over the bottom line, long position. When the price passes the red and green area you can take action and enter the trade! Orange area refers the squeezed or floating position, so you can either stop or wait for price action! If you see boring candles frequently, check out the last high and low levels. If the price close to the last high, take long position. If not, short position. Use ALMA , if you want to put and alert on script. It is identical to price line. Thanks to @millerrh for 'Breakout Trend Follower'. Just used the last low and high features to complete the script. Combined with 'Boring Candles' from ©Prasad Raut, Modified on 20190811 (Updated to %30 full candle) Trend Tip: You can use the script with Linear Channel so you can also see the trend. (not always)
Pine Script™ indicator
by kozmoevren
4
SPX Intraday Mood IndicatorThe SPX Intraday Mood Indicator tries to gauge the intraday market direction of the S&P 500 (SPX) by focusing on internal market data. Based on the 0DTE Mood Indicator concept. Overall strength/weakness is converted into a directional Mood Percentage which can help with choosing a trade type. Use at your own risk and discretion. Potential trade ideas offer no guarantees. Intraday Charts Only. Turn off extended hours data. Only works on SPX. This first version is untested and I am only sharing it to gather feedback on its accuracy, use at your own risk.
Pine Script™ indicator
by millerrh
50
compare returnsIt could be very useful to analyze market with events in the market instead of only looking at the isolated chart. This indicator helps you to compare returns of chart symbol with any other symbol in the same timeframe. For example, in crypto market coins move with the Bitcoin and BTC is driver of the market, so it could be useful to compare returns of a coin with the Bitcoin. There is a compare feature in tradingview, but it only compare from the beginning of the chart, not showing historical difference between returns which can reveals statistical opportunities or money flow in the market or between markets. This indicator take two parameters including base symbol and period: base symbol is the one which you need comparison with and period sets the period of comparison. For instance, with base symbol: BTCUSDT and period: 15, return of BTCUSDT from 15 previous candles is compared with the chart in 15 previous candles (on same timeframe). It could be helpful if you use this indicator to compare these pairs: - altcoins return with BTCUSDT return - stocks with their market index or industry index. - market indices: crypto total market cap with SP500 and GOLD please leave comment for me and this indicator to share your idea with me. thanks, hadi jamshidi
Pine Script™ indicator
by hadijamshidi
1
[Unxi]McClellan Summation Index for DAX 30 (GER30) [modified]About McClellan Summation Index The McClellan Summation Index is a market breadth indicator which was developed by Sherman and Marian McClellan. It is based on the McClellan Oscillator and add its values together, effectively running a total. The index goes up when the McClellan Oscillator is positive and goes down when it is negative. Signals can be derived from the index crossing the middle line (bullish when it's crossing up and bearish when it's crossing down). Other potential signals include divergences and overbought and oversold conditions. The indicator is best used in combination with other analysis techniques. About this implementation This version here is a modification of the McClellan Summation Index. It runs the simple version of the McClellan Oscillator and uses the simple method to calculate the Summation Index. No ratios are used in this implementation. Further information: - It can only be used on the DAX index ( DAX 30 or GER 30) - It only considers the DAX 30 stocks - The data window will provide a summary about rising and declining stocks - The data window will output the last change for each of the 30 stocks - The script is pretty slow because it has to calculate the change for each bar individually (instead of receiving a complete calculation from the stock exchange). DISCLAIMER This script was mainly written for educational purposes (training myself how to write custom indicatotors). As you can see, the code is really messy. FOR YOUR INFORMATION: This script will work on any time period. It is recommended to use it with timeperiod = 1d, though. Just use whatever timeperiod you are comfortable with, the indicator will automatically adjust accordingly. Credits Based on the simple version of aftabmk and of code from lazybear.
Pine Script™ indicator
by Unxi
2
Time Wolna_2021_iun3[wozdux] Description of the Time_Wolna indicator The indicator is designed to study the behavior of time. There are many indicators that study just the price, a little less indicators that study the volume of trading and vanishingly few indicators that study time. This is not an oscillator, it does not have oversold or overbought levels. This indicator has an indefinite beginning and an indefinite end. Its value is not in the absolute values of the indicator, but in relative ones. This indicator calculates the time of price rise and the time of price decline. It clearly shows how long the price rises and how long the price falls. The initial idea was to use my RSIVol indicator to study the time. Each bar is counted as a unit of time. If the price rises during the period of one bar, then one is added, if the price falls, then one is subtracted. By default, the blue line shows this time movement according to the RsiVol indicator. The basic RsiVol indicator is shown at the bottom of the diagram. The bill goes along the blue line, which calculates the movement of the volume price. If the blue RSIVol line is above the yellow level, then the blue Time_Wolna time line is colored green. If the blue line in the base RsiVol indicator falls below the lower yellow level, then the blue time line of the Time_Wolna indicator turns red. The result is a broken line that clearly shows the waves of rising and falling prices. In principle, the time indicator makes it easier to recognize waves. It is known that time plays an important role in Elliott wave analysis, although in practice this is almost never done. The mention of Elliott is just a lyrical digression. Time is very difficult to study. This indicator does not give clear buy or sell signals. This is just an analysis tool to help analysts. In addition to the RsiVol indicator, simply the Rsi from the price and a simple moving average from the price are also used. So, the settings of this indicator. "switch Price == close <==> ( High+Low)/2" -- select the base price in all subsequent calculations "Key EMA=> True=ema(Price); False=ema(Price*Volume)" --The key for switching the moving average from the price or from the volume price. "T==> EMA(price, T)" --The period for calculating the moving average " key red==> Yes/No Rsi")--the key turns on or off the RSI line red line "key green==> Yes/No Orsi") --the key turns on or off the Volume RSI line green line " key olive==> Yes/No RsiVol200 " -- the key enables or disables the Volumetric RSIVol200 olive line. This is RsiVol minus the 200-period moving average. "keyVol blue==> Yes/No " - the key enables or disables the base blue line RSIVol "keyVol blue==> V->tt(RsiVol) ->tt(ema(Price))"—The blue line selection will be calculated as the time from RSIVol or as the time from the moving average EMA. "keyVol blue==> : 1=Time, 2=Time* price, 3=Time*(Ci-Ck) 4=Time*Volume, 5=Time*price*Volume")- selection for the blue baseline. By default, the time of the price rise or fall is calculated simply. Key=1. But you can investigate the joint influence of time and price and then the key is=2. If we study the combined effect of time and price changes per bar, then the key=3. If we study the joint influence of time and volume, then the key=4. If we study the joint influence of time, price and volume, then the key=5. "key RsiO red + green==> : 1=Time, 2=Time*Price, 3=Time*(Ci-Ck) 4=Time*Volume, 5=Time*Price*Volume") - - - similar settings for the red green line. By default, the time of the price rise or fall is calculated simply. Key=1. But you can investigate the joint influence of time and price and then the key is=2. If we study the combined effect of time and price changes per bar, then the key=3. If we study the joint influence of time and volume, then the key=4. If we study the joint influence of time, price and volume, then the key=5. "Key Color – - here you can disable changing the color of the blue line to green or red when the base indicator RsiVol exits above the upper and below the lower levels. "Level nul ==> * Down Level Rsi - screen configuration in order to raise or lower chart "Level nul ==> * Down Level ORsi -- beauty setup in order to raise or lower chart "Level nul ==> * DownLevel RsiVol200 -- beauty setup in order to raise or lower chart "blue =volume * price" – period for calculation of volumetric rates "blue => RSIVOL(Volume*price,len) and EMA" – the period for calculating RsiVol "blue__o1=> ema ( RSIVOL, o1)" – additional smoothing RsiVol "red=rsi (Price,14)" – the period for calculating Rsi "red= ema ( RSI ,3)" -- additional smoothing Rsi "fuchsia__ => RsiVol200 (vp,200)" - the period for calculating RsiVol200 "fuchsia__o2=> ema ( RSIVOL200 , o2)" -- additional smoothing RsiVol200 To study the time between two fixed dates. Setting the start point of the calculation and the end point of the calculation "Data(0)=Year" – the year of the start date "Data(0)= Month" – the month of the start date "Data (0)=Day" the day of the start date "Data(1)=Year" – the year of the end date. "Data(1)=Year" – month of the end date. "Data(1)=Day" -- the day of the end date. --------русский вариант описания ------ Описание индикатора Time_Wolna Индикатор призван изучать поведение времени. Есть много индикаторов изучающих просто цену, немного меньше индикаторов изучающих объем торгов и исчезающе мало индикаторов, изучающих время. Это не осциллятор у него нет уровней перепроданности или перекупленности. Данный индикатор имеет неопределенное начало и неопределенный конец. Ценность его не в абсолютных значениях индикатора, а в относительных. Этот индикатор высчитывает время подъема цены и время снижения цены. Он наглядно показывает сколько времени цена поднимается и сколько времени цена опускается. Первоначальная идея была использовать мой индикатор RSIVol для изучения времени. Каждый бар считается за единицу времени. Если цена поднимается за период одного бара, то прибавляется единица, если цена опускается, то вычитается единица. По умолчанию голубая линия показывает такое движения времени по индикатору RsiVol. Внизу на диаграмме показан базовый индикатор RsiVol. Счёт идет по синей линии, которая вычисляет движение объемной цены. Если синяя линия RSIVol находится выше желтого уровня, то голубая линия времени Time_Wolna окрашивается в зеленый цвет. Если синяя линия в базовом индикаторе RsiVol опускается ниже нижнего желтого уровня, то голубая линия времени индикатора Time_Wolna окрашивается в красный цвет. В результате получается ломанная линия, четко показывающая волны восхождения и снижения цены. В принципе индикатор времени позволяет легче распознавать волны. Известно, что время играет важную роль в волновом анализе Эллиотта, хотя на практике это почти никогда не делается. Упоминание Эллиотта это просто лирическое отступление. Время очень трудно изучать. Этот индикатор не дает четких сигналов на покупку или продажу. Это всего лишь инструмент анализа в помощь аналитикам. Кроме индикатора RsiVol, используются и просто Rsi от цены и простая скользящая средняя от цены. Итак, настройки данного индикатора. "switch Price == close <==> ( High+Low)/2" -- выбираем базовую цену во всех последующих вычислениях "Key EMA=> True=ema(Price); False=ema(Price*Volume)" --Ключ переключения скользящей средней от цены или от объемной цены. " T==> EMA(price,T)"--Период вычисления скользящей средней "key red==> Yes/No Rsi")--ключ включает или выключает линию RSI красная линия "key green==> Yes/No Orsi") --ключ включает или выключает линию Объемной RSI зеленая линия "key olive==> Yes/No RsiVol200" -- ключ включает или выключает линию Объемной RSIVol200 оливковая линия. Это RsiVol минус 200-периодная скользящая средняя. "keyVol blue==> Yes/No " – ключ включает или выключает базовую голубую линию RSIVol "keyVol blue==> V->tt(RsiVol) ->tt(ema(Price))"—выбор голубая линия будет вычисляться как время от RSIVol или как время от скользящей средней EMA. "keyVol blue==> : 1=Time, 2=Time* price, 3=Time*(Ci-Ck) 4=Time*Volume, 5=Time*price*Volume")—выбор для голубой базовой линии. По умолчанию вычисляется просто время подъема или опускания цены. Ключ=1. Но можно исследовать совместное влияние времени и цены и тогда ключ=2. Если изучаем совместное влияние времени и изменения цены за один бар, то ключ=3. Если изучаем совместное влияние времени и объема, то ключ=4. Если изучаем совместное влияние времени, цены и объема, то ключ=5. "key RsiO red + green==> : 1=Time, 2=Time*Price, 3=Time*(Ci-Ck) 4=Time*Volume, 5=Time*Price*Volume") ---аналогичные настройки для красной зеленой линии. По умолчанию вычисляется просто время подъема или опускания цены. Ключ=1. Но можно исследовать совместное влияние времени и цены и тогда ключ=2. Если изучаем совместное влияние времени и изменения цены за один бар, то ключ=3. Если изучаем совместное влияние времени и объема, то ключ=4. Если изучаем совместное влияние времени, цены и объема, то ключ=5. "Key Color" – здесь можно отключить изменение цвета голубой линии на зеленый или красный в моменты выхода базового индикатора RsiVol выше верхнего и ниже нижнего уровней. "Level nul ==> * Down Level Rsi - косметическая настройка для того, чтобы поднять или опустить график "Level nul ==> * Down Level ORsi -- косметическая настройка для того, чтобы поднять или опустить график "Level nul ==> * DownLevel RsiVol200 -- косметическая настройка для того, чтобы поднять или опустить график " blue =>volume * price" – период для вычисления объемной цены " blue => RSIVOL(Volume*price,len) and EMA" – период для вычисления RsiVol "blue__o1=> ema ( RSIVOL, o1)" – дополнительное сглаживание RsiVol " red=rsi (Price,14)" – период для вычисления Rsi " red= ema ( RSI ,3)" -- дополнительное сглаживание Rsi "fuchsia__ => RsiVol200 (vp,200)" -- период для вычисления RsiVol200 "fuchsia__o2=> ema ( RSIVOL200 , o2)" -- дополнительное сглаживание RsiVol200 Для исследования времени между двумя фиксированными датами. Задаем начальную точку вычисления и конечную точку вычисления "Data(0)=Year" – год начальной даты "Data(0)= Month" – месяц начальной даты "Data(0)=Day" день начальной даты "Data(1)=Year" – год конечной даты. "Data(1)=Year" – месяц конечной даты. "Data(1)=Day" -- день конечной даты.
Pine Script™ indicator
by wozdux
1
Cup FinderHello All, This script finds the Cups and you can use it while analysing the symbols. it creates circle and channel for the potential Cups and checks the number of bars included by the channel, if included bars is equal or greater than the value you set then it shows the cup. The Options: "Number for Bars to search" : Maximum length of a Cup "Channel Width of the Cup" : Tate by the channel width of highest/lowest levels in last 300 bars, by default it's 5% "Check for Breakout" : if there is Cup then it checks Close or High/Low is used a source for breaokuts, usuful while cheking historical bars "Contained Bar Rate %" : after channel is created the script checks number of bars included by the channel of the Cup, you can set rate of included bars by this option "S how Channels of Cups ": if you enable this option then you can see the channels around the Cups and set it as you wish and there are some other options for labeling/removing old Cups and for coloring Here you can see how channel looks like: Cup with different colors: P.S. This is an experimental work and sorry for no explanation in the script. in the future if I have time I will try to write a script for Cup&Handle This script is also an example to calculate and draw circles :) Enjoy!
Pine Script™ indicator
by LonesomeTheBlue
89
Trigonometric On Balance Volume (OBV) OscillatorLove volume analysis but it's hard for you to implement a simple strategy by it? Use OBV. Is OBV still not quite as it should be for you to get it in your trading system? Use OBV Oscillator. Does OBV Oscillator give you too many false signals and when you smooth it, it lags by a ton? Then this indicator is the answer to your problem. Introducing the Trigonometric OBV Oscillator. The Trigonometric OBV Oscillator or "Trig OBV" for short, uses an old, but uniquely extremely reliable mathematical formula to smooth the OBV, while eliminating more than 95% of its false signals (noises) and keeping with the real direction of the trend without introducing any lags. It is very responsive, predictive even to some degree, very reliable, and keeps you out of false trades (like false breakouts, sudden changes in the price, etc). To go long: wait until the white line crosses up the purple line and continues in that direction. To go short: wait until the white line crosses down the blue line and continues in that direction. To exit, do the opposite. Better to be used with a baseline filter such as Kaufman's moving average. Use it and let me know what you think about it.
Pine Script™ indicator
by UnknownUnicorn11161970
4
BTC FTX Futures PremiumsThis indicator shows the future BTC premiums on FTX. The purple area is the Daily December Futures contract subtracted by the current price. The blue area is the Daily September futures contract subtracted by the current price. The green area is the Daily June futures contract subtracted by the current price. You can use this to try and understand market sentiment. If the current price dumps but the premium remains the same it likely means that sentiment is unchanged. The opposite is true, if the price pumps and the premium is the same it means the market likely wasn't convinced by the movement. The difference between the current price and the futures price can help determine how bullish or bearish a market or at extremes the level of euphoria.
Pine Script™ indicator
by Celar
2
Breakout FinderHelo All, I got many requests for a Breakout script and here it's. This script searches the breakouts/breakdowns and draw square if there is one. The options: "Period" is used to find Pivot Points "Max Breakout Length" is the maximum length to search breakouts "Threshold Rate %" is channel width of the breakout area. calculated using highest/lowest of last 300 bars. "Minimum Number of Tests" is the minimum number of tests that the Price tried to break the S/R level and some options for coloring and linestyle Lets see some examples: in this example "Minimum Number of Tests" is 2 so the Price must have tested to break resistance area 2 times and then it breaks it as seen in the screenshot: in following example Threshold rate is %10, so the channel width is very big: as you can see in followinf screenshot you can choose different colors and line styles: Alerts added ;) Enjoy!
Pine Script™ indicator
by LonesomeTheBlue
178
Tripple super Trend + EMA + RSI StrategyGreetings! Here I show you the Tripple Super Trend Strategy. I discovered the strategy on a YouTube channel and tried to transfer it as a strategy into a script. Tested with the currency pair EUR/USD in the one hour chart. Period: beginning of 2020 until today. The strategy should also work with cryptocurrencies. But then the settings have to be adjusted. There is the possibility to activate only long or only short position. The EMA can be used in a time different from the chart. ----------------------------------------------------------------------------------- How does the strategy work? For long positions, the candle must be above the EMA . The candle must be closed above at least two of the supertrend lines. The stochastic RSI must show oversold and the k line must cross over the D line. For short positions, the candle must be below the EMA . The candle must be closed below at least two of the supertrend lines. The stochastic RSI must indicate overbought and the K line must cross below the D line. The stop loss is determined with the "lowest low/highest high lookback". The profit factor is multiplied by the value of the lowest low/highest high lookback. The results of the strategy are without commissions and levers. If you have any questions or feedback, please let me know in the comments. In the future I will add other types of stop loss / take profits. (ATR; %; eg.) If you need more information about the strategy and want to know exactly how to apply it, check out my profile. I wish you good luck with the strategy!
Pine Script™ strategy
by TradingStrategyCheck
30
OBV High / LOW (On-Balance Volume )This is a simple application of OBV indicator (On-Balance Volume ), to visually determine when a given stock current obv is near the highest or lowest based on the number of lookback bars. Indicator examples: ### OBV value is near an all-time high ## breakthrough , stock value could set new all-time highs. rejection , stock value could come down or consolidate. Example Inputs OBV High Lookback -> numbers of bars to look back for the obv high. OBV LowLookback -> numbers of bars to look back for the obv low. OBV EMA Length -> Ema length Notes: This script also comes with an ema indicator based on obv for smoothing the obv signal since it gets noise at lower timeframes (by default comes disabled) OBV information www.investopedia.com Comments: This is my first script any ideas, suggestions, or detected errors (language/script) don´t hesitate to send a message. Best regards, Mauro.
Pine Script™ indicator
by MA_PT
22
SHILLER_PE_RATIO_MONTHDISCRIPTION Shiller PE ratio for the S&P 500. Price earnings ratio is based on average inflation-adjusted earnings from the previous 10 years, known as the Cyclically Adjusted PE Ratio (CAPE Ratio) TIME FRAME 1M HOW TO USE It provide historic Shiller PE which will provide over-bought or over-sold condition historically from 19th century. MODIFICATION When the pe ratio crosses 30 considered as Greed When the pe ratio fall below 15 considered as Fear
Pine Script™ indicator
by aftabmk
NAAIM Exposure IndexThe NAAIM Exposure Index represents the average exposure to US Equity markets reported by members. The line depicts a two-week moving average of the NAAIM managers’ responses. It is important to recognize that the NAAIM Exposure Index is not predictive in nature and is of little value in attempting to determine what the stock market will do in the future. The primary goal of most active managers is to manage the risk/reward relationship of the stock market and to stay in tune with what the market is doing at any given time. As the name indicates, the NAAIM Exposure Index provides insight into the actual adjustments active risk managers have made to client accounts over the past two weeks. Modifications I have correlated the index line with its 21 MA , so below 21 MA determines weakness and breaking determine strenght in the sentiments. How to use it rationally? Try to find the "Divergence" .
Pine Script™ indicator
by aftabmk
2
MY BOX by GustavoThis box contains two strategies, several moving averages and Bollinger Bands. PFR or "Reversal closing price" is a simple and effective strategy, widespread by the Brazilian trader Stormer. The purpose is to make the candles generate the input signal more clearly. Description: When the sales PFR candle appears colored, watch out for the next candle. If he breaks the closing of the PFR sell candle, SALE! Your stop should be at the maximum of the PFR candle and your target projected at 1.618 in the fibonacci extension. When the buy PFR candle appears colored, watch out for the next candle. If it breaks the closing of the buy PFR candle, BUY! Your stop should be at the low of the PFR candle and your target projected at 1.618 in the fibonacci extension. Inside Bar: The candle has its maximum less than the maximum of the previous candle and its minimum greater than the minimum of the previous candle. Settings: You can edit the colors in the indicator settings and select the measurements you want to use. You can also choose to use the Stocastico Lento filter on over-purchase and over-sale. You can also activate the Inside bar, it will appear in red on the graph. There is also the possibility to activate in the settings, the Bollinger Bands. -------------------------- Este box contém duas estratégias, diversas médias móveis e Bandas de Bollinger. PFR ou "Preço de fechamento de reversão" é uma estratégia simples e eficaz, bastante difundida pelo trader brasileiro Stormer. O intuito é tornar os candles de geram o sinal de entrada mais claro. Descrição: Quando o candle PFR de venda aparecer colorido, fique atento ao próximo candle. Se ele romper o fechamento do candle PFR de venda, VENDA! Seu stop deverá ser na maxima do candle PFR e seu alvo projetado em 1,618 na extenção de fibonacci. Quando o candle PFR de compra aparecer colorido, fique atento ao próximo candle. Se ele romper o fechamento do candle PFR de compra, COMPRE! Seu stop deverá ser na mínima do candle PFR e seu alvo projetado em 1,618 na extenção de fibonacci. Inside Bar: O candle tem sua máxima menor que a máxima do candle anterior e sua mínima maior que a minima do candle anterior. Configuração: Você pode editar as cores nas configurações do indicador e selecione as medias que deseja usar. Também pode escolher usar o filtro do Stocastico Lento em sobre compra e sobre venda. Você também pode ativar o Inside bar, ele aparecerá em vermelho no gráfico. Há também a possibilidade de ativar nas configurações, as Bandas de bollinger.
Pine Script™ indicator
by GustavoCorrea1
12
[Unxi]McClellan Oscillator for TECDAX [modified]This version is for use with the German TecDax index only! About McClellan Oscillator Developed by Sherman and Marian McClellan, the McClellan Oscillator is a breadth indicator derived from Net Advances, the number of advancing issues less the number of declining issues. Subtracting the 39-day exponential moving average of Net Advances from the 19-day exponential moving average of Net Advances forms the oscillator. As the formula reveals, the McClellan Oscillator is a momentum indicator that works similar to MACD . McClellan Oscillator signals can be generated with breadth thrusts, centerline crossovers, overall levels and divergences. About my version This version here is a modification, though: - It can only be used on the German TECDAX index - It only considers the TECDAX stocks - The data window will provide a summary about rising and declining stocks - The data window will output the last change for each of the 30 stocks The script is pretty slow because it has to calculate the change for each bar individually (instead of receiving a complete calculation from the stock exchange). This script will work on any time period. Just use whatever timeperiod you are comfortable with, the indicator will automatically adjust accordingly. It is recommended to use it with timeperiod = 1d, though. DISCLAIMER This script was mainly written for educational purposes (training myself how to write custom indicatotors). As you can see, the code is really messy. Feel free to provide your feedback in the comments! Credits Based on the simple version of aftabmk You can find the original version by searching for McClellan Oscillator for nifty 50. Also got some inspiration from lazybear's version and from danarn's "Crypto McClellan Oscillator".
Pine Script™ indicator
by Unxi
McClellan Oscillator for DAX (GER30) [aftabmk modified]About McClellan Oscillator Developed by Sherman and Marian McClellan, the McClellan Oscillator is a breadth indicator derived from Net Advances, the number of advancing issues less the number of declining issues. Subtracting the 39-day exponential moving average of Net Advances from the 19-day exponential moving average of Net Advances forms the oscillator. As the formula reveals, the McClellan Oscillator is a momentum indicator that works similar to MACD . McClellan Oscillator signals can be generated with breadth thrusts, centerline crossovers, overall levels and divergences. About my version This version here is a modification, though: - It can only be used on the DAX index (DAX 30 or GER 30) - It only considers the DAX 30 stocks - The data window will provide a summary about rising and declining stocks - The data window will output the last change for each of the 30 stocks BUG I am only publishing this version because I am not sure if my current version is saved when I leave tradingview.com without publishing the script. This version still contains a bug - the if/else clauses do not correctly recognize declining stocks. So the oscillator should not be used as it is. Working on it these days. Feel free to provide feedback! Stuff I am working on - Coloring the area green/red according to the value - Fixing this bug/making this script more efficient DISCLAIMER This script was mainly written for educational purposes (training myself how to write custom indicatotors). As you can see, the code is really messy. Credits Based on the simple version of aftabmk You can find the original version by searching for McClellan Oscillator for nifty 50.
Pine Script™ indicator
by Unxi