OPEN-SOURCE SCRIPT
MarketSmith Indicator
Updated
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.
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.
Release Notes
- 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_)
Release Notes
- You can now customize the color of the bars- You can now display % variation of Peak/Valley points
Release Notes
- Added the Weekly Tight Closes Detector available on 'Mark Minervini' scriptRelease Notes
- Now SMA/EMA colors are customizableRelease Notes
- Added Optional Beta Chart Recognition PatternRelease Notes
- Corrected Graph DisplayRelease Notes
- Corrected graph againRelease Notes
- Corrected a minor bug that deleted hisotorical valid flat basesRelease Notes
- Added Double Bottom Detection- Pattern are only detected in Daily TimeFrame
Release Notes
- Forgot to link the ability not to display patterns, corrected!Release Notes
- Added recent modification on the RS RatingRelease Notes
- Modified label size to tinyRelease Notes
- Adjust some parameters in the base formation to be closer to MarketSmith- Corrected some bugs with the double bottom detection
Release Notes
- Little correction for the initial depth of the creation of a base -> 35% to 40%Release Notes
- Changed default Depth and Length values to better match MarketSmith Chart Pattern Recognition systemRelease Notes
- Corrected Input Description for Double Bottom Depth and LengthRelease Notes
- Corrected some parameters for base detection- Changed Dotted Lines to Dashed lines
- More discreet line rendering
Release Notes
- Chart updatedRelease Notes
- Chart Updated (Try to find a correct display)Release Notes
- Back to the previous style display because bases were hard to seeRelease Notes
- Added Beta Cup Detection (not Cup n Handle yet)- Corrected bug of SPX display
Release Notes
- Corrected incorrect depth settingRelease Notes
- Adaptation of offset display for sectors and indicesRelease Notes
- Rs Rating label adjustedRelease Notes
- Added Default Blue Dot New HighRelease Notes
- Now we can display the rating only, eg: for smartphone displayRelease Notes
- 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.
Release Notes
- We can add a second SMA/EMA on the RS Line.Release Notes
- Corrected the rounding of the Average VolumeRelease Notes
- Confused MarketSmith Volume and MarketSmith Indicator. It's late at nightRelease Notes
- Added EPS & Sales Table due to recent TradingView free plan limitationRelease Notes
- Corrected the Comparative Symbol for Line input that wasn't correctly wired to the calculation.Release Notes
- Removed unused inputRelease Notes
For the EPS & Sales table- Corrected shifting color to transparent of the daily table
Release Notes
- Added the Maj for the EPS & Sales indicatorRelease Notes
- Corrected wrong digit on the 'versus' display on sales after B_Kaminski pointed it outRelease Notes
- Updated to EPS & Sales Table Toward MarketSurge lookRelease Notes
- Like MarketSurge does, when a reported EPS number is missing the code will now search for the standard EPS for replacement.This will allow tickers like
SEZL and 
CAVA to be closer to the MarketSurge result.Moreover it should make the EPS & Sales table usable for the Indian Market.
The RS Rating is unchanged and is still for the US Market Only
Release Notes
EPS and Sales table:- Modified the style of the table toward MarketSurge look
- Used lighter grey for the MarketSmith table
Release Notes
- Modify Chart previewOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.