MarketSmith Daily Market IndicatorsMarketSmith Daily Market Indicators is designed to mimic the Daily Market Indicators tab found in MarketSmith. This tab contains 4 different secondary indicators to help gauge the health of the overall market.
This indicator allows you to choose which of the 4 indicators to show, as well as which index to pull data from, Nasdaq or NYSE. There is also a snapshot table showing the following:
# of stock advancing and up volume
# of stocks declining and down volume
# of stock unchanged and unchanged volume
# of stocks making new highs and new lows
Now let's look at the 4 indicators and how they work.
Advance/Decline Line
Plots the number of advancing shares vs the number of declining shares. Heavily weighted index stocks can skew price action, this line helps reveal that and whether most stocks are aligned with the trend.
Short Term Overbought/Oversold Oscillator
A 10-day moving average of the number of stocks moving up in price less the number of stocks moving down in price.
10 Day Moving Average of Up & Down Volume
Two 10 day moving averages to represent the volume of all stocks. Blue line: total volume of all stocks moving up in price. Red line: the total volume of all stocks moving down in price.
10 Day Moving Average of New Highs & New Lows
Two 10-day moving average to represent stocks making new highs and new lows. Blue line: The number of stocks making new price highs. Red line: The number of stocks reaching new lows.
Note this indicator is designed to work on a daily time frame chart. Data typically updates 90 minutes after the close. Data may differ from Marketsmith due to different providers, however the general trends are the same.
Won
WON WeekliesWilliam O'Neil was a big proponent of using weekly charts, often highlighting the significance of 3 or more tight weekly closes, or a sequence of five or more consecutive up weeks. This indicator recognizes both of these conditions providing clear visual cues to signify this institutional buying activity. When three tight weekly closes or more occur a circle will be drawn around the middle close or the background will change color, depending on user preference. If five or more consecutive up weeks are detected a box is drawn around all the price action of those weeks.
User Options:
- Choose to display both or only one condition
- Customizable colors
- Define what a tight close is (default is less than 1.5%)
- Change background color or display smaller circles for 3 weeks tight
- Alerts for both
Note: 5 weekly closes wont print until the 5th weeks candle is closed.
