Add a few of those on a separate chart and you got yourself a full view of the market movment during the open sessions. You can see the daily change as well as other importnat momentum indicator conditions.
WHAT IT DOES
The indicator plots various values for different indicators for the current symbol. /there is option to add 10 more symbols and create a table screener/
- Current price of the ticker selected
- SQN - defined by: "A measure of a market’s movement through an application of the System Quality Number calculation. To calculate, the daily changes from close to close measured in percentage terms are averaged and the standard deviation is calculated. Plugged into the SQN formula, those values and the number of days (N) provide the market SQN score." Fully customisable length for calculations. As per Dr . Tharps methodology.
- Squeeze Pro - wether the ticker has created a squeeze as per John Carters methodology.
- Average Directional Movement measure ( ADX )
- Up vs Down volume ratio, calculated on customisable period
HOW TO USE IT
I use the screener as a quick overview to the major markets. Even though the symbols are customisable, I have included the main sectors and indexes and their respective equal weight counterparties.
HISTORY AND CREDITS
The idea about this indicator, came from a QuantNomad custom screener.
Special thanks to QuantNomad, whose courses got me started on programming on PineScript.
- Free - refer to URL to TradingView below
URL to TradingView Product
Link to TradingView script