Market Stop Light

This indicator shows two signals to help gauge the health of the market. The first is where the price of the Nasdaq is in relation to a selectable moving average (default is the 21 ema) and the second is based on the number of net new highs and lows on the Nasdaq.

Price vs MA
Price is above a rising moving average = 🟢
Price below a falling moving average = 🔴
Price above a falling moving average or below a rising moving average = 🟡

Net highs / lows signal
3 days in a row of net new highs = 🟢
3 days in a row of net new lows = 🔴
Between 3 days either way = 🟡

Configurable options:
- Which moving average to use
- Option to show signal history
- Where to display current data on the chart
- Table size

Release Notes

Version 2 updates
- Chose Nasdaq or SPX for market stop light
- Chose to show net highs / lows for Nasdaq, NYSE or combined NYSE and Nasdaq

Release Notes

fixed a small bug in a function

Release Notes

added color options for table background and text

Protected script

This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.

Amphibiantrading

Trusted Pine programmer. Send me a message for script development.

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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.

Protected script

This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.

Amphibiantrading

Trusted Pine programmer. Send me a message for script development.

Also on: