OPEN-SOURCE SCRIPT
CAT Shaky Top
The indicator shows when S&P goes overbought while breadth does not confirm the rally.
The standard conditions are:
- S&P goes over 200 day weighted moving average increased by 10% and
- % of US stocks over 50 DMA holds under 60.
When both conditions are met the indicator plots a red triangle on top of the price.
You can change two inputs to see how often in the past similar cases happened.
If you have any questions please send me email to castawaytradergmail.com
The standard conditions are:
- S&P goes over 200 day weighted moving average increased by 10% and
- % of US stocks over 50 DMA holds under 60.
When both conditions are met the indicator plots a red triangle on top of the price.
You can change two inputs to see how often in the past similar cases happened.
If you have any questions please send me email to castawaytradergmail.com
Open-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.
Want to use this script 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.