Here I share today Arms Index!!!
-Avalilables settings and options:
- Switcheable Index NASDAQ and S&P
- Switcheable Alerts "crossover, crossunder, change and main ones"
-Fill Color Customizables
-Signal Color Customizables
-Signal Smooth Customizable
The (TRIN) is a oscillator that was developed by Richard Arms. It is also known as the Trading Index, hence the abbreviation TRIN. It relates advancing and declining stocks to their respective flows by dividing the by the ratio. When it rises the market is said to be weak and vice versa. The value 1 is key and crossing it generates a signal. A value above 1 indicates declining stocks have the upperhand in the flow and vice versa. The indicator can be used to spot overbought and oversold situations and is best used in combination with other analysis techniques.
(Fix error advancing and declining main sources it's from NYSE New York Stock Exchange)
Added DJ Advancing and declining Values
Added combine function
Note: for smooth signals recommend set the axis with the following values +-
*1'5 upper line for fill oversell zone
*1'2 upper oversell line "for oversell alert"
*1'0 axis line ==
*0'8 lower line overbought "for overbought alert"
*0'5 lower line for fill overbought zone
Add axis tooltips notes
Added background color when signal cross ob os lines
Amlifier signals *100 and *5000
Fix some notes
Fix Toggle alerts
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 a publication is governed by House Rules. You can favorite it to use it on a chart.