PROTECTED SOURCE SCRIPT
Tick Weighted Average Price %B Breadth by SyntaxGeek
Source concept
This indicator operates with the same calculation as TiWAP %B, review that for the general premise.
What this study aims to deliver
This TiWAP %B is a breadth indicator, that can track price movements against TiWAP for up to ten stocks configured. Benefits including acting as a "eyes on glass" scanner for trading individual stocks, trading index, futures or etf knowing that top market liquidity is in alignment to ideas generated from the data displayed.
How to use
Configure up to ten stocks with weights for index and assigned custom colors, if less than ten are desired just disable them by unchecking the box next to the stock in question.
Track stocks movements against TiWAP calculations which display how the stock is moving in relation to tick market breadth (either NYSE or NASDAQ internal TICK).
As stocks move the representative plot moves to the location within the TiWAP bands, as default configured this will be the 1st, 2nd and 3rd deviation bands.
Extra features apart from standard TiWAP %B
Average plot - this will present the weighted average for all stocks %Bs combined.
Smoothing - this will smooth each stock %B, and subsequently the average, with a period configured (EMA).
Bar coloring - this colors bars on the main pane according to average trend strength.
Special considerations
TiWAP, as well as TiWAP %B, require a fair amount of initial TICK data (for session anchorage) in order to build up proper projections - care should be taken in early session using the data.
Also, keep in mind that each stocks band widths will be of varying amounts, so while stocks could all be around the same deviation band there could be more or less significance to that given band width (more indicators coming).
Plots have largely been left open to editing, customize each stock with different style as well as the average. There is a global stock plot transparency setting to ease quick glance comparisons between stocks and the average.
The cloud fill and target level relation features had to be stripped due to plot limitations but perhaps some things could be restored with more time :)
Happy trading!
This indicator operates with the same calculation as TiWAP %B, review that for the general premise.
What this study aims to deliver
This TiWAP %B is a breadth indicator, that can track price movements against TiWAP for up to ten stocks configured. Benefits including acting as a "eyes on glass" scanner for trading individual stocks, trading index, futures or etf knowing that top market liquidity is in alignment to ideas generated from the data displayed.
How to use
Configure up to ten stocks with weights for index and assigned custom colors, if less than ten are desired just disable them by unchecking the box next to the stock in question.
Track stocks movements against TiWAP calculations which display how the stock is moving in relation to tick market breadth (either NYSE or NASDAQ internal TICK).
As stocks move the representative plot moves to the location within the TiWAP bands, as default configured this will be the 1st, 2nd and 3rd deviation bands.
Extra features apart from standard TiWAP %B
Average plot - this will present the weighted average for all stocks %Bs combined.
Smoothing - this will smooth each stock %B, and subsequently the average, with a period configured (EMA).
Bar coloring - this colors bars on the main pane according to average trend strength.
Special considerations
TiWAP, as well as TiWAP %B, require a fair amount of initial TICK data (for session anchorage) in order to build up proper projections - care should be taken in early session using the data.
Also, keep in mind that each stocks band widths will be of varying amounts, so while stocks could all be around the same deviation band there could be more or less significance to that given band width (more indicators coming).
Plots have largely been left open to editing, customize each stock with different style as well as the average. There is a global stock plot transparency setting to ease quick glance comparisons between stocks and the average.
The cloud fill and target level relation features had to be stripped due to plot limitations but perhaps some things could be restored with more time :)
Happy trading!
@tradeseekers (YouTube, Twitter)
Disclaimer
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