OPEN-SOURCE SCRIPT
Thrilltrades ASX Market Lights
Updated
Description:
This Pine Script indicator combines market trend analysis with relative strength measurement and new 52 week highs/lows. It provides visual cues to help traders identify market trends and assess the performance of individual stocks during a red-light phase.
Key features
Choose between three selections:
-Emerging Markets
-Midcaps
-Large Caps
The chart background color changes based on market conditions:
*Not a given but generally is a good indication*
Green: Up trend
Red: Down trend
Relative Strength Indicator: Is best measured when markets are in tougher conditions. This line measures and plots the relative strength of the selected symbol in a red light only to help identify strength during this time.
Zero Line: A horizontal line at the 0 level helps visualize the relative strength position.
Both can be turned off
52 Week highs/lows: a white cross will indicate a new 52week high and a black cross will indicate a new 52week low on the selected symbol you are currently viewing.
Notes:
This indicator automatically updates based on the selected symbol and daily market conditions by combining Supertrend with ASX indices.
Ideal for traders looking to enhance their market analysis with a visual trend and strength indicators.
Release Notes
ThrillTrades ASX Market LightsDescription:
This Pine Script indicator combines market trend analysis with relative strength measurement and new 52 week highs/lows. It provides visual cues to help traders identify market trends and assess the performance of individual stocks during a red-light phase.
Key features
Choose between three selections:
-Emerging Markets
-Midcaps
-Large Caps
The chart background color changes based on market conditions:
*Not a given but generally is a good indication*
Green: Up trend
Red: Down trend
Relative Strength Indicator: Is best measured when markets are in tougher conditions. This line measures and plots the relative strength of the selected symbol in a red light only to help identify strength during this time.
Zero Line: A horizontal line at the 0 level helps visualize the relative strength position.
Both can be turned off
52 Week highs/lows: a white cross will indicate a new 52week high and a black cross will indicate a new 52week low on the selected symbol you are currently viewing.
Notes:
This indicator automatically updates based on the selected symbol and daily market conditions by combining Supertrend with ASX indices.
Ideal for traders looking to enhance their market analysis with a visual trend and strength indicators.
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.
Disclaimer
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