OPEN-SOURCE SCRIPT
MarketLeaders
Someone asked me to script this for them and I was surprised at how well it worked
I like this system because it's SO SIMPLE and it uses more data than just look at one stock, it reads the underlying market for the heavy movers.
If the big stocks are doing well, then the market should be doing well too, unless small caps are heavily stalling.
I've also created a strategy based around this and will be posting it soon
- The idea is to check if the top 22 largest cap companies are above or below their MA
- By default, the system uses a 20 MA, but you can set it how you want
- It checks if the companies including, QQQ (NASDAQ) and SPY are above their MA's and updates the histogram
- I've drawn in simple green price break lines to highlight areas of interest
I like this system because it's SO SIMPLE and it uses more data than just look at one stock, it reads the underlying market for the heavy movers.
If the big stocks are doing well, then the market should be doing well too, unless small caps are heavily stalling.
I've also created a strategy based around this and will be posting it soon
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.
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