Market Tick Trend by SyntaxGeek

8月24日

Hello traders, today I'm pleased to provide another potential tool in reading one of the most powerful intraday indicators for scalpers et al, TICK.

This indicator, "Market Tick Trend", provides a simplified version of reading the movements of TICK compared to my other indicator Market Internal Trend aka "MIT". It also makes use of cumulative measurements vs raw values (see more below).

TICK
If this is your first time hearing of TICK, simply know that it's a measurement of a massive collection of stocks in the market - a "breadth measurement". When speculating on index/etf or even stock movement it can be beneficial to know what the entire market is doing in price movement.

TICK, (and variants), are a measurement of the number of stocks that moved up a "tick" vs the number of stocks that moved down a tick. The result is a simple numerical value. For example, if there are 1000 stocks and 800 moved up a tick or more - that's typically a bullish indicator.

Market breadth measurements are broken up into various "markets", such as "NYSE" and "NASDAQ". Most of my indicators for market internals focus primarily on NYSE and occasionally NASDAQ, this indicator provides data for both via a selection in settings.

Usage
Select proper market based on trading product, my recommendation is to use NYSE for SPY and it's top holdings, and NASDAQ when trading QQQ and it's top holdings, tech companies, etc.

Check out bar coloring for a spin on the boring two color candle scheme and "see" the TICK bias directly on the chart.

Modes
If scalp trading where timing is paramount, I recommend keeping to mode one for the entry and exit bias guidance, use one or more additional modes to provide a broader bias to filter out potential lower probability signals. For longer intra-day trades perhaps watch mode three through five to filter out noise and fake outs.

Design
There are a couple schools of thought when using TICK, some are interested in the cumulative value and some are more interested in "at the moment" values and movement (where I spend much of my time).
MTT aims to facilitate a useful data display for all audiences and trade styles, it also simplifies TICKs usage and strips away much of the noise and brain power required to analyze minutiae when decisions may need to take place.
Cumulative measurements are taken and then trending routines are enacted to present the data displayed, the lower the mode the more sensitive to recent data.

Uniqueness
I believe this indicator to be a unique offering to TradingView, while there are a handful of TICK related indicators (some are mine) - none of them implement the features I've provided in MTT.

Warnings
This indicator is designed for intraday use only and meant to be a guide in market breadth bias - not a signal generator for trades, what you do with this you do at your own risk and you'll most likely lose all your money :)

With the above being said, I've only tested this indicator on a handful of lower timeframes, nothing higher than 30 minute and can't guarantee anything beyond that will be useful.

For those trading non-US markets, or trading futures products during extended hours, I'm sorry to inform that market breadth data (such as TICK) is simply not available to the markets at that time and this indicator will provide zero usage.

To the best of my knowledge there is no repainting here, but you may see warnings if setting alerts due to the nature of using certain PineScript features. Also the data providers of course could change historical data and that's simply out of my control.

Happy trading!