––––History & Credit There are multiple methodologies that use Net New Highs for the NASDAQ or NYSE as a market direction indicator. Recently, I saw Matt Caruso to also apply such methodology, so I decided to code this indicator.
–––––What it does 👉 Plots a Net Change histogram. This shows New Highs - New Lows, if the histogram is above 0 this means there are more highs than lows 👉 Plots Background colouring. This is dependant on the sensitivity setting of the indicator. We would require a few days of downward action before concluding a downward action. Sensitivity can be adjusted in the menu 👉 Bot the Histogram and the Background colouring can be turned on and off (as per screenshot example)
–––––How to use it You can use it to validate if the market conditions are ripe for entering a trade. For instance if you trade long, you would want to confirm with the indicator that general market is facilitating moves to the upside. IBD have mentioned more than once that a stock move is 50% due to the general market move.
릴리즈 노트
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Added the ability to highlight based on bullish threshold
릴리즈 노트
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👉 Added Simple Moving Average of the Plots 👉 Added a Lookback new high, default is the 52wk high as a dotted green line 👉 You can turn off the plots and add a second instance on the chart to get only the background coloring
릴리즈 노트
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Added the ability to choose which plots to use 👉 New Highs vs New Lows
👉 New Highs only
👉New Lows only
릴리즈 노트
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– Added a 156wk (3yr) High line - in cyan - Added a darker green background, when we have 3 days above 0 on net new highs but we are below the Short term moving average - Added a lighter colored bar *lime*, when the net new highs exceed the input thresholds in the settings
Hi @TintinTrading, love the indicator thanks for sharing. I am just wondering when calculating the new highs or new lows are you just counting new 52 wk highs/lows at close each day or all time highs/lows?
meetchothani17
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please code for nifty 50 index
azrinsani
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Nice Indicator. Can you explain what AMEA means?
TintinTrading
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@azrinsani, hey thank you buddy! Where do you see AMEA, not sure if you are refering to the script or the text?
icedig201
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Can you please make this indicator for indian markets?
TintinTrading
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@icedig201, hey IceDig - its not possible to make it for other markets than the US market since TradingView does not source this data. However, an indicator that might create a similar effect is either the Stage 2 analysis indicator or the SQN indicator, both are part of the premium indicators and both deal with identifying (quantatively) uptrends! If you are interested in them tell me and I can give you a free trial to play with them.
icedig201
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@TintinTrading, Ok. Can you make Matt Caruso Adaptive RS (CARS) indicator?
TintinTrading
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@icedig201, tell me what it is and I will tell you. I am not aware of the CARS do you have the criteria?
TintinTrading
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@icedig201, Hi I have made something very close to Caruso Adaptive RS (CARS) - DM me for access
jigz11
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@TintinTrading, Hi TinTin.. in regards to above post - it would help if you can share the script with “Nifty” instead of Nasdaq. Nifty is Indian stock exchange. Rest should be fine..Thanks