Market Sentiment Index US Top 40 [Pt]

▮Overview

Market Sentiment Index US Top 40 [Pt} shows how the largest US stocks behave together. You pick one simple measure—High Low breakouts, Above Below moving average, or RSI overbought/oversold—and see how many of your chosen top 10/20/30/40 NYSE or NASDAQ names are bullish, neutral, or bearish.

This tool gives you a quick view of broad-market strength or weakness so you can time trades, confirm trends, and spot hidden shifts in market sentiment.

▮Key Features

► Three Simple Modes

• High Low Index: counts stocks making new highs or lows over your lookback period
  
• Above Below MA: flags stocks trading above or below their moving average
  
• RSI Sentiment: marks overbought or oversold stocks and plots a small histogram
  

► Universe Selection

• Top 10, 20, 30, or 40 symbols from NYSE or NASDAQ
  
• Option to weight by market cap or treat all symbols equally
  

► Timeframe Choice

• Use your chart’s timeframe or any intraday, daily, weekly, or monthly resolution
  

► Histogram Smoothing

• Two optional moving averages on the sentiment bars
  
• Markers show when the faster average crosses above or below the slower one
  

► Ticker Table

• Optional on-chart table showing each ticker’s state in color
  
• Grid or single-row layout with adjustable text size and color settings
  

▮Inputs

► Mode and Lookback

• Pick High Low, Above Below MA, or RSI Sentiment
  
• Set lookback length (for example 10 bars)
  
• If using Above Below MA, choose the moving average type (EMA, SMA, etc.)
  

► Universe Setup

• Market: NYSE or NASDAQ
  
• Number of symbols: 10, 20, 30, or 40
  
• Weights: on or off
  
• Timeframe: blank to match chart or pick any other
  

► Moving Averages on Histogram

• Enable fast and slow averages
  
• Set their lengths and types
  
• Choose colors for averages and markers
  

► Table Options

• Show or hide the symbol table
  
• Select text size: tiny, small, or normal
  
• Choose layout: grid or one-row
  
• Pick colors for bullish, neutral, and bearish cells
  
• Show or hide exchange prefixes
  

▮How to Read It

► Sentiment Bars

• Green means bullish
  
• Red means bearish
  
• Near zero means neutral
  

► Zero Line

• Separates bullish from bearish readings
  

► High Low Line (High Low mode only)

• Smooth ratio of highs versus lows over your lookback
  

► MA Crosses

• Fast MA above slow MA hints rising breadth
  
• Fast MA below slow MA hints falling breadth
  

► Ticker Table

• Each cell colored green, gray, or red for bull, neutral, or bear
  

▮Use Cases

► Confirm Market Trends

• Early warning when price makes highs but breadth is weak
  
• Catch rallies when breadth turns strong while price is flat
  

► Spot Sector Rotation

• Switch between NYSE and NASDAQ to see which group leads
  
• Watch tech versus industrial breadth to track money flow
  

► Filter Trade Signals

• Enter longs only when breadth is bullish
  
• Consider shorts when breadth turns negative
  

► Combine with Other Indicators

• Use RSI Sentiment with trend tools to spot overextended moves
  
• Add volume indicators in High Low mode for breakout confirmation
  

► Timeframe Analysis

• Daily for big-picture bias
  
• Intraday (15-min) for precise entries and exits