Overall Market Sentiment Indicator for ThinkorSwim

[Rojo Grande]

@mashume, please accept my apologies for the sudden onslaught of dyslexia. I meant SRSI. Here is the code.

declare lower;

input len = 6; #changed from the setting of 20 per the instructions of the original author

def srsin;
def value1 = close - open;
def value2 = high - low;
def value3 = if value2 == 0 then 0
else value1 / value2;

srsin = Sum(value3, len);

plot srsi = srsin / len;
srsi.assignValueColor(if srsi > 0.05 then Color.GREEN
else if srsi<-0.05 then color.red
else color.yellow);

plot l1 = 0.38 ;
l1.SetDefaultColor(Color.DARK_RED);

plot l2 = -0.38;
l2.SetDefaultColor(Color.DARK_GREEN);

plot zline = 0;
zline.SetDefaultColor(Color.ORANGE);

Alert(SRSI crosses below 0, "", Alert.BAR, Sound.Bell);
Alert(SRSI crosses above 0, "", Alert.BAR, Sound.Bell);

#AddLabel(yes, "SRSI: " + SRSI, if SRSI > .05 then (Color.GREEN) else if SRSI < -.05 then (Color.RED) else Color.Yellow);

 

[mashume]

@mashume, please accept my apologies for the sudden onslaught of dyslexia. I meant SRSI. Here is the code.

No Problems,

Here's some code. It only seems to work on a daily chart for whatever reason... perhaps some one here can tell me why.

# AVERAGE of SRSIs FOR GROUP OF STOCKS
#
# useThinkScript
# 2020-07-24
# @mashume

script SRSI {
    input ticker = "SPY";
    input len = 6;
    def srsin;

    def value1 = close(ticker) - open(ticker);
    def value2 = high(ticker) - low(ticker);
    def value3 = if value2 == 0 then 0
                 else value1 / value2;

    srsin = Sum(value3, len);
    plot SRSI = srsin / len;
}


declare lower;

input OS = -0.2;
input OB = 0.2;

input ticker_1 = "SBUX";
input ticker_2 = "MSFT";
input ticker_3 = "AMZN";
input ticker_4 = "COST";
input ticker_5 = "FFIV";
input ticker_6 = "DAIO";
input ticker_7 = "MRNA";


def SRSI_1 = SRSI(ticker = ticker_1);
def SRSI_2 = SRSI(ticker = ticker_2);
def SRSI_3 = SRSI(ticker = ticker_3);
def SRSI_4 = SRSI(ticker = ticker_4);
def SRSI_5 = SRSI(ticker = ticker_5);
def SRSI_6 = SRSI(ticker = ticker_6);
def SRSI_7 = SRSI(ticker = ticker_7);


plot data = (SRSI_1 + SRSI_2 + SRSI_3 + SRSI_4 + SRSI_5 + SRSI_6 + SRSI_7) / 7;

plot zero = 0;
zero.setDefaultColor(Color.GRAY);

# plot rsi = rsi(price = data);
data.SetDefaultColor(Color.CYAN);
data.SetLineWeight(2);

plot oversold = OS;
oversold.SetDefaultColor(Color.RED);

plot overbought = OB;
overbought.SetDefaultColor(Color.GREEN);

I made up the OS and OB levels. I'm not sure whether they're appropriate or not.

Trade 'em like you see 'em.

-mashume

 

[Rojo Grande]

@mashume Thank you again for your time and efforts. This is going to work my longer trades. Maybe someone here can work this for shorter time frames.

 

[fskhan]

I personally use a very rudimentary indicator to estimate overall market sentiment or you can say current trend. I only trade SPX and have found the indicator originally presented here very useful by @Chemmy. I avoid trading against these sentiments at any point in time.

Here is my indicator to develop an understanding of the overall market. This is not very scientific perhaps.

Here is the code for Market Sentiment Record.

# fsk_market_sentiment  - Show over all market sentiments 
# 02-01-2023 - fskhan - Created
#   Show 4 Key ETFs/Indexes  and an aggregate of 24 key stocks, sectors and indexes to determine 
# overall market  sentiment.
# this to help determine  "SellPut" or "Sellput" signals from fsk_HighLowRangeToday should be considered.
# When label MSR (Market SentimentZoneOscillator Record) is RED and less than 50% 
# then general trend is Down, so consider "Sell Call"
# When label MSR (Market SentimentZoneOscillator Record) is GREEN and MORE than 50% 
# then General Trend is UP, so consider "Sell PUT"
# 
declare once_per_bar;
input Symbol_1 = "$VOLD";
input Symbol_2 = "$ADD";
input Symbol_3     = "UNH";
input Symbol_4     = "JPM";

input Symbol_5     = "SVXY";
input Symbol_6     = "SPY";
input Symbol_7     = "UDN";
input Symbol_8     = "TSLA";
input Symbol_9     = "INTC";
input Symbol_10    = "NVDA";
input Symbol_11    = "AAPL";
input Symbol_12    = "AMZN";
input Symbol_13    = "XLF";
input Symbol_14    = "XLE";
input Symbol_15    = "XLK";
input Symbol_16    = "XLP";
input Symbol_17    = "IYT";
input Symbol_18    = "BRK/B";
input Symbol_19    = "MSFT";
input Symbol_20    = "MGAM";
input Symbol_21    = "F";
input Symbol_22    = "SNAP";
input Symbol_23    = "AMD";
input Symbol_24    = "XOM";
input Symbol_25    = "GS";
input Symbol_26    = "META";
def ztotal = 26;

def zct_0  = 0;


script zUpDown {
    input zsymbol = "";
    input zCount = 0;
    input zinverse = double.Nan;
    def Length = 0;
    def aggr = AggregationPeriod.DAY;


    def todayopen = (open(zsymbol, period = aggr));
    def curclose = (close(zsymbol, period = aggr));


    plot rUpdown = 
                if IsNan(zinverse)  
                  then 
                    if (curclose[0]) > (todayopen[Length])  then yes else no
                  else
                  if (curclose[0]) < (todayopen[Length])  then yes else no ;
    plot rCount = if IsNan(zinverse)  
                  then 
                    if (curclose[0]) > (todayopen[Length])  then zCount + 1 else zCount + 0
                  else
                  if (curclose[0]) < (todayopen[Length])  then zCount + 1 else zCount + 0  ;
#    plot rcount = zinverse *  zrCount;


} # end zUpDown

# count of up downs
#def zct_yc = zUpDown("spy", zct_0).yc ;
#def zct_to = zUpDown("spy", zct_0).to ;

#AddLabel(yes, zct_yc    ,   Color.GREEN  );
#AddLabel(yes, zct_to    ,   Color.GREEN  );


def zct_1 = zUpDown(Symbol_1, zct_0).rCount ;
def zct_2 = zUpDown(Symbol_2, zct_1).rCount ;

#def t1 = zUpDown(Symbol_2, zct_0).topen;
#addlabel(yes, t1    ,   Color.GREEN  );
#def t2 = zUpDown(Symbol_2, zct_0).tclose;
#addlabel(yes, t2    ,   Color.GREEN  );

def zct_3  = zUpDown(Symbol_3  , zct_2 ).rCount ;
# $PCSP is reverse 
def zct_4  = zUpDown(Symbol_4  , zct_3 ).rCount ;
def zct_5  = zUpDown(Symbol_5  , zct_4 ).rCount ;
def zct_6  = zUpDown(Symbol_6  , zct_5 ).rCount ;
def zct_7  = zUpDown(Symbol_7  , zct_6 ).rCount ;
def zct_8  = zUpDown(Symbol_8  , zct_7 ).rCount ;
def zct_9  = zUpDown(Symbol_9  , zct_8 ).rCount ;
def zct_10 = zUpDown(Symbol_10 , zct_9 ).rCount ;
def zct_11 = zUpDown(Symbol_11 , zct_10).rCount ;
def zct_12 = zUpDown(Symbol_12 , zct_11).rCount ;
def zct_13 = zUpDown(Symbol_13 , zct_12).rCount ;
def zct_14 = zUpDown(Symbol_14 , zct_13).rCount ;
def zct_15 = zUpDown(Symbol_15 , zct_14).rCount ;
def zct_16 = zUpDown(Symbol_16 , zct_15).rCount ;
def zct_17 = zUpDown(Symbol_17 , zct_16).rCount ;
def zct_18 = zUpDown(Symbol_18 , zct_17).rCount ;
def zct_19 = zUpDown(Symbol_19 , zct_18).rCount ;
def zct_20 = zUpDown(Symbol_20 , zct_19).rCount ;
def zct_21 = zUpDown(Symbol_21 , zct_20).rCount ;
def zct_22 = zUpDown(Symbol_22 , zct_21).rCount ;
def zct_23 = zUpDown(Symbol_23 , zct_22).rCount ;
def zct_24 = zUpDown(Symbol_24 , zct_23).rCount ;
def zct_25 = zUpDown(Symbol_25 , zct_24).rCount ;
def zct_26 = zUpDown(Symbol_25 , zct_25).rCount ;

def zct_zct = zct_26;
#AddLabel(yes, zct_yc    ,   Color.GREEN  );
# Updown
def ste_1 = zUpDown(Symbol_1, zct_0).rUpdown ;
def ste_2 = zUpDown(Symbol_2, zct_1).rUpdown ;
def ste_3  = zUpDown(Symbol_3  , zct_2 ).rUpdown ;
def ste_4  = zUpDown(Symbol_4  , zct_3, 1 ).rUpdown ;


AddLabel(!IsNaN(zct_1 ), Symbol_1   , if ste_1 and  close(Symbol_1 , period = AggregationPeriod.DAY) > (open(Symbol_1 , period = AggregationPeriod.DAY))  then Color.GREEN else  Color.RED );
AddLabel(!IsNaN(zct_2 ), Symbol_2   , if ste_2  and  (close(Symbol_2 , period = AggregationPeriod.DAY)) > (open(Symbol_2 , period = AggregationPeriod.DAY))  then Color.GREEN else  Color.RED );
#AddLabel(!IsNaN(zct_2 ), Symbol_3   , if ste_3  and  close(Symbol_3 , period = AggregationPeriod.DAY) > (open(Symbol_3 , period = AggregationPeriod.DAY))   then Color.GREEN else  Color.RED );
#AddLabel(!IsNaN(zct_2 ), Symbol_4   , if ste_4  and  close(Symbol_4 , period = AggregationPeriod.DAY) > (open(Symbol_4 , period = AggregationPeriod.DAY))   then Color.GREEN else  Color.RED );

def zpct = Round(100 * (zct_zct / ztotal), 2)  ;
AddLabel(yes, "MSR: " + Round(100 * (zct_zct / ztotal), 2)  + "% (" + zct_zct + "/" + ztotal + ")"  , if zpct > 68  then Color.LIGHT_GREEN else  if zpct  < 60 then Color.PINK else Color.YELLOW);



#EOF

 

[acom]

I personally use a very rudimentary indicator to estimate overall market sentiment or you can say current trend. I only trade SPX and have found the indicator originally presented here very useful by @Chemmy. I avoid trading against these sentiments at any point in time.

Here is my indicator to develop an understanding of the overall market. This is not very scientific perhaps.

Here is the code for Market Sentiment Record.

# fsk_market_sentiment  - Show over all market sentiments
# 02-01-2023 - fskhan - Created
#   Show 4 Key ETFs/Indexes  and an aggregate of 24 key stocks, sectors and indexes to determine
# overall market  sentiment.
# this to help determine  "SellPut" or "Sellput" signals from fsk_HighLowRangeToday should be considered.
# When label MSR (Market SentimentZoneOscillator Record) is RED and less than 50%
# then general trend is Down, so consider "Sell Call"
# When label MSR (Market SentimentZoneOscillator Record) is GREEN and MORE than 50%
# then General Trend is UP, so consider "Sell PUT"
#

input Symbol_1 = "$VOLD";
input Symbol_2 = "$ADD";
input Symbol_3     = "$SP500MUP";
input Symbol_4     = "$PCN";
input Symbol_5     = "SVXY";
input Symbol_6     = "SPY";
input Symbol_7     = "UDN";
input Symbol_8     = "META";
input Symbol_9     = "INTC";
input Symbol_10    = "NVDA";
input Symbol_11    = "AAPL";
input Symbol_12    = "AMZN";
input Symbol_13    = "XLF";
input Symbol_14    = "XLE";
input Symbol_15    = "XLK";
input Symbol_16    = "XLP";
input Symbol_17    = "IYT";
input Symbol_18    = "VZ";
input Symbol_19    = "TSLA";
input Symbol_20    = "MGAM";
input Symbol_21    = "F";
input Symbol_22    = "SNAP";
input Symbol_23    = "AMD";
input Symbol_24    = "XOM";

def zct_0  = 0;

script zUpDown {
    input zsymbol = "";
    input zCount = 0;

    def todayopen = open(zsymbol, period = AggregationPeriod.DAY);
    def curclose = close(zsymbol, period = AggregationPeriod.DAY);

    plot rUpdown = if curclose > todayopen then yes else no;
    plot rCount = if curclose > todayopen then zCount + 1 else zCount + 0;


} # end zUpDown


 
# count of up downs
def zct_1 = zUpDown(Symbol_1, zct_0).rCount ;
def zct_2 = zUpDown(Symbol_2, zct_1).rCount ;
def zct_3  = zUpDown(Symbol_3  , zct_2 ).rCount ;
def zct_4  = zUpDown(Symbol_4  , zct_3 ).rCount ;
def zct_5  = zUpDown(Symbol_5  , zct_4 ).rCount ;
def zct_6  = zUpDown(Symbol_6  , zct_5 ).rCount ;
def zct_7  = zUpDown(Symbol_7  , zct_6 ).rCount ;
def zct_8  = zUpDown(Symbol_8  , zct_7 ).rCount ;
def zct_9  = zUpDown(Symbol_9  , zct_8 ).rCount ;
def zct_10 = zUpDown(Symbol_10 , zct_9 ).rCount ;
def zct_11 = zUpDown(Symbol_11 , zct_10).rCount ;
def zct_12 = zUpDown(Symbol_12 , zct_11).rCount ;
def zct_13 = zUpDown(Symbol_13 , zct_12).rCount ;
def zct_14 = zUpDown(Symbol_14 , zct_13).rCount ;
def zct_15 = zUpDown(Symbol_15 , zct_14).rCount ;
def zct_16 = zUpDown(Symbol_16 , zct_15).rCount ;
def zct_17 = zUpDown(Symbol_17 , zct_16).rCount ;
def zct_18 = zUpDown(Symbol_18 , zct_17).rCount ;
def zct_19 = zUpDown(Symbol_19 , zct_18).rCount ;
def zct_20 = zUpDown(Symbol_20 , zct_19).rCount ;
def zct_21 = zUpDown(Symbol_21 , zct_20).rCount ;
def zct_22 = zUpDown(Symbol_22 , zct_21).rCount ;
def zct_23 = zUpDown(Symbol_23 , zct_22).rCount ;
def zct_24 = zUpDown(Symbol_24 , zct_23).rCount ;

# Updown
def ste_1 = zUpDown(Symbol_1, zct_0).rUpdown ;
def ste_2 = zUpDown(Symbol_2, zct_1).rUpdown ;
def ste_3  = zUpDown(Symbol_3  , zct_2 ).rUpdown ;
def ste_4  = zUpDown(Symbol_4  , zct_3 ).rUpdown ;
def ste_5  = zUpDown(Symbol_5  , zct_4 ).rUpdown ;
def ste_6  = zUpDown(Symbol_6  , zct_5 ).rUpdown ;
def ste_7  = zUpDown(Symbol_7  , zct_6 ).rUpdown ;
def ste_8  = zUpDown(Symbol_8  , zct_7 ).rUpdown ;
def ste_9  = zUpDown(Symbol_9  , zct_8 ).rUpdown ;
def ste_10 = zUpDown(Symbol_10 , zct_9 ).rUpdown ;
def ste_11 = zUpDown(Symbol_11 , zct_10).rUpdown ;
def ste_12 = zUpDown(Symbol_12 , zct_11).rUpdown ;
def ste_13 = zUpDown(Symbol_13 , zct_12).rUpdown ;
def ste_14 = zUpDown(Symbol_14 , zct_13).rUpdown ;
def ste_15 = zUpDown(Symbol_15 , zct_14).rUpdown ;
def ste_16 = zUpDown(Symbol_16 , zct_15).rUpdown ;
def ste_17 = zUpDown(Symbol_17 , zct_16).rUpdown ;
def ste_18 = zUpDown(Symbol_18 , zct_17).rUpdown ;
def ste_19 = zUpDown(Symbol_19 , zct_18).rUpdown ;
def ste_20 = zUpDown(Symbol_20 , zct_19).rUpdown ;
def ste_21 = zUpDown(Symbol_21 , zct_20).rUpdown ;
def ste_22 = zUpDown(Symbol_22 , zct_21).rUpdown ;
def ste_23 = zUpDown(Symbol_23 , zct_22).rUpdown ;
def ste_24 = zUpDown(Symbol_24 , zct_23).rUpdown ;
def ztotal = 24;
AddLabel(!IsNan(zct_1 ), Symbol_1   , if ste_1 and  close(Symbol_1 , period = AggregationPeriod.DAY) > 0  then Color.GREEN else  Color.RED );
AddLabel(!IsNan(zct_2 ), Symbol_2   , if ste_2  and  close(Symbol_2 , period = AggregationPeriod.DAY) > 0  then Color.GREEN else  Color.RED );
AddLabel(!IsNan(zct_2 ), Symbol_3   , if ste_3  and  close(Symbol_3 , period = AggregationPeriod.DAY) > 0  then Color.GREEN else  Color.RED );
AddLabel(!IsNan(zct_2 ), Symbol_4   , if ste_4  and  close(Symbol_4 , period = AggregationPeriod.DAY) > 0  then Color.GREEN else  Color.RED );

AddLabel(yes, "MSR: " + Round(100 * (zct_24 / ztotal), 2)  + "% (" + zct_24 + "/" + ztotal + ")"  , if zct_24 > 12  then Color.GREEN else  Color.RED );



#EOF

@Chemmy @samer800 @fskhan Is it possible to get histogram view of MSR by which we can see MSR values throughout the day?

 

[Taye]

Awesome code:
https://usethinkscript.com/threads/...cator-for-thinkorswim.1825/page-2#post-118310

Is there a way you can just have the code to show AAPL,TSLA,AMZN,META,NVDA,MSFT,APPL,GOOGL,GOOG,JNJ,UNH market sentiment?

 

[fskhan]

This indicator demands periodic review. I have updated it today.

 

[profitmaya]

This indicator demands periodic review. I have updated it today.

@fskhan may i know where can I get the code for fsk_HighLowRangeToday?

 

[kaizen10]

Hello, Can someone tell me how this can be used to create conditional order like if MSR % is > 50 buy ? Currently this script shows up in study but not displaying any input value/parameters. Sorry don't know much about scripting. Any help is appreciated. Thanks.