Whaley Breadth Thrust For ThinkOrSwim

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Chrys

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The author states: The Whaley Breadth Thrust Indicator (WBT) is a momentum-based technical indicator designed to identify the strength of market trends. It measures the market's breadth by comparing advancing stocks to declining stocks, providing insights into whether a market is in a bullish, neutral, or bearish state. This script calculates the indicator based on the advancing and declining U.S. stocks; however, it can be expanded to other markets as well.

Thresholds:
0.30: Indicates a strongly bearish market.
0.40: A bearish threshold; crossing below suggests bearish momentum.
0.60: A bullish threshold; crossing above suggests bullish momentum.
0.70: Indicates a strongly bullish market.

8sO2Sa1.png



Here is the original Tradingview code:
https://www.tradingview.com/script/Ino0OEgK-Whaley-Breadth-Thrust-Indicator/

For the new ThinkOrSwim code, you must scroll down to the next post
 
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Chrys said:
https://www.tradingview.com/script/Ino0OEgK-Whaley-Breadth-Thrust-Indicator/
Click to expand...
check the below:

CSS: 
#// Indicator for TOS
#//Published by @Mysterysauce
#indicator("Whaley Breadth Thrust Indicator", overlay=false)
# Converted by Sam4Cok@Samer800    - 01/2025
declare lower;

input timeframe = AggregationPeriod.MIN; #('D', 'Timeframe')
input smoothingType = AverageType.SIMPLE;
input smoothingLength = 5; #, "Period for WBT")  // Period is set to 5 days as per the article
input adv = "$ADVA"; # "Symbol for Advances"
input dec = "$DECA"; # "Symbol for Declines"
input SignificantHighThreshold = 0.6366;
input SignificantLowThreshold = 0.2905;

def na = Double.NaN;
def last = IsNaN(close);
def cap = GetAggregationPeriod();
def tf = Max(cap, timeframe);
#// Inputs for advancing and declining stocks
def advances = close(adv, Period = tf);
def declines = close(dec, Period = tf);

#// Breadth Thrust Ratio (BTR) Calculation
def btr = advances / (advances + declines + 0.001); #  // ADT = Advances / (Advances + Declines)

#// Calculate the simple moving average of BTR over the specified period
def wbt = MovingAverage(smoothingType, btr, smoothingLength);

#// Plot WBT
plot wbtI = if !last then wbt else na; # "WBT"
wbtI.SetLineWeight(2);
wbtI.SetDefaultColor(Color.CYAN);

#// Significant Thresholds based on the article
plot h_19_05 = if last then na else SignificantLowThreshold;  # "Significant Low Threshold"
plot h_73_66 = if last then na else SignificantHighThreshold; # "Significant High Threshold"
plot hline50 = if last then na else 0.50; #, "Mid Line", color=color.aqua
h_19_05.SetDefaultColor(Color.GREEN);
h_73_66.SetDefaultColor(Color.RED);
hline50.SetStyle(Curve.SHORT_DASH);
hline50.SetDefaultColor(Color.GRAY);
h_19_05.SetPaintingStrategy(PaintingStrategy.DASHES);
h_73_66.SetPaintingStrategy(PaintingStrategy.DASHES);

#// Horizontal lines and fills
def hline30 = if last then na else 0.30; # "Min Threshold"
def hline40 = if last then na else 0.40; # "Lower Threshold"
def hline60 = if last then na else 0.60; # "Upper Threshold"
def hline70 = if last then na else 0.70; # "Max Threshold"

AddCloud(hline70, hline60, Color.PLUM, Color.PLUM, yes);
AddCloud(hline40, hline30, Color.PLUM, Color.PLUM, yes);

#-- background

#// Highlighting significant ADT readings
def pos = Double.POSITIVE_INFINITY;
def neg = Double.NEGATIVE_INFINITY;
def os = wbt > SignificantHighThreshold;
def ob =  wbt < SignificantLowThreshold;

AddCloud(if (os or os[-1]) then pos else na, neg, Color.DARK_RED);
AddCloud(if (ob or ob[-1]) then pos else na, neg, Color.DARK_GREEN);


#-- END of CODE
 
@Chrys : I was working on the conversion when @samer800 posted his...

I just happen to notice that his version has the exchange hard-coded to the AMEX...It may be preferable to look at the Breadth Thrust for the exchange that your stock trades on...As a result, I've taken the liberty of updating adding the script with the Exchange option for your review...

Code: 
#// Indicator for TOS
#//Published by @Mysterysauce
#indicator("Whaley Breadth Thrust Indicator", overlay=false)
# Converted by Sam4Cok@Samer800 - 01/2025
declare lower;

input timeframe = AggregationPeriod.MIN; #('D', 'Timeframe')
input smoothingType = AverageType.SIMPLE;
input smoothingLength = 5; #, "Period for WBT")  // Period is set to 5 days as per the article
#input adv = "$ADVA"; # "Symbol for Advances"
#input dec = "$DECA"; # "Symbol for Declines"
input SignificantHighThreshold = 0.6366;
input SignificantLowThreshold = 0.2905;
input exchange = {NYSE, NASDAQ, default AMEX};

def na = Double.NaN;
def last = IsNaN(close);
def cap = GetAggregationPeriod();
def tf = Max(cap, timeframe);

#// Inputs for advancing and declining stocks
def advances;
def declines;
switch (exchange) {
case NYSE:
    advances = close("$ADVN", Period = tf);
    declines = close("$DECN", Period = tf);
case NASDAQ:
    advances = close("$ADVN/Q", Period = tf);
    declines = close("$DECN/Q", Period = tf);
case AMEX:
    advances = close("$ADVA", Period = tf);
    declines = close("$DECA", Period = tf);
}

#// Breadth Thrust Ratio (BTR) Calculation
def btr = advances / (advances + declines + 0.001); #  // ADT = Advances / (Advances + Declines)

#// Calculate the simple moving average of BTR over the specified period
def wbt = MovingAverage(smoothingType, btr, smoothingLength);

#// Plot WBT
plot wbtI = if !last then wbt else na; # "WBT"
wbtI.SetLineWeight(2);
wbtI.SetDefaultColor(Color.CYAN);

#// Significant Thresholds based on the article
plot h_19_05 = if last then na else SignificantLowThreshold;  # "Significant Low Threshold"
plot h_73_66 = if last then na else SignificantHighThreshold; # "Significant High Threshold"
plot hline50 = if last then na else 0.50; #, "Mid Line", color=color.aqua
h_19_05.SetDefaultColor(Color.GREEN);
h_73_66.SetDefaultColor(Color.RED);
hline50.SetStyle(Curve.SHORT_DASH);
hline50.SetDefaultColor(Color.GRAY);
h_19_05.SetPaintingStrategy(PaintingStrategy.DASHES);
h_73_66.SetPaintingStrategy(PaintingStrategy.DASHES);

#// Horizontal lines and fills
def hline30 = if last then na else 0.30; # "Min Threshold"
def hline40 = if last then na else 0.40; # "Lower Threshold"
def hline60 = if last then na else 0.60; # "Upper Threshold"
def hline70 = if last then na else 0.70; # "Max Threshold"

AddCloud(hline70, hline60, Color.PLUM, Color.PLUM, yes);
AddCloud(hline40, hline30, Color.PLUM, Color.PLUM, yes);

#-- background

#// Highlighting significant ADT readings
def pos = Double.POSITIVE_INFINITY;
def neg = Double.NEGATIVE_INFINITY;
def os = wbt > SignificantHighThreshold;
def ob =  wbt < SignificantLowThreshold;

AddCloud(if (os or os[-1]) then pos else na, neg, Color.DARK_RED);
AddCloud(if (ob or ob[-1]) then pos else na, neg, Color.DARK_GREEN);


#-- END of CODE

#Source 1: https://www.tradingview.com/script/Ino0OEgK-Whaley-Breadth-Thrust-Indicator/
#Source 2: https://www.tradingview.com/pine/?id=PUB;754411c6279947fcb701b266d6ee65fa
#Source 3: https://lindaraschke.net/wp-content/uploads/Whaley-Breadth-THrust.pdf

Hope this helps...

Good Luck and Good Trading :cool:
 
netarchitech said:
@Chrys : I was working on the conversion when @samer800 posted his...

I just happen to notice that his version has the exchange hard-coded to the AMEX...It may be preferable to look at the Breadth Thrust for the exchange that your stock trades on...As a result, I've taken the liberty of updating adding the script with the Exchange option for your review...

Code: 
#// Indicator for TOS
#//Published by @Mysterysauce
#indicator("Whaley Breadth Thrust Indicator", overlay=false)
# Converted by Sam4Cok@Samer800 - 01/2025
declare lower;

input timeframe = AggregationPeriod.MIN; #('D', 'Timeframe')
input smoothingType = AverageType.SIMPLE;
input smoothingLength = 5; #, "Period for WBT")  // Period is set to 5 days as per the article
#input adv = "$ADVA"; # "Symbol for Advances"
#input dec = "$DECA"; # "Symbol for Declines"
input SignificantHighThreshold = 0.6366;
input SignificantLowThreshold = 0.2905;
input exchange = {NYSE, NASDAQ, default AMEX};

def na = Double.NaN;
def last = IsNaN(close);
def cap = GetAggregationPeriod();
def tf = Max(cap, timeframe);

#// Inputs for advancing and declining stocks
def advances;
def declines;
switch (exchange) {
case NYSE:
    advances = close("$ADVN", Period = tf);
    declines = close("$DECN", Period = tf);
case NASDAQ:
    advances = close("$ADVN/Q", Period = tf);
    declines = close("$DECN/Q", Period = tf);
case AMEX:
    advances = close("$ADVA", Period = tf);
    declines = close("$DECA", Period = tf);
}

#// Breadth Thrust Ratio (BTR) Calculation
def btr = advances / (advances + declines + 0.001); #  // ADT = Advances / (Advances + Declines)

#// Calculate the simple moving average of BTR over the specified period
def wbt = MovingAverage(smoothingType, btr, smoothingLength);

#// Plot WBT
plot wbtI = if !last then wbt else na; # "WBT"
wbtI.SetLineWeight(2);
wbtI.SetDefaultColor(Color.CYAN);

#// Significant Thresholds based on the article
plot h_19_05 = if last then na else SignificantLowThreshold;  # "Significant Low Threshold"
plot h_73_66 = if last then na else SignificantHighThreshold; # "Significant High Threshold"
plot hline50 = if last then na else 0.50; #, "Mid Line", color=color.aqua
h_19_05.SetDefaultColor(Color.GREEN);
h_73_66.SetDefaultColor(Color.RED);
hline50.SetStyle(Curve.SHORT_DASH);
hline50.SetDefaultColor(Color.GRAY);
h_19_05.SetPaintingStrategy(PaintingStrategy.DASHES);
h_73_66.SetPaintingStrategy(PaintingStrategy.DASHES);

#// Horizontal lines and fills
def hline30 = if last then na else 0.30; # "Min Threshold"
def hline40 = if last then na else 0.40; # "Lower Threshold"
def hline60 = if last then na else 0.60; # "Upper Threshold"
def hline70 = if last then na else 0.70; # "Max Threshold"

AddCloud(hline70, hline60, Color.PLUM, Color.PLUM, yes);
AddCloud(hline40, hline30, Color.PLUM, Color.PLUM, yes);

#-- background

#// Highlighting significant ADT readings
def pos = Double.POSITIVE_INFINITY;
def neg = Double.NEGATIVE_INFINITY;
def os = wbt > SignificantHighThreshold;
def ob =  wbt < SignificantLowThreshold;

AddCloud(if (os or os[-1]) then pos else na, neg, Color.DARK_RED);
AddCloud(if (ob or ob[-1]) then pos else na, neg, Color.DARK_GREEN);


#-- END of CODE

#Source 1: https://www.tradingview.com/script/Ino0OEgK-Whaley-Breadth-Thrust-Indicator/
#Source 2: https://www.tradingview.com/pine/?id=PUB;754411c6279947fcb701b266d6ee65fa
#Source 3: https://lindaraschke.net/wp-content/uploads/Whaley-Breadth-THrust.pdf

Hope this helps...

Good Luck and Good Trading :cool:
Click to expand...
Ah, now it looks like the values that Walter Deemer came up with using NYSE. Deemer references Whaley's threshold as 73.67%.

https://x.com/WalterDeemer/status/1881817348698775556

Thanks for adding the exchange option.
 
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