NSE Market Breadth Volume

21 เม.ย.

Market Breadth Volume (MBV) is defined as the ratio between the count of stocks giving a volume 1.5 times greater than its 20-day SMA, and the count of stocks giving a volume 0.5 times lesser than its 20-day SMA. This breadth indicator reflects participation in the markets. A sloping upward MBV shows that money is coming into the market.

MBV was devised by Chhirag_Kedia & this is how he explains it:

• When it surpasses 1+ (benchmarking), it shows a matured upswing, which in the initial stages will result in strong buying but as the time passes with such a high rating will result in an extended market with high no. of breakout failures.
  
• The final stage is ratings above 1.5 to 2+. These in later stages will reflect extreme reading and will result in trend exhaustion.
  
• Similarly on the bearish side, the volume will dry up as we get a shakeout or a strong red day. This reduction in participation will result in lacklustre outcome in breakouts and will subsequently dry up further, usually coming under 0.2 to show extreme dryness.
  
• Look for a systematic pick-up in volume post 15-20 days of first shakeout. Look for days with significant pick up with positive breadth, like volume coming around 0.20 etc. jumps to 0.35 to 0.45 etc. This will suggest that participation is picking up in the market and we will see a rally soon.
  

FEATURES

⦿ Multi-color Mode
For the sake of visual representation, you can turn on the multi-color mode where the volume bars can have one of the 4 colors:
Dry volume (Grey): Volume ≤ 0.25
Low Volume (Orange): Volume between 0.25 & 0.5
Mid Volume (Green): Volume between 0.5 & 1
High Volume (blue): Volume > 1 → Mature upswing

https://www.tradingview.com/x/bdn0t9TX/

⦿ Background Net Breadth
Option to display the to display the net breadth as a background color. By default, the background colors are turned off.

https://www.tradingview.com/x/iRvbE4Vc/

⦿ Moving Average
There is an option to turn on a moving average of the volume. By default, it is the 5 SMA. This shows the near-term trend, & whether the MBV is sloping upward or not.

https://www.tradingview.com/x/s2xaZj6n/

Dependency:

• The script uses the Pine Seeds service to import custom data hosted in a GitHub repository and accesses it via TradingView as the frontend. So, the number of bars appearing on charts is fully dependent on the amount of historical data available. Any error or omission, if there, is a reflection of the hosted data, & not that of TradingView.
  

Limitations:

• Such data has some limitations, like it can only be updated at EOD (End-of-Day), & only daily-based timeframes can be applied to such data. Irrespective of the intraday changes, only the last saved value on the chart is seen. So, it's best to use this script as EOD, rather than intraday.
  
• At the time of publication of this script, historical data was available till the year 2004.
  
• The universe of stocks chosen for the data is all stocks with latest Close >= 1 and Market Cap > 10.
  

Credits:

• NSE Market Breadth data is from Chhirag_Kedia, & the Pine seeds are courtesy of EquityCraze

11 ต.ค.

เอกสารเผยแพร่

The short title is now updated to 'Kedia volume'.