DecisionPoint Swenlin Trading Oscillator can be used to identify short-term tops and bottoms. This is a breadth indicator. STO is designed to be calculated using either issues or volume, I will post a follow up indicator that makes use of volume.
You can read about the interpretation of the signals (& gotchas) in the link below.
I have added support for NYSE / NASD / AMEX and also a combined mode. You can specify custom advancing/declining mkt symbols too.
More Info:
stockcharts.com...school/doku.php?id=chart_s...
List of my public indicators: bit.ly/1LQaPK8
List of my app-store indicators: blog.tradingview.com/?p=970
You can read about the interpretation of the signals (& gotchas) in the link below.
I have added support for NYSE / NASD / AMEX and also a combined mode. You can specify custom advancing/declining mkt symbols too.
More Info:
stockcharts.com...school/doku.php?id=chart_s...
List of my public indicators: bit.ly/1LQaPK8
List of my app-store indicators: blog.tradingview.com/?p=970
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
//
// @author LazyBear
//
// List of my public indicators: http://bit.ly/1LQaPK8
// List of my app-store indicators: http://blog.tradingview.com/?p=970
//
study("DecisionPoint Breadth Swenlin Trading Oscillator [LazyBear]", shorttitle="DBSTO_LB", overlay=false, precision=5)
mkt = input (defval=1, minval=0, maxval=4, title="Market (0=>AMEX/NASD/NYSE Combined, 1=NYSE, 2=NASDAQ, 3=AMEX, 4=CUSTOM)")
aic=input(defval="INDEX:ADVS", title="CUSTOM: Advancing Stocks Symbol", type=symbol)
dic=input(defval="INDEX:DECS", title="CUSTOM: Declining Stocks Symbol", type=symbol)
res = isintraday?"D":period // dont go below "D"
advn="INDEX:ADVN", decn="INDEX:DECN" // NYSE
advnq="INDEX:ADVQ", decnq="INDEX:DECQ" // NASDAQ
advna="INDEX:ADVA", decna="INDEX:DECA" // AMEX
advc="(INDEX:ADVN+INDEX:ADVQ+INDEX:ADVA)/3.0", decc="(INDEX:DECN+INDEX:DECQ+INDEX:DECA)/3.0"
adv= security(mkt==0? advc:mkt == 1? advn:mkt == 2? advnq:mkt == 3? advna:aic, res, close)
dec= security(mkt==0? decc:mkt == 1? decn:mkt == 2? decnq:mkt == 3? decna:dic, res, close)
i=(adv-dec)/(adv+dec)
sto=sma(ema(i * 1000, 4), 5)
sh=input(true, title="Show Histo")
plot(0, color=gray, title="MidLine")
plot(sh?sto:na, style=histogram, color=sto>0?sto>sto[1]?green:orange:sto<sto[1]?red:orange, title="Histo")
plot(sto, linewidth=2, color=black, title="DSTO")