McClellan Froth IndexFrom the article "Extreme Point for Nasdaq Volume" by Tom McClellan:
"We are seeing some wild numbers for Nasdaq share volume lately, much bigger than anything in recent years. This points to a speculative blowoff underway.
For many years, analysts have looked at the ratio of Nasdaq to NYSE volume as an indicator of tops and bottoms for stock prices. This week’s chart shows a 10-day simple moving average of that daily ratio. The current reading is the highest since all the way back in 2001, when the stock market was in the process of violently unwinding the 2000 Internet bubble peak. If you look closely at the chart, you can see that other lesser peaks in this 10-day MA have been associated with meaningful price tops. This reading is in a whole separate category.
Part of what is happening is an upsurge in the trading of stocks that have a low share price. Here is a recent tally of the most active stocks on the Nasdaq, as published by Marketwatch.
Nasdaq most active list
Notice how many of these are priced in the single digits, and many even below $1. So to trade any meaningful dollar amount in these stocks means trading more share volume, due to those low prices.
A lot of investors, especially new investors, hold the funny belief that a low numerical share price means that a stock is “cheap”. That used to be true, back in the 1800s and early 1900s when companies issued stock at a “par” value of $100. That custom was also part of why the NYSE would delist a stock if its share price fell below $5, because that meant it had fallen so far from its par value that it was not considered a reasonable investment.
But nowadays, companies can pick their own IPO prices at fanciful numerical values. So the message of a low-priced stock being a “cheap” stock is no longer a valid one. But that does not stop the Robinhood crowd from playing around in that segment of the market.
And this is a big part of why the Nasdaq/NYSE volume ratio works as an indicator of froth, or fear. The extent to which traders and investors decide it is a good idea to speculate on the low priced stocks, and to jack up their trading volume, can be an indication of frothy bullish sentiment."
The volume values on Tradingview seem to be slightly different than the values in Tom's version, but the script still demonstrates the relationship between Nasdaq volume and NYSE volume.
It also includes the option to use (Nasdaq Options Volume / SPX Options Volume).
*Includes an option for repainting -- default value is true, meaning the script will repaint the current bar.
False = Not Repainting = Value for the current bar is not repainted, but all past values are offset by 1 bar.
True = Repainting = Value for the current bar is repainted, but all past values are correct and not offset by 1 bar.
In both cases, all of the historical values are correct, it is just a matter of whether you prefer the current bar to be realistically painted and the historical bars offset by 1, or the current bar to be repainted and the historical data to match their respective price bars.
As explained by TradingView,`f_security()` is for coders who want to offer their users a repainting/no-repainting version of the HTF data.
ค้นหาในสคริปต์สำหรับ "中国铝业2001年股价"
Neapolitan BandsThe Neapolitan Bands were derived from Jean Marc Guillot's 2001 IFTA trading strategy. In his study published by the International Federation of Technical Analysis titled, "Using Indicators from the Derivatives Markets to Forecast FX Moves" Guillot utilizes multiple bollinger bands of various deviations to determine trends and reversals, entries and exits. I isolated this particular part of his overall trading strategy because it has been a useful trend following indicator for me.
Some basics:
Neapolitan Bands can help identify points that a trend starts and ends, as well as reversals when price is ranging.
These bands are typically paired with another indicator like Guillot did to help separate/time trend or reversal signals. (He used MACD, Slow Stochastic, and RSI)
Parts of this indicator:
The period is by default 55 to identify "intermediate" trends. Not short or long term ones.
The blue area shows the 1st standard deviation. This is the "normal range" where price "likes" to be.
The green area shows the 2nd standard deviation and identifies/defines trends. Closes in this area are used for entering trends long or short.
The red area shows the 3rd standard deviation that shows either a spot to take profit/enter a reversal trade, or a point where the market is free falling.
Trend trading rules:
Entry and exit signals for trends are based on price closing above and below the 1st standard deviation, or blue area. If you expect a bullish trend, you buy once price enters the upper green area.
Guillot recommends setting a stop loss to the MA period of the Neapolitan Bands. So if it's 55 periods, you set the stop loss at the 55 SMA.
Reversal trading rules:
For reversals Guillot says, "In a trading range, bands act as supports and resistances. In extreme conditions reversals can occur within or past the 2nd standard deviation." For us, this means that technically anywhere in the green or red areas, a reversal can occur when the price is ranging. Typically this happens at the edges of the bands.
The "edge to edge" trade:
This is a strategy I took from Ichimoku Clouds and applied to the Neapolitan Bands. An "edge to edge" trade is when price closes back into the blue area from one edge, and price travels all the way to the other edge of the blue area. This can apply going from the edge of one green area to the other edge.
Note that this is one piece of Guillot's trading system, and not the whole thing. On top of that I have modified the original parameters to suit the function of trend following, and added an extra bollinger band. Using a shorter period like 20 is more optimal for shorter expected trends or reversals, and it's what Guillot used himself.
Thanks to Sean Nance for reminding me the indicator looks like ice cream! ( coming up with the name :P )
Trend Thrust Indicator - RafkaThis indicator defines the impact of volume on the volume-weighted moving average, emphasizing trends with greater volume.
What determines a security’s value? Price is the agreement to exchange despite the possible disagreement in value. Price is the conviction, emotion, and volition of investors. It is not a constant but is influenced by information, opinions, and emotions over time. Volume represents this degree of conviction and is the embodiment of information and opinions flowing through investor channels. It is the asymmetry between the volume being forced through supply (offers) and demand (bids) that facilitates price change. Quantifying the extent of asymmetry between price trends and the corresponding volume flows is a primary objective of volume analysis. Volume analysis research reveals that volume often leads price but may also be used to confirm the present price trend.
Trend thrust indicator
The trend thrust indicator (TTI), an enhanced version of the volume-weighted moving average convergence/divergence (VW-Macd) indicator, was introduced in Buff Pelz Dormeier's book 'Investing With Volume Analysis'. The TTI uses a volume multiplier in unique ways to exaggerate the impact of volume on volume-weighted moving averages. Like the VW-Macd, the TTI uses volume-weighted moving averages as opposed to exponential moving averages. Volume-weighted averages weigh closing prices proportionally to the volume traded during each time period, so the TTI gives greater emphasis to those price trends with greater volume and less emphasis to time periods with lighter volume. In the February 2001 issue of Stocks & Commodities, I showed that volume-weighted moving averages (Buff averages, or Vwmas) improve responsiveness while increasing reliability of simple moving averages.
Like the Macd and VW-Macd, the TTI calculates a spread by subtracting the short (fast) average from the long (slow) average. This spread combined with a volume multiplier creates the Buff spread
Rate Of Change - Weekly SignalsRate of Change - Weekly Signals
This indicator gives a potential "buy signal" using Rate of Change of SPX and VIX together,
using the following criteria:
SPX Weekly ROC(10) has been BELOW -9 and now rises ABOVE -5
*PLUS*
VIX Weekly ROC(10) has been ABOVE +80 and now falls BELOW +10
The background will turn RED when ROC(SPX) is below -9 and ROC(VIX) is above +80.
The background will turn GREEN when ROC(SPX) is above -5 and ROC(VIX) is below +10.
So the potential "buy signal" is when you start to get GREEN BARS AFTER RED - usually with
some white/empty bars in between...but wait for the green. This indicates that the volatility
has settled down, and the market is starting to turn up.
This indicator gives excellent entry points, but be careful of the occasional false signals.
See Nov. 2001 and Nov. 2008, in both cases the market dropped another 25-30% before the final
bottom was formed. Always have an exit strategy, especially when buying in after a downtrend.
How I use this indicator, pretty much as shown in the preview. Weekly SPX as the main chart with
some medium/long moving averages to identify the trend, VIX added as a "Compare Symbol" in red,
and then the Weekly ROC signals below.
For the ROC graphs, you can show SPX+VIX together, SPX alone, or VIX alone. I prefer to display
them separately because they don't scale well together (VIX crowds out the SPX when it spikes).
Background color is still based on both SPX/VIX together, regardless of which graph is shown.
Note that there is no VIX data available on Trading View prior to 1990, so for those dates the
formula is using only ROC(SPX) and the assigned thresholds (-9 and -5, or whatever you choose).
Saturn–Pluto Cycle
Indicator colors background of the chart in the following way:
Saturn - Pluto Cycle in conjunction: Blue
Saturn - Pluto Cycle in opposition: Yellow
While opposition periods are indicated according to the actual date ranges an opposition occurs, conjunctions last only for one day.
Conjunctions indicated with this indicator mark a period around the actual conjunction date.
The actual date a conjunction occurs is indicated in the script.
Following the dates which were considered for this indicator:
Dates of Saturn–Pluto Conjunctions
October 5, 1914 at 2° Cancer (recurrence on May 20, 1915)
August 11, 1947 at 13° Leo
November 8, 1982 at 27° Libra
January 12, 2020 at 22° Capricorn
Dates of Saturn–Pluto Oppositions
February 17, 1931 – December 13, 1931 at 19°–21° Capricorn–Cancer (conjunct their respective North and South Nodes)
April 23, 1965 – February 20, 1966 at 14°–17° Pisces–Virgo
August 5, 2001 – May 26, 2002 at 12°–16° Gemini–Sagittarius (conjunct the lunar nodes)
Gopalakrishnan Range IndexThis indicator was originally developed by Jayanthi Gopalakrishnan (Stocks & Commodities, V.19:1 (January, 2001): "Gopalakrishnan Range Index").
Like and follow for more open source indicators!
Happy Trading!
Ehlers Distance Coefficient FilterThis indicator was described by John F. Ehlers in his book "Rocket Science for Traders" (2001, Chapter 18: Ehlers Filters).
Ehlers Instantaneous TrendlineEhlers Instantaneous Trendline script.
This indicator was described by John F. Ehlers in his book "Rocket Science for Traders" (2001, Chapter 10: The Instantaneous Trendline).
Butterworth FilterButterworth Filter script.
This indicator was described by John F. Ehlers in his book "Rocket Science for Traders" (2001, Chapter 15: Infinite Impulse Response Filters).
Gaussian FilterGaussian Filter script.
This indicator was described by John F. Ehlers in his book "Rocket Science for Traders" (2001, Chapter 15: Infinite Impulse Response Filters).
Elastic Volume Weighted Moving AverageElastic Volume Weighted Moving Average indicator script. This indicator was originally developed by Christian P. Fries (Technical Analysis of Stocks & Commodities, June 2001).
Ehlers MESA Adaptive Moving Average [LazyBear]Another one to add to Ehlers collection.
The MESA Adaptive Moving Average (MAMA) adapts to price movement based on the rate of change of phase as measured by the Hilbert Transform Discriminator. This method features a fast attack average and a slow decay average so that composite average rapidly ratchets behind price changes and holds the average value until the next ratchet occurs. Consider FAMA (Following AMA) as the signal.
Here are some of the options:
Fill MAMA/FAMA region (ribbon mode):
Mark Crossovers:
The above options (along with the bar colors) allow this to be used as a standalone system.
BTW, John Ehlers calls MAMA, "Mother of all Adaptive Moving Averages", lemme know what you think :)
More info:
- MESA Adaptive Moving Average, Stocks and Commodities Magazine, August 2001
- MAMA: www.mesasoftware.com
List of my public indicators: bit.ly
List of my app-store indicators: blog.tradingview.com
