Broad market trends revealed by MMFI
MMFI is the TradingView symbol for the percent of all NYSE stocks (NYA) closing above their own, in the case of MMFI, 50 day simple moving average. (TV also offers S5FI, the SPX above 50 SMA and, other length averages). I like the 50 for my purposes which is swing trading.
I analyze the daily value of the Heikan-Ashi MMFI of the TV Community Script "Accurate Swing Trading System - by Ceyhun" with a parameter of 13 and draw an "Overbought" line at 75% and "Oversold" line at 25%. Add "Machine Learning: Lorentzian Classification" and default MACD for confirmation. Don't trade without it.
Check out the chart. Make up your own mind what it says the trend is now.
www.tradingview.com
I analyze the daily value of the Heikan-Ashi MMFI of the TV Community Script "Accurate Swing Trading System - by Ceyhun" with a parameter of 13 and draw an "Overbought" line at 75% and "Oversold" line at 25%. Add "Machine Learning: Lorentzian Classification" and default MACD for confirmation. Don't trade without it.
Check out the chart. Make up your own mind what it says the trend is now.
www.tradingview.com