Tick Tack by TradeSeekers

"Tick Tack" is a unique first of it's kind attempt at recreating market breadth index "TICK" for all sessions and all markets. Do not confuse this with tick charts.

Backstory
The fun aptly named "Tick Tack" has similar visuals to a market breadth indicator I created, MIT (Market Internal Trend). For comparative demonstrations it has been included in the publication chart but is not required for Tick Tack usage.

MIT centers on the "TICK" index in a unique bias colored histogram display, where extreme high tick values indicate potential for buy side exhaustion, and inversely, extreme low tick values indicate potential for sell side exhaustion.

The issue with market breadth/internal data is the unavailability in non-RTH sessions, something this indicator resolves. Also TICK isn't available for crypto markets, non-US markets, etc. Tick Tack can be applied to virtually any market.

Neutral Range
Given that TICK index is a ratio and operates on a known range (~1000 +/-), many measures surrounding TICK are statically anchored.

When recreating the concept of TICK on an unbounded market, certain concessions had to be made, the first being the boundaries.

Tick Tack reads the market and creates a dynamic boundary for the "tick like" high and low extreme areas. That is the neutral range and is similarly colored to the MIT indicator.

Conventional trading wisdom indicates that TICK index values between 500 +/- are neutral/chop and have no edge.

Breaks
Any sufficiently high or low breaks beyond the neutral range are considered breaks and colored to indicate this event. Deviation calculations are used to indicate the strength level.

If a break of significant strength is detected, it'll be marked as "extreme" with color and a diamond plot, exactly like MIT.

"Tick" Trend
A simple SMA trend, like MIT, is made optionally available to show direction of the histogram measure.

"TRIN" Dots
TRIN, or "traders index", aims to present a numerical value indicating buy and sell sentiment. Intraday this index adjusts in realtime to market breadth price and volume advancement or decline with a publicly available formula for the entire market (NYSE typically).

Given that Tick Tack isn't making use of market breadth data, some creativity was employed here with a different take on the concept.

At times where measurement indicates directional movement, Tick Tack will display white dots at the histogram zero point, otherwise if balance is detected then the dots will be orange. If neither measure fires a detection, no dots will be displayed.

Usage
It's been primarily designed to emulate TICK index for intraday trading, scalping and similar.

Once sufficiently settled on directionality, range, etc. Utilize the histogram to find key break points to counter or join depending on market conditions.

Often times with TICK, the extreme breaks can be counter signals for quick mean reversion scalps.

Look for histogram and price action divergences for V signals near key pivots.

Tick Tack hasn't been tested nor designed for anything higher timeframe, but a benefit of this indicator vs TICK index is that it works on any timeframe with scaled resolution. It's entirely possible that this indicator has usefulness in higher timeframes.

Considerations
Tick Tack operates under the premise that mostly the market breadth will impact the market being charted and should provide a close approximation. If the charted market has low correlation to breadth then assume this TICK like display will have little to no similarity to the real TICK index (which may be acceptable).

Where Tick Tack and the TICK index will potentially see wide divergence will be near open of RTH. In many cases, with gaps in the NYSE or similar market breadth data, it will take some time for TICK index to catch up to current market conditions. Tick Tack will not suffer from this issue if utilizing extended session data and may provide a clearer picture.

Do note that Tick Tack is not claiming to present actual market breadth information and while it can be used for scalping, like TICK, I'm unsure it can be trusted for the same reasons as TICK.

Final Notes
I've received countless messages, questions and comments that my other market breadth tools be made available to extended sessions, non-US markets and crypto.

My thought process was that if I could create something that closely matched TICK index in regular trading hours, then perhaps it would provide similar indications and usefulness in extended session.