This indicator identifies divergence between NYSE TICK and price, displays TICK in line, bar, or Heikin Ashi format, calculates various types of moving average lines and shows moving average crossovers.
What is TICK NYSE TICK, also known as the TICK index, is a technical analysis indicator that shows the number of stocks on the New York Stock Exchange (NYSE) that are trading on an uptick or a downtick in a particular period of time. The TICK index is calculated by subtracting the number of stocks trading on a downtick from the number of stocks trading on an uptick. A reading of +1000 on the TICK index, for example, would indicate that there are 1000 more stocks trading on an uptick than on a downtick. The TICK index is often used as a measure of market sentiment, as it can provide insight into whether there is more buying or selling pressure in the market at a given time. A high TICK index reading may suggest that there is strong buying pressure, while a low TICK index reading may indicate that there is more selling pressure in the market.
The TICK index is usually very volatile, so this indicator is best suited for lower timeframes, such as 1 to 5 min charts.
Features 1) Shows bullish, bearish, hidden bullish and hidden bearish divergences 2) Three display modes for TICK data: Line, Bar, Heikin-Ashi
3) Plot various moving average lines and crossovers. Overall background
4) Configurable significant zones. Background colors will change based on closing TICK value.
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Added option to select TICK symbol (if desired) Removed TICK data and background color from extended hours Added options in setting page to toggle background colors for in trend zone or in OB/OS zone
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Added alert conditions for: - Dual MA crossovers - Smoothed MA crossovers - Divergences
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Updated with option to choose between using TICK High/Low or Close data to calculate divergence, depending on user's preference. See differences shown below:
Thanks for the great indicator! Can anyone tell me please what the appropriate Divergence settings are for US30? Thanks.
Da-sein
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This is exactly what I was looking for. Thanks so much for writing this code.
PtGambler
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@Da-sein, awesome~!! Glad you found what you need :) and thanks for the support
Da-sein
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@PtGambler, How do you adjust the look back settings in order to capture the most reliable divergence signals? I find that depending on those setting I get a wide range of signals.
PtGambler
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@Da-sein, hey~ you are correct that these settings can generate a variety of signals. Unfortunately, I don't believe there is a one-size-fit-all type of setting. The ideal setting will depend on number of factors such as your trading timeframe, market volatility, NYSE vs NASDAQ...etc. Best approach is to do some back-testing based on your trading strategy and specific asset you are trading, stick to setting that works well for you, and review those setting regularly as market conditions changes over time. Hope that helps~
Da-sein
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@PtGambler, Thanks for your reply. There is a divergence finder indicator which I was using before and applying it to another tick indicator but I found it basically traced ALL the divergence lines, which was overwhelming. Here I find that depending on the lookback setting you end up missing some divergences. Is there a rule of thumb on how to trace divergences, do you always go back to the most recent highest or lowest bar prior to the latest bar?
PtGambler
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@Da-sein, yes in general, divergences are drawn from peaks or dips, or pivot points. And yes, different lookbacks will yield difference results because the lookbacks determines how those pivot points are detected.
LM_99
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Does It repaint?
PtGambler
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@LM_99, not that i am aware of. But if you notice anything, please let me know. :)