OPEN-SOURCE SCRIPT
Aktualisiert Market Trend & Breadth Checklist [Kulturdesken]
Description
Concept & Inspiration This indicator serves as a disciplined "Pre-Flight Checklist" for swing traders, combining two powerful methodologies into one objective dashboard.
The Foundation (kulturdesken): The core checklist structure is inspired by the workflow of kulturdesken, utilizing the QQQE (Nasdaq 100 Equal Weighted Index). By focusing on the equal-weighted index rather than the market-cap weighted QQQ, we avoid distortions caused by mega-cap stocks and gauge the true price trend of the average stock.
The Enhancement (StockBee): To further filter out "hollow rallies," we integrated Pradeep Bonde’s (StockBee) "Market Monitor" logic. This adds a layer of analysis based on the Total US Universe (Wilshire 5000) to ensure market breadth is expanding, not just price.
Why StockBee Logic Was Added While QQQE tells us if the average price is trending, the StockBee logic tells us if the market structure is healthy. We added the "Universe" checks (Total US Market Breadth) because price trends can sometimes be deceptive during low-volume corrections.
By incorporating the Market Monitor concept (specifically checking if the % of stocks above their 50-day Moving Average is rising), this tool acts as a "Traffic Light." It prevents the trader from entering aggressive long positions even if QQQE is green, provided the underlying participation (Market Breadth) is weak.
How It Works (The 7 Checks)
1. Price Momentum (Kulturdesken): QQQE > Rising 5 SMA
Verifies short-term momentum is aggressive (Price > 5SMA) and the 5SMA itself is curling up.
2. Daily Trend Structure: Daily Buy Signal
Verifies a "stacked" bullish alignment where Price > 10 SMA > 20 SMA.
3. Macro Trend: Weekly Buy Signal
Verifies the Weekly Price > 10 WMA > 20 WMA (Weighted Moving Averages).
4. Universe Breadth (StockBee/McClellan): Summation Uptrend
We aggregate Nasdaq + NYSE data to create a "Total Universe" McClellan Summation Index.
Check: Is the Summation Index rising? (Indicates long-term money flow entering the system).
5. Short-Term Thrust: Oscillator Positive
Uses the "Total Universe" McClellan Oscillator.
Check: Is the Oscillator > 0? (Indicates immediate buying pressure is dominant).
6. Leadership: Net Highs/Lows
Check: Are Net New Highs (Highs minus Lows) trending positive?
7. Performance Filter (Manual): Traction Check
A psychological guardrail. If you toggle this off in settings (indicating you are losing money/getting stopped out), the checklist forces a "WAIT" signal, protecting you from overtrading during choppy conditions.
Settings & Customization
Data Feeds: The script is pre-configured with USI (United States Indices) and INDEX tickers to ensure accurate breadth data, but these can be customized in the settings.
Main Ticker: Defaults to QQQE.
Disclaimer: This tool is for educational purposes and market analysis only. It does not constitute financial advice. Past performance is not indicative of future results.
Concept & Inspiration This indicator serves as a disciplined "Pre-Flight Checklist" for swing traders, combining two powerful methodologies into one objective dashboard.
The Foundation (kulturdesken): The core checklist structure is inspired by the workflow of kulturdesken, utilizing the QQQE (Nasdaq 100 Equal Weighted Index). By focusing on the equal-weighted index rather than the market-cap weighted QQQ, we avoid distortions caused by mega-cap stocks and gauge the true price trend of the average stock.
The Enhancement (StockBee): To further filter out "hollow rallies," we integrated Pradeep Bonde’s (StockBee) "Market Monitor" logic. This adds a layer of analysis based on the Total US Universe (Wilshire 5000) to ensure market breadth is expanding, not just price.
Why StockBee Logic Was Added While QQQE tells us if the average price is trending, the StockBee logic tells us if the market structure is healthy. We added the "Universe" checks (Total US Market Breadth) because price trends can sometimes be deceptive during low-volume corrections.
By incorporating the Market Monitor concept (specifically checking if the % of stocks above their 50-day Moving Average is rising), this tool acts as a "Traffic Light." It prevents the trader from entering aggressive long positions even if QQQE is green, provided the underlying participation (Market Breadth) is weak.
How It Works (The 7 Checks)
1. Price Momentum (Kulturdesken): QQQE > Rising 5 SMA
Verifies short-term momentum is aggressive (Price > 5SMA) and the 5SMA itself is curling up.
2. Daily Trend Structure: Daily Buy Signal
Verifies a "stacked" bullish alignment where Price > 10 SMA > 20 SMA.
3. Macro Trend: Weekly Buy Signal
Verifies the Weekly Price > 10 WMA > 20 WMA (Weighted Moving Averages).
4. Universe Breadth (StockBee/McClellan): Summation Uptrend
We aggregate Nasdaq + NYSE data to create a "Total Universe" McClellan Summation Index.
Check: Is the Summation Index rising? (Indicates long-term money flow entering the system).
5. Short-Term Thrust: Oscillator Positive
Uses the "Total Universe" McClellan Oscillator.
Check: Is the Oscillator > 0? (Indicates immediate buying pressure is dominant).
6. Leadership: Net Highs/Lows
Check: Are Net New Highs (Highs minus Lows) trending positive?
7. Performance Filter (Manual): Traction Check
A psychological guardrail. If you toggle this off in settings (indicating you are losing money/getting stopped out), the checklist forces a "WAIT" signal, protecting you from overtrading during choppy conditions.
Settings & Customization
Data Feeds: The script is pre-configured with USI (United States Indices) and INDEX tickers to ensure accurate breadth data, but these can be customized in the settings.
Main Ticker: Defaults to QQQE.
Disclaimer: This tool is for educational purposes and market analysis only. It does not constitute financial advice. Past performance is not indicative of future results.
Versionshinweise
Critical Update based on Author Feedback (kulturdesken) We have refined the script's logic to align strictly with the latest guidance from the methodology's creator. These changes significantly reduce false "Sell" signals caused by structural biases in specific data feeds.1. Data Source Switch: Nasdaq → NYSE
The Change: The "Market Internals" (McClellan Oscillator, Summation Index, and Net Highs/Lows) now default to NYSE (New York Stock Exchange) data instead of Nasdaq.
The Logic: The Nasdaq Composite contains many speculative, non-profitable companies that create a long-term downward bias in breadth data. This often creates "Negative Divergences" that are not real. By switching to NYSE data (USI:ADVN.NY), we get a cleaner, institutional-grade signal of market participation ("Road Conditions") while still using QQQE to track the price trend ("The Vehicle").
2. New Overbought Rule (+70 Level)
The Change: The Oscillator check has been updated from a simple "Positive/Negative" check to a specific Threshold check.
The Logic: A reading above +70 on the McClellan Oscillator is now flagged as OVERBOUGHT.
Old Logic: Is Oscillator > 0? (Yes = Good).
New Logic: Is Oscillator < 70? (Yes = Safe). If it exceeds 70, the checklist turns RED to warn of exhaustion risk.
3. Visual Clarity
Added visual guides (dashed lines) at the +/- 70 levels to highlight the new Safe/Danger zones.
Updated table labels to reflect "NYSE Only" to prevent confusion.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.