MarketSmith Indicator

23. Aug. 2023

This script provides you with several indicators that will enable you to mimic MarketSmith charts, even with a free TradingView plan.

You can use this script with my 'EPS & Sales' indicator.

MarketSmith-style bars
The script offers an original approach to managing candlesticks within the code, making them almost identical to those on MarketSmith.
For a perfect display, select 'Bars' on your chart and set the opacity of your candles to 100% to display only the candles proposed by this indicator.
If you don't want them, you can simply disable them in the 'Style' tab by unchecking 'MarketSmith Bars' and 'Chars'.
These candles are designed to be used with a fix chart. (No beautiful result with zooming in or out.)
Normally, the display will still be correct by right-clicking, and 'Reset Chart'.

Simple customizable moving averages
With automatic distinction of the weekly time unit. You can choose to display them or not, select the calculation method and modify their length via the panel.

The RS Rating indicator
I've integrated the RS Rating indicator into this script, as the RS Rating is a fundamental component of this layout.

High and valley points
These points are used by MarketSmith to detect bases, patterns, cup & handle.

Designed for US Market only you won't be able to screen correctly the India market for example.

5. Sept. 2023

Versionshinweise

- Now 'Hide RS Line' is working
- Corrected a bug where when the current close was equal to that of the previous candle, the script colored pink, while TradingView colored blue. (Thank you Yaron_)

5. Sept. 2023

Versionshinweise

- You can now customize the color of the bars
- You can now display % variation of Peak/Valley points

6. Sept. 2023

Versionshinweise

- Added the Weekly Tight Closes Detector available on 'Mark Minervini' script

7. Sept. 2023

Versionshinweise

- Now SMA/EMA colors are customizable

13. Sept. 2023

Versionshinweise

- Added Optional Beta Chart Recognition Pattern

13. Sept. 2023

Versionshinweise

- Corrected Graph Display

13. Sept. 2023

Versionshinweise

- Corrected graph again

13. Sept. 2023

Versionshinweise

- Corrected a minor bug that deleted hisotorical valid flat bases

14. Sept. 2023

Versionshinweise

- Added Double Bottom Detection
- Pattern are only detected in Daily TimeFrame

14. Sept. 2023

Versionshinweise

- Forgot to link the ability not to display patterns, corrected!

15. Sept. 2023

Versionshinweise

- Added recent modification on the RS Rating

15. Sept. 2023

Versionshinweise

- Modified label size to tiny

15. Sept. 2023

Versionshinweise

- Adjust some parameters in the base formation to be closer to MarketSmith
- Corrected some bugs with the double bottom detection

15. Sept. 2023

Versionshinweise

- Little correction for the initial depth of the creation of a base -> 35% to 40%

17. Sept. 2023

Versionshinweise

- Changed default Depth and Length values to better match MarketSmith Chart Pattern Recognition system

17. Sept. 2023

Versionshinweise

- Corrected Input Description for Double Bottom Depth and Length

18. Sept. 2023

Versionshinweise

- Corrected some parameters for base detection
- Changed Dotted Lines to Dashed lines
- More discreet line rendering

18. Sept. 2023

Versionshinweise

- Chart updated

18. Sept. 2023

Versionshinweise

- Chart Updated (Try to find a correct display)

18. Sept. 2023

Versionshinweise

- Back to the previous style display because bases were hard to see

21. Sept. 2023

Versionshinweise

- Added Beta Cup Detection (not Cup n Handle yet)
- Corrected bug of SPX display

22. Sept. 2023

Versionshinweise

- Corrected incorrect depth setting

26. Sept. 2023

Versionshinweise

- Adaptation of offset display for sectors and indices

28. Sept. 2023

Versionshinweise

- Rs Rating label adjusted

28. Sept. 2023

Versionshinweise

- Added Default Blue Dot New High

28. Sept. 2023

Versionshinweise

- Now we can display the rating only, eg: for smartphone display

2. Okt. 2023

Versionshinweise

- Adapted the RS Rating Update!
In this update, I propose to use an option to view the historical RS Rating. This method is an approximation, as the performance environment of US equities varies over time, whereas the historical RS Rating is calculated with fixed values. However, this option can be of interest when studying past setups, and can provide relevant indications.

1. Nov. 2023

Versionshinweise

- We can add a second SMA/EMA on the RS Line.

1. Nov. 2023

Versionshinweise

- Corrected the rounding of the Average Volume

1. Nov. 2023

Versionshinweise

- Confused MarketSmith Volume and MarketSmith Indicator. It's late at night

14. Jan.

Versionshinweise

- Added EPS & Sales Table due to recent TradingView free plan limitation

15. Jan.

Versionshinweise

- Corrected the Comparative Symbol for Line input that wasn't correctly wired to the calculation.

16. Jan.

Versionshinweise

- Removed unused input

1. Feb.

Versionshinweise

For the EPS & Sales table
- Corrected shifting color to transparent of the daily table

29. März

Versionshinweise

- Added the Maj for the EPS & Sales indicator

6. Apr.

Versionshinweise

- Corrected wrong digit on the 'versus' display on sales after B_Kaminski pointed it out

8. Juni

Versionshinweise

- Updated to EPS & Sales Table Toward MarketSurge look

23. Aug.

Versionshinweise

- Like MarketSurge does, when a reported EPS number is missing the code will now search for the standard EPS for replacement.
This will allow tickers like SEZL and CAVA to be closer to the MarketSurge result.
Moreover it should make the EPS & Sales table usable for the Indian Market.
The RS Rating is unchanged and is still for the US Market Only

29. Aug.

Versionshinweise

EPS and Sales table:
- Modified the style of the table toward MarketSurge look
- Used lighter grey for the MarketSmith table

29. Aug.

Versionshinweise

- Modify Chart preview