Market Thrust Indicator

The Market Thrust indicator is a powerful measure of the stock market's internal strength or weakness. There are four components to this indicator:

1-Advancing Issues on the New York Stock Exchange (NYSE) – $ADV
2-Advancing Volume on the NYSE – $UVOL
3-Declining Issues on the NYSE – $DECL
4-Declining Volume on the NYSE – $DVOL

The formula for Market Thrust is given below:

($ADV x $UVOL)-($DECL x $DVOL)

When used for day-trading, the trend of the Market Thrust indicator is what is most important.

Rising Market Thrust Indicator: Considered a bullish sign; can act as a confirmation signal when combined with a rising stock, index ETF , or stock index future's price.

Falling Market Thrust Indicator: Considered a bearish sign; can act as a confirmation signal of a decreasing market price.

The Market Thrust indicator could be used for detecting divergences in trends. Divergences occur when:

- Price is trending higher, but the Market Thrust indicator is not moving higher or is even going down.
- Price is trending lower, however, the Market Thrust technical analysis tool is not trending lower, it is either not trending or is trending higher.

Add a fully configurable trend line over MTI.

Read more at: https://commodity.com/technical-analysis...
Open-source Skript

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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