[TTI] Eric Krull's Market Health Indicator

📜 ––––HISTORY & CREDITS 🏦
Introducing Eric Krull's Market Health Indicator, an innovative tool specifically designed for monitoring the health of major indices such as the S&P 500, Nasdaq Composite, or Dow Jones Industrial Average. Developed by Eric Krull, an expert in the field of financial markets, this indicator aims to help traders gain a better understanding of the overall market condition and make informed trading decisions. The indicator is a 90% match to what Eric Krull has shared about it.

🎯 ––––WHAT IT DOES 💡

Eric Krull's Market Health Indicator (MHI) provides a quick and easy-to-understand visual representation of the current market health. By calculating the moving averages, determining their slopes, and computing the percentage difference between the index and the 21-day Exponential Moving Average (21DEMA), the MHI generates three different color-coded signals:

👉Green: Indicates a healthy market with a strong uptrend.
👉Red: Indicates a weak market with a strong downtrend.
👉Yellow: Indicates a neutral or sideways market.
This color-coded system allows traders to quickly assess the health of the major indices and make better-informed decisions on their trades.

🛠️ ––––HOW TO USE IT 🔧
To use Eric Krull's Market Health Indicator, follow these simple steps:

1. Load the indicator script into your preferred charting platform.
2. Set the index symbol to either "SPX" for the S&P 500, "COMP" for the Nasdaq Composite, or "DJI" for the Dow Jones Industrial Average.
3. Observe the Market Health Indicator columns plotted at the bottom of your chart.
4. Interpret the color-coded signals as follows:
🟩Green: A healthy market with a strong uptrend. Consider taking long positions or holding onto existing long positions.
🟥Red: A weak market with a strong downtrend. Consider taking short positions or reducing exposure to long positions.
🟨Yellow: A neutral or sideways market. Stay cautious and consider waiting for a clearer signal before entering new trades.

By incorporating Eric Krull's Market Health Indicator into your trading strategy, you can better gauge the overall market health and make more informed decisions on your trades. Always remember to use this tool in conjunction with other indicators and risk management practices to maximize your success.