1-Advancing Issues on the New York Stock Exchange (NYSE) – $ADV
2-Advancing on the NYSE – $UVOL
3-Declining Issues on the NYSE – $DECL
4-Declining 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 sign; can act as a confirmation signal when combined with a rising stock, index , or stock index future's price.
Falling Market Thrust Indicator: Considered a 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 tool is not trending lower, it is either not trending or is trending higher.
Add a fully configurable over MTI.
Read more at: https://commodity.com/technical-analysis...
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.