Market Thrust

The Market Thrust indicator is used to determine overbought and oversold markets based on advancing and declining market issues and volume. Market Thrust measures the rising and falling trends by its volume and then subtracts these results

Description

The Market Thrust formula: (N of advancing issues * advancing vol) - (N of declining issues * declining vol).

The Market Thrust indicator also calculates an average of the Market Thrust which is less sensitive to short reversals.

Data1, Data2 should have advancing issues and Data3 & Data4 should have declining issues.

Default Inputs

AdvIssues( close of data1 ) set a PowerLanguage expression that represents the number of issues trading above their previous day's Close.

Adv Vol( close of data2 ) set a PowerLanguage expression that represents the volume of issues trading above their previous day's Close.

DecIssues( close of data3 )set a PowerLanguage expression that represents the number of issues trading below their previous day's Close.

DecVol( close of data4 ) set a PowerLanguage expression that represents the volume of issues trading below their previous day's Close.

SmoothingLength( 14 ) set the number of bars to use in the moving average.