Displays the % of stocks above their 50 day average and the 5 and 20 ema of the indicator. Often the market will trend up when the 5ema is above the 20ema for this indicator, or down when vice versa. The 20% and 80% levels are plotted to show potentially oversold or overbought markets. Select NYSE or Nasdaq in the settings.
Open-source script
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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