LazyBear

Zweig Market Breadth Thrust Indicator [LazyBear]

The Breadth Thrust ( BT             ) indicator is a market momentum indicator developed by Dr             . Martin Zweig. According to Dr             . Zweig a Breadth Thrust occurs when, during a 10-day period, the Breadth Thrust indicator rises from below 40 percent to above 61.5 percent.

A "Thrust" indicates that the stock market has rapidly changed from an oversold condition to one of strength, but has not yet become overbought. This is very rare and has happened only a few times. Dr             . Zweig also points out that most bull markets begin with a Breadth Thrust.

All parameters are configurable. You can draw BT             for NYSE, NASDAQ, AMEX or based on combined data (i.e., AMEX+NYSE+NASD). There is also a "CUSTOM" mode supported, so you can enter your own ADV/DEC symbols.

More info:
Definition: http://www.investopedia.com/terms/b/breadth-thrust-indicator.asp
A Breadth Thrust Signal: https://www.mcoscillator.com/learning_center/weekly_chart/a_breadth_thrust_signal/
A Rare "Zweig" Buy Signal: http://www.moneyshow.com/articles.asp?aid=GURU-39533
Zweig Breadth Thrust: http://recessionalert.com/zweig-breadth-thrust-redux/

List of my public indicators: http://bit.ly/1LQaPK8
List of my app-store indicators: http://blog.tradingview.com/?p=970
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//
// @author LazyBear 
// 
// List of my public indicators: http://bit.ly/1LQaPK8 
// List of my app-store indicators: http://blog.tradingview.com/?p=970 
//
study(title="Zweig Market Breadth Thrust Indicator [LazyBear]", shorttitle="ZMBTI_LB")
t=input(defval=2, maxval=2, minval=1, title="MA Type (1=>SMA, 2=>EMA)")
lma=input(defval=10, minval=1, title="MA Length")
mkt = input (defval=1, minval=0, maxval=4, title="Market (0=>AMEX/NASD/NYSE Combined, 1=NYSE, 2=NASDAQ, 3=AMEX, 4=CUSTOM)")
aic=input(defval="ADVS", title="CUSTOM: Advancing Stocks Symbol", type=symbol)
dic=input(defval="DECS", title="CUSTOM: Declining Stocks Symbol", type=symbol)
me=input(false, title="Color OB/OS")
ma(s,l) => t==1?sma(s,l):ema(s,l)	
res = "D"
advn="ADVN", decn="DECN" // NYSE
advnq="ADVQ", decnq="DECQ" // NASDAQ
advna="ADVA", decna="DECA" // AMEX
advc="(ADVN+ADVQ+ADVA)/3.0", decc="(DECN+DECQ+DECA)/3.0"
adv= security(mkt==0? advc:mkt == 1? advn:mkt == 2? advnq:mkt == 3? advna:aic, res, close)
dec= security(mkt==0? decc:mkt == 1? decn:mkt == 2? decnq:mkt == 3? decna:dic, res, close)
zmbti = ma(adv/(adv+dec), lma)
osl=plot(0.4, color=gray, title="OS"), obl=plot(0.615, color=gray, title="OB")
osd=plot(me?(zmbti<0.4?zmbti:0.4):na, style=circles, linewidth=0, title="DummyOS")
obd=plot(me?(zmbti>0.615?zmbti:0.615):na, style=circles, linewidth=0, title="DummyOB")
fill(osl,obl,black, title="RegionFill")
fill(osl, osd, green, transp=60, title="OSFill"), fill(obl, obd, red, transp=60, title="OBFill")
plot(zmbti, color=blue, linewidth=2, title="BreadthThrust")
List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970

Reekardo
6 months ago
do you mind showing an update? thanks in advance?
Reply
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