This is the NYSE Advancers - decliners which the SPX pretty much follows. You can chart it like any index (ADD -NYSE ADV MINUS DECL) but I find it more useful in a separate panel with colors for direction.
The level gives an idea of days move (example: plus or minus 500 is not much movement through the session) but I follow the direction as when more stocks advance (green) or decline (red) the index tends to track it pretty closely.
On SPX, SPY and correlateds - very useful for intra-day trading (Scalping or 0DTE option trades) but not for higher time frames at all. If you chart the ADD in a chart and compare 5 minute to daily you will see what I mean.
I left it at 5 minutes timeframe which displays well on any intraday chart. You can change it by changing the "5" in the security function on line 13 to what you want ("1" 1 minute, "15" 15 minutes) or change it to timeframe.period (no quotes) so that it will follow the timeframe of the current chart. I like 5 min as it displays better on higher timeframes i.e. 15 min. or hour. A simple moving average with a length of 10 is added to help gauge momemtum.
Hope this helps with trading or scripting ideas, questions or feed back welcome. Keep Smiling.
I wonder what is the number (such as -1000)mean here? Also, does the black line predict the trends of Spx as well? If not, would you please explain what does the black line tell us.Thanks !!
Tom1trader
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@Gracehh, Just seeing, the black line is a 10 period simple moving average, see code line 18. Thanks for asking!
Tom1trader
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@Gracehh, Oops also, the -1000 is the ADD level. Example, if you have ADD on a chart and this indicator, the level of the indicator will be the same as the "Close" value on the ADD chart, On the current bar/candle the close will be the current level of the ADD.
mpangallo
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Can’t wait to try it thanks
just_naba
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its great thanks alot
FNOSURE
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Very nice sir
Tom1trader
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When 1st posted did not find the built - in ADR I think it is called. I see that it is the same line which could be colored like this one. However the actual level of the ADD index give a lot more info. If you look at SPX 5 minutes and go back through the days see what SPX did when ADD sat above 2500 (extreme) for example. Before this indicator I would swc to ADD 5 minutes with (still have them) green lines at +500, +100, +1500, +2000, and red lines at those same negative levels. The lines do not work as well in a panel though the background could get progressively darker green or red with more extreme levels, If I do that will update. In any case use and enjoy the code and the indicator remembering no one knows what the next price will do. Keep smiling!