Market Internals

Market internals can be a powerful tool for determining future moves, overall trend health and provide a means of directional confidence.

This indicator watches a handful of SPX and US stocks based internals to determine key areas of sentiment changes, the internals monitored are:
  • US Stocks Ticks
  • Call and Put SPX Volume
  • SPX Gamma Dispersion
  • US Stocks Ask and Big Volume
  • US Stocks Advancing and Declining Issues

Each time there's a bullish or bearish sentiment change it will be market with green/red flag and a single letter that identifies what market internal has changed.

SPX gamma dispersion events aren't to be considered directional from historical observations made but can be a sign of liquidity adjustments and when paired with any of the other aforementioned internals sentiment changes can be used as a powerful signal.

If it's observed that market internals are changing erratically then it's a clear indication of market chop and best to wait for cleaner trends.

Future updates may include non-SPX based internals analysis, change in display, alerts/alertconditions and more. Feel free to comment with any desired changes and we can discuss!

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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.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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