You’ll wonder how you ever traded without this!
Weighted S&P Advance Decline Line
The S&P 500 can only move accordingly with the 11 sectors that make it up. The problem is that these sectors are all weighted differently. This script plots both an unweighted and a weighted A/D line from the open of the the 11 sectors using their respective weights. This gives the trader a huge edge in discerning the strength of moves and also knowing when there is positive or negative divergence in heavier versus lighter weighted sectors as the day unfolds.
What it does and why you will LOVE this invaluable tool
Plots a weighted S&P A/D line against an unweighted one
Clearly shows when heavier weighted sectors (those that make the market move) are leading or lagging
Adds another vital layer to internal divergences and confirmations
Is customizable to view its plot in 15 different formats (lines, arrows, histogram, dots, etc)
Includes detailed instructions on how to insert and customize on your thinkorswim platform