ShadowTrader Weighted S&P Advance Decline Line
The latest must have thinkscript to enhance your quad even further. Advance decline on the S&P is one of the most powerful tools you can have in your arsenal when trying to figure out the intraday direction of the /ES and broad market.
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 using the 11 sectors and 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.
Weighted S&P Advance Decline Line
- PLOTS A WEIGHTED S&P A/D LINE AGAINST AN UNWEIGHTED ONE
- Shows when heavier weighted sectors in S&P are leading or lagging
- Adds another vital layer to internal divergences and confirmations
- Customizable to view plot in 15 different formats (lines, arrows, histogram, dots, etc)
- Spot confirmations of trend changes when sectors cross the “zero line”
- Includes detailed instructions on how to insert and customize on your thinkorswim platform