Custom Breadth Indicator

Optuma Forums Optuma Scripting Custom Breadth Indicator

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  • #66893
    Andrew
    • Topics: 7
    • Replies: 5
    • Posts: 12

    Hi,

    I’m looking to create a custom breadth thrust indicator that would seem fairly simple, however, I ‘m not having much luck creating it. The indicator is basically the Zweig Breadth thrust model but using the S&P500 data in lieu of the NYSE data. The calculation is (SP500 Advances / SP500 Advances + SP500 Declines). The output data would have a 10 day ema placed on it and presented in Histogram format.

    Using the GetData Function, here’s what I have:
    GETDATA(CODE=ADVSPX:BM)/GETDATA(CODE=ADVSPX:BM)+GETDATA(CODE=DECSPX:BM)

    Not getting desired result from the custom breadth module.

    Please advise.

    TIA

    P.S. I’m moving this post from a custom breadth module tutorial post Darren put up in mid November. So if seen as a dup please disregard.

    #66895
    Matthew
    • Topics: 5
    • Replies: 521
    • Posts: 526

    Hi,

    You would not need to build this in custom breadth. As it is a calculation based on existing breadth codes you can use a script with a show view.

    The following uses your formula and applies a 10EMA as well…

    One question, with the formula you posted, are you sure it is not meant to be

    ?

    #66897
    Andrew
    • Topics: 7
    • Replies: 5
    • Posts: 12

    Matthew,

    My mistake, it should in fact be V3= V1/(V1+V2)

    Thanks again!

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