A comprehensive TradingView script that mimics MarketSmith charts, offering customizable moving averages, RS Rating, and high/low point detection for technical analysis.
Explore complementary indicator rolesHow it works
The script provides a unique approach to managing candlesticks, creating MarketSmith-style bars that closely resemble professional charting platforms. It incorporates customizable moving averages with automatic weekly time unit distinction, allowing traders to adjust calculation methods and lengths through a dedicated panel.
Additionally, the script integrates an RS Rating indicator, which is crucial for technical analysis. It also identifies high and valley points, which are essential for detecting market bases, patterns, and specific formations like cup and handle patterns.
Why it may be useful
This script democratizes advanced charting techniques by bringing MarketSmith-like visualization to TradingView users, even with a free plan. The comprehensive approach provides traders with multiple layers of technical analysis in a single tool, enhancing their ability to make informed trading decisions.
By combining candlestick management, moving averages, RS Rating, and pattern detection, the script offers a holistic view of market dynamics. This multi-dimensional approach helps traders identify potential trends, momentum shifts, and key price action signals more effectively.
When to explore it
The script is most effective for traders analyzing US market stocks, providing optimal performance with a fixed chart view. It works best when used with 100% candle opacity and the 'Bars' chart type to ensure accurate visualization of MarketSmith-style bars.
Traders should leverage this tool during trend identification, base formation analysis, and when seeking a comprehensive technical overview of a stock's price action. It is particularly useful for day and swing traders looking to gain deeper insights into market movements and potential trading opportunities.
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What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
