Market Sector Scanner/Screener With MOM + RSI + MFI + DMI + MACD
This script scans 8 markets constantly and returns the values of 5 different popular indicators. This indicator helps you see when one of your favorite stocks is bullish or bearish when you are not watching that chart so you can always catch the big moves as they happen.
How To Use
A great way to use this market screener is to set up separate chart layouts for each sector you like to trade. Such as the top 8 stocks in the S & P 500, top 8 stocks in the XLF etf, etc. Make sure to set up separate chart layouts in Tradingview so you don’t have to change the symbols constantly. This will give you a good idea in real time if that entire sector is bullish, bearish or mixed. When the entire grid goes red or green, those are very strong signs of market direction across that entire sector, so trades in the corresponding direction are quite safe.
This can be done for crypto as well, using the top 8 cryptocurrencies by market cap. Watch the grid and wait for the entire lot to turn green or red and then take a position in that direction. You can also use this with a variety of your favorite tickers so you can see when specific markets are looking strong in either direction, instead of constantly changing charts or missing good opportunities because you weren’t watching that specific chart.
This grid can also be used to determine how long to hold a position as well. If the entire grid is still green or red, according to your trade direction, you can usually expect price to continue in that direction until you see some conflicting colors start to pop up on the grid. As it starts to give mixed signals, you can expect the market to be indecisive or reverse which is a good time to get out.
If you have your scanner setup to show similar markets in one sector, be careful taking trades when the grid is very mixed in color. This shows signs of indecision and will likely have choppy price action until the market decides a direction so make sure to use caution when the grid is mixed. It is best to wait for the entire grid to turn green or red and then take position.
When each indicator value is in bullish territory, the background of that value will turn green. When each indicator value is in bearish territory, the background of that value will turn red. When each indicator value is in neutral territory, the background of that value will turn blue.
When all 5 indicators for a ticker are bullish, the ticker background will turn green. When all 5 indicators for a ticker are bearish, the ticker background will turn red. When there is a mixture of bullish and bearish values, the ticker background will turn blue.
You can customize which tickers are in your scanner including stocks, crypto, futures and forex, the source of the indicators, the length of the indicator settings and the smoothing parameters.
The indicators used for each ticker are as follows:
- Momentum(MOM) – Default length is 14. Bullish is above zero, bearish is below zero.
- Relative Strength Index ( RSI ) – Default length is 14. Bullish is above 50, bearish is below 50.
- Money Flow Index( MFI ) – Default length is 14. Bullish is above 50, bearish is below 50.
- Directional Movement Index(DMI) – Default length is 14 and smoothing is 14. Calculated by subtracting di minus from di plus. If the value is positive, it is bullish. If the value is negative, it is bearish.
- Moving Average Convergence & Divergence( MACD ) – Default settings are 12, 26, 9. If the short line is greater than the long line, then it is bullish. If the short line is less than the long line, it is bearish.
This market scanner can be used as a signal on all markets, including stocks, crypto, futures and forex.
This scanner can be used on all timeframes and pulls data from other tickers using the same timeframe as what your current chart is set to.
Try using numerous indicators of ours on your chart so you can instantly see the bullish or bearish trend of multiple indicators in real time without having to analyze the data. Some of our favorites are Trend Friend Scalp & Swing Signals, Scalper Ribbon, Combined Moving Average, Auto Support & Resistance From Options Strike Price, Momentum and Indicator Direction Table in combination with this Scanner. They all have real time bullish and bearish labels as well so you can immediately understand each indicator’s trend.
March 30, 2022: Added ability to change the position of the table on the chart.
March 31, 2022: Added alerts for when the entire scanner grid is green or red.
April 26, 2022: Added alerts when entire scanner grid is bullish or bearish as well as alerts for individual tickers showing all bullish or all bearish signals.