Market Pulse Dashboard
The Market Pulse Dashboard lets you quickly assess the market trend on a large list of stocks, across a variety of different time frames.
Introduction
Good afternoon, everyone.
In today's video, we're going to be building a Market Pulse Dashboard, very similar to the one that you see right here on my charts. Let me start by showing you why this is useful in the first place.
So if I expand the watchlist column, you'll notice the scan that I'm using to populate this watch list of stocks is our Bullish Squeeze Signal scan. We have a bullish bias on all of these stocks.
Now, I have two other columns loaded into this watchlist.
- Market Pulse stage off of a 30-minute time frame
- Market Pulse off of a daily time frame
The next step (typically) is to quickly review these stocks from the daily chart. This will help us determine which investments worked best historically, and where we should place our bets on a long-term basis.
Instead, what this allows you to do is just by clicking the header of the column, you can sort through a large list of stocks, and determine which have the strongest bullish trend, denoted by the green "Acceleration" label.
You'll notice if we scan up and down the watchlist, Western Union has the highest number, representing the longest active bullish trend, with 46 bars consecutively.
So, using this process, Western Union would be the stock in which you see this trend is the most bullish. If we tried to find newer trends, you'll see at the top of the list, you have more symbols, in which the Market Pulse just turned green one bar ago.
And that's what we currently see on our charts.
Suffice to say, a trend of sorts is forming. Pullback opportunities are more likely to occur in the accumulation stage, or at the beginning stages of a new market trend.
You can also build your own filters, or modify existing ones in the Dashboard, to tweak the code to work for your particular trading style.
In this tutorial, you'll learn how to build a Market Pulse Dashboard, along with how to customize an existing indicator and convert it into a dashboard.
In case you would like to jump straight into the final version of this code, you can download it by clicking the green "Download" button on the right-hand side.
If you'd prefer to follow along with the coding section of this tutorial, you'll need to install the Market Pulse indicator, which is available for free download.
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Market Pulse: Summarize Indicator Code
Let's do a quick review as I think that'll be helpful to understand how the code is laid out.
At the top of the code, we have our input variables.
Here we have three different inputs, with price and length being the "static" values.
The next chunk of the code (lines 12 to 22) defines the 10-period variable moving average, which represents the Market Pulse line. This is code directly from ThinkOrSwim, through their built-in indicator.
If we keep coming down the code, we then have (4) different variable weighted moving averages:
- 8-VWMA
- 21-VWMA
- 34-VWMA
We look at the relationship between each moving average to create three variables. One is bullish, which is acceleration stage; one is bearish, which is deceleration stage; and then finally we have distribution period if you're not either bullish or bearish.
Market Pulse Dashboard: thinkScript Coding Section
Now that we understand our existing code, we can start tweaking any necessary pieces to build the Market Pulse Dashboard code.
Let's start by giving our Dashboard the name - "TI_MarketPulseDashboard"
There are a handful of adjustments that we need to make to the indicator code, in order for us to successfully build a thinkScript dashboard:
- Transition all "input" variables into "def" variables, with pre-determined values
- Transition all "plot" variables into "def" variables, deleting any formatting code
- Tweaking the code outputs for a dashboard vs. an indicator
- Adding additional logic for AddLabel variables (including a counter)
The video tutorial walks through each of the above 4 changes in great detail, taking you through a step-by-step process of turning the Market Pulse indicator code, into a dashboard custom quote script.
In case you face any errors along the way, you can compare your version of the dashboard code to ours, by downloading the final Market Pulse Dashboard code via the green "Download" button.
Conclusion
I hope this tutorial was helpful for those of you who like using the Market Pulse as an alternative to the Moving Averages in order to gauge what direction a trend is going.
This should be a useful tool to do that in a quicker faster in probably a much more codified manner than what we currently had available to us. It should also make analyzing any trades from scans or results that we have from other places a lot easier in terms of understanding trend, especially if you want it to have this broken down across a multitude of timeframes.
Alright, take care everyone.
Good luck trading. I hope this thing thinkScript tutorial was useful for those of you who were curious how to turn an indicator into a dashboard!