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Help with Market internals


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Help with Market internals

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  #1 (permalink)
sgjohnson
Kingsport, Tennessee
 
 
Posts: 35 since Apr 2020
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Can someone point me towards (on-site or off) a thorough discussion of not only what the market internals (TICK, TRIN, ADD, etc.) are measuring, but how to use them? I thought **maybe** I had a decent grasp. I'm new to using them admittedly. So for example, this morning's NQ regular session open started off with TRIN at about 1.6 which my understanding led me to believe was bearish. But the TICK started off at about 1200, which is bullish...though both were fading downward. Of course, price went up for a bit then came down hard. So how was that reflected in the TRIN/TICK? Since TRIN incorporates volume, does that mean prices were up but not supported by volume, and were thus poised for a downturn? Also made the rookie mistake of not realizing from regular session to regular session there was a large gap up, and thus a chance for a gap fade. Oops. Won't make that mistake again.

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  #2 (permalink)
 wldman 
Market Wizard
Chicago Illinois USA
 
Experience: Advanced
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Hey man. What Platform are you on?

I have an internals view that I like for ToS. Happy to share it or comment on it.

-Dan

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  #3 (permalink)
 barabas 
Chicago IL USA
 
Experience: Intermediate
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What broker are you using? I noticed TOS data has been off recently

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  #4 (permalink)
sgjohnson
Kingsport, Tennessee
 
 
Posts: 35 since Apr 2020
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wldman View Post
Hey man. What Platform are you on?

I have an internals view that I like for ToS. Happy to share it or comment on it.

-Dan


barabas View Post
What broker are you using? I noticed TOS data has been off recently

I was using ToS at the time, but trading using TradingView. Haven't figured out how to do TRIN in TradeStation desktop platform yet. wldman, you're welcome to share whatever you like. I tried following shadowtrader's advice but I don't recall watching any videos where he actually explained precisely what they were and how to use them. I did set them up like he advised, but somewhere I lost that workspace and I never set them back up precisely how he had them.

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  #5 (permalink)
 barabas 
Chicago IL USA
 
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sgjohnson View Post
I was using ToS at the time, but trading using TradingView. Haven't figured out how to do TRIN in TradeStation desktop platform yet. wldman, you're welcome to share whatever you like. I tried following shadowtrader's advice but I don't recall watching any videos where he actually explained precisely what they were and how to use them. I did set them up like he advised, but somewhere I lost that workspace and I never set them back up precisely how he had them.


For tradestation you can $TICK . You can hit find symbol (right click on chart) and search for index.

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  #6 (permalink)
 wldman 
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Yeah. When I was first on ToS I found Peter and "Danno" from ShadowTrader to be helpful guys with respect to set up and navigation on that platform.

$TRIN was not part of their "internals view".

The internals piece that I look at:




Application is, of course, up to you. My basic approach is to use the internals as a governor. Is there evidence that supports or negates what I think I see?

Definitions and code where applicable are widely available.

-Dan

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  #7 (permalink)
sgjohnson
Kingsport, Tennessee
 
 
Posts: 35 since Apr 2020
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wldman View Post
Definitions and code where applicable are widely available.

-Dan

Thanks for that reminder. Slipped my mind to try and figure out precisely what the indicator is doing by looking under the hood.

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 mtzimmer1 
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Upstate NY
 
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Iíll throw in my two cents, admittedly as an amateur trader myself. I primarily use advance-declines and tickís because what they calculate makes the most sense to me.

I use $ADD and the index-specific ADís to determine how broad or narrow a rally or selloff is. The implications of a 1% S&P rally accompanied by an $ADD that rises 1000 is very different from the same S&P rise accompanied by a declining $ADD.

I use the $TICK to determine relative aggressiveness of the buyers and sellers. Take for example the following two scenarios: S&P grinds lower but $TICK holds mostly above zero vs S&P grinds lower and TICK holds mostly BELOW zero.

Up to you to determine your interpretation and application of these tools based on what makes sense to you! Hope that my simple interpretation is at least helpful in some way.

-Zimmer


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