Market Momentum Indicator Trading View Script

You need to have a Tradingview Account for this Script to work.

This tool will help you visualize MOMENTUM in the market and not get chopped up.

When we fail to recognize momentum and volatility, we end up making counter trend trades which quickly turn out to be disasters as the trade moves away from our anticipated direction.

The S&P500 index is a market cap weighted index. Which means price movements in the largest market cap stocks like AAPL & MSFT is far more important than what is happening to smaller market cap stocks like PYPL or FDX for example.

To take this into account you should always be watching what the mega caps are doing - in real time.
You could open 5-10 separate charts and watch each of the TOP mega caps. You could watch the tape on 5 top stocks and see how they are doing and avoid trading against the trend there.
But this takes a lot of screen space and adds to clutter.

The Market Momentum tool solves this problem by aggregating the top market cap stocks and providing a candle by candle assessment of the price action and provides a running total of the session's price action.

The default for this tool is for the S&P 500 and is tracking the TOP SIX STOCKS in that INDEX. You can change the stocks being tracked based off your trading preferences.

Tool is for intraday trading, NOT FOR SWING TRADES.