Shadow Trader – Weighted S&P Advance Decline Line

The latest must have thinkscript to enhance your quad even further. Advance decline on the S&P is one of the most powerful tools you can have in your arsenal when trying to figure out the intraday direction of the /ES and broad market.

The S&P 500 can only move accordingly with the 11 sectors that make it up. The problem is that these sectors are all weighted differently. This script plots both an unweighted and a weighted A/D line using the 11 sectors and their respective weights. This gives the trader a huge edge in discerning the strength of moves and also knowing when there is positive or negative divergence in heavier versus lighter weighted sectors as the day unfolds.

What You’ll Learn In Weighted S&P Advance Decline Line

• PLOTS A WEIGHTED S&P A/D LINE AGAINST AN UNWEIGHTED ONE
• Shows when heavier weighted sectors in S&P are leading or lagging
• Adds another vital layer to internal divergences and confirmations
• Customizable to view plot in 15 different formats (lines, arrows, histogram, dots, etc)
• Spot confirmations of trend changes when sectors cross the “zero line”
• Includes detailed instructions on how to insert and customize on your thinkorswim platform

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