Trin Indicator looking for
I am searching for a Trin indicator , Arms index or similar
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The Arms Index, named after its creator Richard Arms, is a ratio of a ratio. The numerator is the ratio of the number of advancing issues divided by the number of declining issues. The denominator is the advancing volume divided by declining volume. The purpose of the Arms Index is to gauge whether there's more volume in rising or falling stocks. A reading below 1.0 indicates
more volume in rising stocks and is positive. A reading above 1.0 reflects more volume in declining issues and is negative. On an intraday basis, a very high Arms Index reading is positive, while a very low reading is negative. The Arms Index, therefore, is a contrary indicator that trends in the opposite direction of the market. It can be used for intraday trading by tracking its direction
and for spotting signs of short term market extremes.The Arms Index (TRIN) can be used in conjunction with the TICK indicator for intraday trading. TICK measures the difference between the number of stocks trading on an uptick versus the number trading on a downtick. The TICK is a minute-by-minute version of the daily advance-decline line and is used for the same purpose. When combining the two during the day, a rising TICK indicator and a falling Arms Index (TRIN) are positive, while a falling TICK indicator and a rising Arms Index (TRIN) are negative. The Arms Index, however, can also be used for longer range
analysis.While the Arms Index is quoted throughout the trading day and has some short term forecasting value, most traders use a 10 day moving average of its values. According to Arms himself, a 10 day average of the Arms Index above 1.20 is considered oversold, while a 10 day Arms value below .70 is overbought, although
those numbers may shift depending on the overall trend of the market. Arms expresses a preference for Fibonacci numbers as well. He suggests using a 21 day Arms Index in addition to the 10 day version. He also utilizes 21 day and 55 day moving-average crossovers of the Arms Index to generate good intermediate term trades. For more in-depth treatment, read The Arms Index (TRIN) by Richard W. Arms, Jr.OPEN ARMS
In calculating the 10 day Arms Index, each day's closing value is determined using the four inputs and that final value is smoothed with a 10 day moving average. In the "Open" version of the Arms Index, each of the four components in the formula is averaged separately over a period of 10 days. The Open Arms Index is then
calculated from those four different averages. Many analysts prefer the Open Arms version to the original version. Different moving average lengths, like 21 and 55 days, can also be applied to the Open Arms version.More info TRIN - StockCharts.com
Trin indicator
Is thier a trin, arms index metatrader indicator around, has one ever been made ?
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I am searching for a Trin indicator , Arms index
or similar