US Markets Net highs/lows main chart overlay

٣ مارس ٢٠٢٣

This script allows users to change the background color of the main chart to green or red depending on patterns of net highs or lows for the Nasdaq, NYSE, or AMEX. Healthy markets typically show persistent trends of net highs, and the green background highlight helps to identify that condition. Similarly, poor market conditions are associated with trends in net lows which can be identified with a red highlight. The script identifies trends in net highs or lows by looking for three or more consecutive days of either condition.

This script is helpful when analyzing the general market, and it is also helpful when studying individual stocks to see how general market breadth conditions affect individual stock price movements.

You can select which individual US market composite or combination of composites are used in the calculations.
This indicator is intended for use on daily charts.

Acknowledgment
Thank you to JohnMuchow for coding my formulas.