OPEN-SOURCE SCRIPT
ASX 200 Breadth - % Above MA
ASX 200 Breadth - % Above MA
Overview
This indicator measures market breadth for the ASX 200 by tracking the percentage of a representative basket of 40 large- and mid-cap ASX-listed stocks trading above a chosen moving average. It helps gauge whether strength (or weakness) in the index is broad-based across the market or concentrated in just a handful of large stocks.
How It Works
- Pine Script limits a single indicator to 40, so true 200-stock breadth isn't possible directly. Instead, this script uses a diversified 40-stock sample spanning the major ASX sectors:
- Financials: CBA, NAB, WBC, ANZ, MQG, SUN, QBE, IAG, ASX
- Materials/Resources: BHP, RIO, FMG, S32, NEM, STO, WDS
- Healthcare: CSL, RMD, COH, SHL, PME
- Consumer: WES, WOW, COL, TWE, JHX, AMC
- Industrials/Infrastructure: TCL, APA, BXB, CPU
- Property (REITs): GMG, SCG, MGR, VCX
- Tech/Other: XRO, REA, ALL, ORG
- For each stock, the script checks whether the current closing price is above its 20-, 50-, 100-, and 200-period Simple Moving Average (SMA).
- The indicator then plots the percentage of the basket trading above each selected MA, e.g. a reading of 75% on the 50-day line means 30 of the 40 sample stocks are above their 50-day SMA.
Inputs
- MA to Display: Choose which breadth line(s) to show - 20, 50, 100, 200, or All (shows all four together). Default: All
- Overbought Level: Upper reference line - readings above this suggest broad-based strength / potential overextension. Default: 80
- Oversold Level: Lower reference line - readings below this suggest broad-based weakness / potential capitulation. Default: 20
Reading the Indicator
- **Above 50%**: more than half the sample is trending above the selected MA — generally bullish breadth.
- **Below 50%**: more than half the sample is trending below the selected MA — generally bearish breadth.
- **Near 80%+ (Overbought)**: market strength is broad and stretched — watch for breadth divergences if price keeps rising but this line rolls over.
- **Near 20% or below (Oversold)**: broad-based weakness — often associated with capitulation lows or the start of a recovery once breadth turns back up.
- **Divergences**: if the ASX 200 index makes a new high/low but breadth fails to confirm (doesn't reach a corresponding extreme), it can signal weakening participation behind the move.
- **Multiple timeframes ("All")**: comparing the 20-day line against the 100/200-day lines shows whether short-term moves are aligned with the longer-term trend — e.g., a sharp pop in the 20-day line while the 200-day line stays low suggests a short-term bounce within a longer downtrend.
Notes & Limitations
- This is a **sample-based proxy** for ASX 200 breadth, not an exact count across all 200 constituents — actual index breadth may differ, especially when small-caps move independently of large-caps.
- All four MA lengths are calculated from a single data request per stock, so adding more MA options does not increase the symbol count or hit Pine's 40-symbol request limit.
- Works on any timeframe — the moving averages are calculated on that chart's timeframe (e.g., daily MAs on a daily chart, weekly MAs on a weekly chart).
Overview
This indicator measures market breadth for the ASX 200 by tracking the percentage of a representative basket of 40 large- and mid-cap ASX-listed stocks trading above a chosen moving average. It helps gauge whether strength (or weakness) in the index is broad-based across the market or concentrated in just a handful of large stocks.
How It Works
- Pine Script limits a single indicator to 40, so true 200-stock breadth isn't possible directly. Instead, this script uses a diversified 40-stock sample spanning the major ASX sectors:
- Financials: CBA, NAB, WBC, ANZ, MQG, SUN, QBE, IAG, ASX
- Materials/Resources: BHP, RIO, FMG, S32, NEM, STO, WDS
- Healthcare: CSL, RMD, COH, SHL, PME
- Consumer: WES, WOW, COL, TWE, JHX, AMC
- Industrials/Infrastructure: TCL, APA, BXB, CPU
- Property (REITs): GMG, SCG, MGR, VCX
- Tech/Other: XRO, REA, ALL, ORG
- For each stock, the script checks whether the current closing price is above its 20-, 50-, 100-, and 200-period Simple Moving Average (SMA).
- The indicator then plots the percentage of the basket trading above each selected MA, e.g. a reading of 75% on the 50-day line means 30 of the 40 sample stocks are above their 50-day SMA.
Inputs
- MA to Display: Choose which breadth line(s) to show - 20, 50, 100, 200, or All (shows all four together). Default: All
- Overbought Level: Upper reference line - readings above this suggest broad-based strength / potential overextension. Default: 80
- Oversold Level: Lower reference line - readings below this suggest broad-based weakness / potential capitulation. Default: 20
Reading the Indicator
- **Above 50%**: more than half the sample is trending above the selected MA — generally bullish breadth.
- **Below 50%**: more than half the sample is trending below the selected MA — generally bearish breadth.
- **Near 80%+ (Overbought)**: market strength is broad and stretched — watch for breadth divergences if price keeps rising but this line rolls over.
- **Near 20% or below (Oversold)**: broad-based weakness — often associated with capitulation lows or the start of a recovery once breadth turns back up.
- **Divergences**: if the ASX 200 index makes a new high/low but breadth fails to confirm (doesn't reach a corresponding extreme), it can signal weakening participation behind the move.
- **Multiple timeframes ("All")**: comparing the 20-day line against the 100/200-day lines shows whether short-term moves are aligned with the longer-term trend — e.g., a sharp pop in the 20-day line while the 200-day line stays low suggests a short-term bounce within a longer downtrend.
Notes & Limitations
- This is a **sample-based proxy** for ASX 200 breadth, not an exact count across all 200 constituents — actual index breadth may differ, especially when small-caps move independently of large-caps.
- All four MA lengths are calculated from a single data request per stock, so adding more MA options does not increase the symbol count or hit Pine's 40-symbol request limit.
- Works on any timeframe — the moving averages are calculated on that chart's timeframe (e.g., daily MAs on a daily chart, weekly MAs on a weekly chart).
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.