OPEN-SOURCE SCRIPT
Market Leader Scanner v6
Got it 👍 Here’s a clear English explanation of your Market Leader Scanner v6 — focused on how it actually works and how to use it like a pro.
🧠 What This Script Really Is
This is a stock scoring system
👉 designed to identify “Market Leaders” (assets with real trend + momentum + money flow)
🔢 Core Logic (The Heart of the System)
score = trendScore + momentumScore + flowScore + breakScore
👉 Total score ranges from 0 to 4
Score Meaning
4 🔥 True Market Leader
3 👍 Strong candidate
2 ⚠️ Neutral
0–1 ❌ Avoid
🔍 Component Breakdown
1️⃣ Trend (Market Structure)
trendScore = emaFast > emaSlow ? 1 : 0
🧠 Meaning
EMA 50 > EMA 200 = Uptrend
You are trading with the main trend
🎯 Practical Use
👉 Filters out all downtrending assets
👉 Keeps only “healthy structure”
2️⃣ Momentum (Strength)
momentumScore = rsi > 50 ? 1 : 0
🧠 Meaning
RSI > 50 = buyers are in control
🎯 Practical Use
👉 Removes slow / weak movers
👉 Keeps only assets with real push
3️⃣ Money Flow (🔥 Most Important)
flowScore = (delta > deltaMA and delta > 0) ? 1 : 0
🧠 What is Delta?
delta = buyVol - sellVol
👉 Measures buying vs selling pressure inside each candle
📊 How it’s approximated
priceRange = high - low
body = close - open
Green candle → treated as buying pressure
Red candle → treated as selling pressure
🎯 Real Insight
Situation Meaning
Price ↑ but delta weak ❌ Fake move
Price ↑ + delta strong ✅ Real buying
👉 This is what separates retail vs smart money tracking
4️⃣ Break Structure (Expansion Phase)
breakScore = close > ta.highest(close, 20) ? 1 : 0
🧠 Meaning
Price is making a 20-bar high
Entering breakout phase
🎯 Practical Use
👉 You catch the move before expansion accelerates
🔥 When Score = 4
This means:
✅ Trend is up
✅ Momentum is strong
✅ Money is flowing in
✅ Price is breaking out
👉 = True Market Leader
🎯 How to Use It (Pro Workflow)
✅ Step 1: Scan
Look for assets with:
👉 Score ≥ 3
✅ Step 2: Focus
Only trade:
👉 Score = 4
✅ Step 3: Entry (Your style fits this)
Use lower timeframe (4H) to:
Buy pullbacks
Or breakout continuation
⚠️ Important Reality
❗ This is NOT an entry system
It’s a filtering tool (scanner)
👉 It tells you WHAT to trade
👉 Not exactly WHEN to click buy
✅ Best used with:
Your EMA strategy
Price action
Structure + pullback entries
💡 Pro-Level Insight
🔥 Market Truth
Out of 100 stocks:
👉 Only ~5–10 are true leaders
👉 What this script does
👉 Removes noise
👉 Leaves only high-probability assets
🎯 One-Line Summary
❌ Beginners pick random stocks then analyze
✅ Professionals filter first, then trade only the best
🚀 Next Level (If you want)
I can upgrade this into:
📊 Table Scanner (multi-symbol view)
🧠 Ranking system (Top 10 leaders)
⚡ Full system (Scanner + Entry + Signals)
🧠 What This Script Really Is
This is a stock scoring system
👉 designed to identify “Market Leaders” (assets with real trend + momentum + money flow)
🔢 Core Logic (The Heart of the System)
score = trendScore + momentumScore + flowScore + breakScore
👉 Total score ranges from 0 to 4
Score Meaning
4 🔥 True Market Leader
3 👍 Strong candidate
2 ⚠️ Neutral
0–1 ❌ Avoid
🔍 Component Breakdown
1️⃣ Trend (Market Structure)
trendScore = emaFast > emaSlow ? 1 : 0
🧠 Meaning
EMA 50 > EMA 200 = Uptrend
You are trading with the main trend
🎯 Practical Use
👉 Filters out all downtrending assets
👉 Keeps only “healthy structure”
2️⃣ Momentum (Strength)
momentumScore = rsi > 50 ? 1 : 0
🧠 Meaning
RSI > 50 = buyers are in control
🎯 Practical Use
👉 Removes slow / weak movers
👉 Keeps only assets with real push
3️⃣ Money Flow (🔥 Most Important)
flowScore = (delta > deltaMA and delta > 0) ? 1 : 0
🧠 What is Delta?
delta = buyVol - sellVol
👉 Measures buying vs selling pressure inside each candle
📊 How it’s approximated
priceRange = high - low
body = close - open
Green candle → treated as buying pressure
Red candle → treated as selling pressure
🎯 Real Insight
Situation Meaning
Price ↑ but delta weak ❌ Fake move
Price ↑ + delta strong ✅ Real buying
👉 This is what separates retail vs smart money tracking
4️⃣ Break Structure (Expansion Phase)
breakScore = close > ta.highest(close, 20) ? 1 : 0
🧠 Meaning
Price is making a 20-bar high
Entering breakout phase
🎯 Practical Use
👉 You catch the move before expansion accelerates
🔥 When Score = 4
This means:
✅ Trend is up
✅ Momentum is strong
✅ Money is flowing in
✅ Price is breaking out
👉 = True Market Leader
🎯 How to Use It (Pro Workflow)
✅ Step 1: Scan
Look for assets with:
👉 Score ≥ 3
✅ Step 2: Focus
Only trade:
👉 Score = 4
✅ Step 3: Entry (Your style fits this)
Use lower timeframe (4H) to:
Buy pullbacks
Or breakout continuation
⚠️ Important Reality
❗ This is NOT an entry system
It’s a filtering tool (scanner)
👉 It tells you WHAT to trade
👉 Not exactly WHEN to click buy
✅ Best used with:
Your EMA strategy
Price action
Structure + pullback entries
💡 Pro-Level Insight
🔥 Market Truth
Out of 100 stocks:
👉 Only ~5–10 are true leaders
👉 What this script does
👉 Removes noise
👉 Leaves only high-probability assets
🎯 One-Line Summary
❌ Beginners pick random stocks then analyze
✅ Professionals filter first, then trade only the best
🚀 Next Level (If you want)
I can upgrade this into:
📊 Table Scanner (multi-symbol view)
🧠 Ranking system (Top 10 leaders)
⚡ Full system (Scanner + Entry + Signals)
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.