I know I’ve commented on it before, but there is a great website for those who use TOS and fool-around with thinkscript called Usethinkscript.com. I was looking through some code the other day and ran across some coding for Market Schools approach to the markets. Let me be clear, I am not a market school graduate nor have I studied it in depth. But it’s been around for more than a decade or so and if you hang around enough street corners, you get flashed enough with comments and descriptions to gain a bit of an understanding.
UT2Pro1689 started a conversation sharing a code to determine and label market school days (Rally day, distribution days, buy and sell signals, etc). It’s in the non-VIP member section, so I do believe it’s fair game to post here. It’s a longer thread with multiple other references and comments on using IBD criteria in TOS so worth the read.
The main script gives you this graph.
I can not attest to any accuracy nor true utility of such, but find it interesting. My understanding of the market school approach is to define market conditions and uses a point system to recommend position exposure levels. Therefore, the intended use is on indices such as NASDAQ, S&P, NY exchange, etc, not individual stocks. However, not sure why this couldn’t be used on individual stocks and it provides a simple means to do so. Also, the overall script can be parsed and used to create scans or watchlist columns for specific days like Rally days or Follow-through days, etc.
Just putting this out there for anyone to explore. Love to hear if anyone uses it or finds/adapts it for similar coding.
Happy hunting in 2025,
Lakedog
PS If using it on candles bothers you, you can always make it more IBD like:
PPS Meant to add, I would encourage anyone interested in understanding market school approach better to actually read through the script as it is full of coding comments (lines that start with #) that discuss and describe a lot of the details. I typically copy the script and paste in a Word document to read and understand the coding better but in this case, the discussion is worth it.
