Market Mood ribbon

I would like to create a ribbon for the “market mood” of the XAO (or any other index eg. XGD if I’m looking at gold stocks.) to place beneath different  stocks so that I consider Long positions when the XAO mood is bullish and consider Shorts when XAO mood is bearish. Using the loadSymbol function.

Here’s a simple example of what I mean. Please excuse my novice script writing skills. The ribbon is green if the SMA of the XAO is moving upwards, and pink when its moving downwards.

[target=Ribbon; category=xxx]

{some sort of input so that I can use different loadSymbols other than XAO ??}

n := input("Time periods",14,1);

mkttod := ma(loadSymbol("XAO",C),n,method);

mktyest := hist(ma(loadSymbol("XAO",C),n,method),1);

[color=LightGreen; name=up]

[fillstyle=solid]

mkttod >= mktyest;

[color=Pink; name=dn]

[fillstyle=solid]

mkttod < mktyest;

Ideally I’d like something a bit more comprehensive than one simple indicator to measure the XAO mood. I have in mind using several indicators with a combined calculated score:

RSI moving upwards                                      +1  (and -1 if downwards)

MA (expr,n,method)moving upwards        +1 (and -1 if downwards)

MACD >0                                                          +1 (and -1 if downwards)

DI+ above DI-                                                  +1 (and -1 if downwards)

..to produce ultimately a traffic light ribbon of the XAO (or other index)... green, amber, white, red to be placed beneath different stocks to help me backtest and to go with the trend.

The trouble is that I can’t get my head around complicated formulae such as DMI that I know uses the high and the low of the XAO, not just the close.

I’m sure other members would find this sort of “poor man’s market map” useful for backtesting.

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