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2000issue C041-4

Tick, tiki and TRIN as a three-layer session confirmation stack

Session breadth is read through NYSE tick, the Dow 30 tiki and TRIN. The historical workflow uses extremes, slope, divergence and a 60-minute trend filter to decide whether to join a break, fade it or wait.

  • Tick is the NYSE advancing-minus-declining issue count, tiki is the Dow 30 count from -30 to +30, and TRIN is the unitless ratio of issue breadth to volume breadth.
  • Tick near a 1,000 extreme with tiki beyond 22 is read as program-driven tape, and a tiki of +26 or -26 is a short-horizon fade cue after that impulse.
  • On a consolidating tape, a pressure move is expected before the price break: join a supported break and fade an unsupported one.
  • A new index extreme that tick fails to confirm is only a mood-shift alert, and a contrary shift is not acted on until the other two series confirm under the 60-minute trend filter.
Entries in this reading3 entries
Current trackMarket breadth120 readingsPrice-indicator divergence142 readingsRule-based entry174 readings

Three session breadth series

Market breadth is the distribution of advancing versus declining issues and the volume behind each side. The historical workflow reads that distribution during the session with three series: tick, tiki and TRIN.

The NYSE tick reading is formed by subtracting declining issues from advancing issues. It is described as typically ranging between +600 and -600 and is used as a tape-pressure gauge.

The tiki series covers only the 30 Dow stocks and is plotted on a scale from -30 to +30. It is used to flag concerted program bursts, meaning concentrated buying or selling in the Dow 30 that drives tiki to an extreme and often dominates the broader tick.

TRIN equals (advancing issues / declining issues) divided by (advancing volume / declining volume). A level above 1.0 is labeled bearish and a level below 1.0 bullish. Session work weights its slope more than its level and withholds the first half-hour.

Extremes and program-driven tape

Tick values near +1,000 or -1,000 are treated as unsustainable extremes that invert the usual directional pressure reading.

A tick reading near the 1,000 extreme together with a tiki reading beyond 22 in either direction is read as program-driven tape. A tiki of +26 or -26 is treated as a short-horizon fade cue after that impulse.

Aligned trend and a flat tape

An aligned downtrend state is defined as rising TRIN, falling tick, and tiki showing sell programs.

Tick between 0 and -1,000 is used to confirm downtrends, 0 to +1,000 to confirm uptrends, and +500 to -500 to mark a relatively flat tape.

A consolidating tape

A consolidating tape is a session without a clear directional channel. On that tape, a move in tick or another pressure series is expected to precede the price break. A break the indicators do not support is faded, and a supported break is joined.

Divergence and a contrary shift

Divergence is defined as an index making a new intraday extreme while tick fails to confirm. It is treated as an alert of a possible mood shift rather than an immediately executable signal.

A contrary sentiment shift is not acted on until the remaining two series confirm.

The higher-time-frame filter

Trend is defined on a 60-minute DJIA or S&P chart relative to a 50-period moving average. That higher-time-frame filter defines which side of the tape may be joined.

Downtrend shorts wait for a tick pullback to zero or higher or for a tiki buy-program episode to finish.

Educational research material, not investment advice. Historical source context does not establish present-day performance.
57 of 71 in the Market breadth track
20001-6 pp.Next on Market breadthConstructing an advance-decline oscillator from one listed tapeCapitalization-weighted indexes can rise while only a few constituents advance, so market-breadth series are built to picture participation across the full list.
All readings on this track · 71 readings
  1. 1987How a failed rebound, weak breadth, and cycle dates broke the 1987 bull case
  2. 1988Diagnosing market bottoms with breadth, divergence and averages
  3. 1988Diagnosing index tops with breadth divergences
  4. 1988Record highs versus seven-day breadth and divergence
  5. 1989Constructing a percentage-scaled internals composite
  6. 1989Constructing a weekly block-tick breadth z-score
  7. 1989Constructing a dual-rate advance-decline oscillator
  8. 1989Normalize advance-decline series for a common-scale comparison
  9. 1990Unchanged-issue share as a narrow-breadth case study
  10. 1990Evaluating daily and weekly unsigned plurality breadth
  11. 1990Constructing paired new-high and new-low breadth indicators
  12. 1990Ten-day HI/LO extremes as a long-horizon breadth signal
  13. 1990Confirming index cycles with breadth, volume, and waves
  14. 1990Index cycle gates from breadth and volume
  15. 1990Constructing advance-decline breadth indicators
  16. 1990Weekly advance-decline oscillator: weight map, extremes, and spike cycle
  17. 1990Price-weighted construction distorts breadth, support, and trend
  18. 1991A peak-sequence test from the new-highs-to-advances-ratio
  19. 1991Fuzzy rules that turn daily market-breadth into a session consensus
  20. 1991From daily breadth tallies to a weighted consensus signal
  21. 1991Retesting market-breadth when market structure changes
  22. 1991Constructing TRIN as a breadth-volume ratio
  23. 1991Build the market clock before you read a price bar
  24. 1991A construction audit of the long-horizon trading index
  25. 1991Independent formula timers kept as a testable combination
  26. 1992When identical TRIN prints come from different pairings
  27. 1992Grade closing tick before a next-session breadth hypothesis
  28. 1992Noncumulative advance-decline swing confirmation
  29. 1992Five-day sum construction of the trading index
  30. 1992Daily closing-trin extremes and next-day direction
  31. 1992A three-layer audit: regime, breadth, and group RSI
  32. 1992Constructing a nine-state trend, momentum, and breadth score
  33. 1993Constructing a market-volume-impact rating from nested averages
  34. 1993When advance-decline confirmation counts the wrong universe
  35. 1993Constructing breadth momentum from advance-decline smoothing
  36. 1993Constructing a cumulative market-thrust line
  37. 1994Three-horizon construction of the Haurlan index
  38. 1994Checklist-gated session entry in 1993 index futures
  39. 1994Read one advance-decline pair through three windows
  40. 1994Constructing calibrated market-breadth summation indexes
  41. 1994Constructing a two-speed advance-decline oscillator and a calibrated summation
  42. 1995NYSE tick extremes and candlestick reversal entries
  43. 1995Assembling range, breadth, and a stored stop into one procedure
  44. 1995Restating market breadth timing rules as ratios
  45. 1995Constructing breadth ratio gates after lookback drawdowns
  46. 1995Building a short-range breadth and price oscillator
  47. 1996Constructing a smoothed advance-decline trend filter
  48. 1996Smoothed advance-decline alerts at the 1987 and 1990 turning points
  49. 1996Constructing breadth, RSI, and stochastic range filters
  50. 1996New-high and new-low counts as a breadth construction
  51. 1996Constructing the four-input breadth-volume ratio
  52. 1996Constructing the McClellan oscillator and a calibrated summation index
  53. 1996Declare the oscillator seed, then calibrate only the summation index
  54. 1997Three-gate centered strength in market-breadth construction
  55. 1997Daily advance-decline and new-high new-low breadth signals
  56. 1999Index-fund positions as a majority-vote committee
  57. 2000Tick, tiki and TRIN as a three-layer session confirmation stack
  58. 2000Constructing an advance-decline oscillator from one listed tape
  59. 2001Market breadth, beta, and volume-price confirmation
  60. 2001Regime context from relative venue volume, breadth, and intermarket spreads
  61. 2002When NYSE breadth misreads operating-stock participation
  62. 2003Two-gate breadth divergence and a trend filter for rally tops
  63. 2003Market internals confirm or diverge from the index
  64. 2004Constructing the McClellan oscillator and summation index
  65. 2005Intraday index-futures divergence as a three-part session hypothesis
  66. 2005Breadth summation levels as a short-term signal filter
  67. 2005Checking trend versus range with breadth and divergence
  68. 2011Constructing a Nasdaq hi-lo index from highs, lows, and issues traded
  69. 2013Cumulative advance-decline versus a one-year average
  70. 2013A one-year breadth average as a participation gate
  71. 2015Falsifying a healthy correction with breadth and support
By fieldMarket breadth101 readingsBy year200059 readings
All 120 readings tagged Market breadth
Also on Market breadth5 readings
1988Constructing an advance-decline divergence oscillator1988Diagnosing index tops with breadth divergences1988Diagnosing market bottoms with breadth, divergence and averages1988Construct a five-week new-highs total as a breadth chart1988Record highs versus seven-day breadth and divergence