S&P500 Index Score (Think or Swim)

The Index Score was developed out of a desire to have an all in one indicator that appropriately weights the most important components of the S&P500 index. Through the concentration bubble in early 2024, there would be days where the internals were totally divergent to the market, yet the SPY continued higher. To combat this, the components of broad market analysis need to be weighted to properly reflect the importance of technology.

This may change in the future, and we’ll maintain the code if large changes are needed.

Full customization of colors, and data display are built in. Can show as a line, histogram, bars, anything Think or Swim has to offer.

This is built specifically for the S&P500. No other index.

When you are granted access to the script you can choose the one click install, or the option to view the code and copy and paste into a new study window. If you use the one click install, make sure to name the script before you save it, otherwise it will import as a generic name. If you are going to copy and paste into a new study window, make sure to delete the default line of code “plot data = close”.

* For this indicator specifically, you’ll need to set your current aggregation period to the timeframe of the chart you are using *

Please watch this video to see an install tutorial: How to Install Custom Scripts in Think or Swim