Clear Tick Indicator

[Minetoo]

The tick indicator ($TICK) is a very popular market internal however, I believe its efficacy is dropping as evidenced by increasingly frequent divergences. It is my understanding that the TICK is constructed with tick data from the entire NYSE listed equities. Is there any way to filter the TICK down just to the 500 stocks that constitute the S & P 500 like the TIKI, which only reflects the DOW 30?
Neoticker has attempted something similar with their TICK16 indicator.

[Sparrow]

From my limited knowledge i'd say that you're totally dependent on your data provider unless your charting platform lets you construct your own TICK like indicator.

[Minetoo]

I use Tradestation (fairly new to it). I know I can create a Radarscreen of the S&P 500 but don't know if/how I can manipulate it.

[Sparrow]

I don't know if this is any help or just garbage, it's from the ts support site and references ts2000i.
MetaServer might be able to do it as well, the price doesn't seem to be so steep.

[walterw]

It could be done, but you would need very good pc resources... my question is : will it really give you an edge ?... I find hard to believe that 1 tick fluctuation up/down on x +- stocks can give really a trend bias... If I was to build an indicator with the 500 sp`s and go definitive waco, I would create a composite delta of the 500 stocks and measure their true buy/sell pressure on x (variable input) back... that would be my dream... what platform.. dont know... cheers Walter.

[Sparrow]

The way i understand it MetaServer connects to the tradestation server and the tradestation platform gets its data from your local metaserver.
MetaServer allows you to create your own symbols (that's how i think it works)

[Minetoo]

NYSE consists of 2,764 issues. That's 2,264 more than anyone needs to see reflected in the TICK. I cannot believe that such an excessive number of equities will not distort and muddy the TICK.

[Minetoo]

Sparrow: as I understand it, it is a data issue. NYSEData provides the info. that constitutes the TICK Indicator. It would require cooperation on their end or high level programming on the chart vendors' side to develop a true TICK Indicator. Please correct me if I am wrong.

[Sparrow]

IMO either up to the NYSE to provide a new clear tick indicator, your data provider, or given enough bandwith, computer power, some good ideas and the right software you can pretty much do it yourself. Also depends on how many symbols your data provider allows you to view simultaniously.

MetaServer has got a trial period btw and i am in no way affiliated with the company which sells it nor getting any money from them(unfortunately).
Maybe there's some other software which can do it, or it can be done inside TS.

If you think it's worth the effort, give it a shot.