Overview
A price move tells you where the market went, not how many participants were behind it. A rise on heavy volume and a rise on thin volume can look the same on a candlestick chart.
Arko’s Indicator: Cash Market Sentiment is built around that difference. The published description says it gauges “the underlying strength of market movements using real-time volume data” and, by analysing trading volume patterns, looks at whether price shifts in indices or individual stocks are “genuinely supported by robust participation” (quoted from TradingView). The result is a score that you read next to price. A scanner table, added in later updates, shows the reading for a list of stocks at once.
On the older Derivatives Indicators website it was listed as two items: Cash Market Sentiment Indicator and Scanner of Cash Market Sentiment Indicator. On TradingView both live in one published script.
Who it suits
- Traders who want a second view next to price. The score adds a volume based reading that price alone does not show.
- Indian index and F&O stock traders. The scanner table covers Indian indices and F&O stocks, and the ten largest Nifty 50 companies stand out with a light yellow background.
- Index traders who follow heavyweight stocks. Seeing several large stocks in one table can help you judge whether a move in the index is broad or narrow.
Who it does not suit
- Anyone looking for buy or sell calls. The score is a reading, not advice, and every decision is yours.
- Anyone who wants to trade divergences mechanically. A divergence is a condition to look into, not an instruction.
- Anyone who needs to see or change the code. The script is invite only and the source stays private.
How it works
According to the description, the indicator analyses trading volume patterns in real time and turns them into a score, meant to show whether a price move is backed by participation. How the score is calculated and which volume data it uses are not published. The script is invite only and its logic is proprietary, so this page describes only what the public description, the release notes and the indicator’s settings show.
What “cash market” means here
In Indian markets, the cash market is the stock segment, as opposed to futures and options. Going by its name, the indicator reads sentiment from that segment. The indicator works on any chart that has volume data. Index charts on TradingView often carry no traded volume of their own, so for an index, use a chart that has volume, such as its futures contract.
Divergences
The description points to divergences as the main thing to watch. A divergence is simply a disagreement between the score and price: the score trends up while price declines (what the description calls a bullish divergence), or the score trends down while price rises (a bearish divergence). The idea is that volume is telling “a different story than price alone” (quoted from TradingView), and the description suggests combining this with your own chart analysis.
Treat a divergence as a question, not an answer:
- Divergences can fail. Price can keep moving in the same direction while the score disagrees, sometimes for a long time.
- Divergences can resolve quietly. Score and price can come back into line without any reversal at all.
- Divergences are easier to see afterwards. Looking back, the ones that came before a turn stand out. In real time, many lead nowhere.
The scanner table
In August 2025 the script gained a dynamic scanner table, followed by more features, more stocks, a light yellow background for stocks from the top 10 companies of Nifty 50 (when selected), and a separate colour set for light mode so the table reads properly on a light chart. One note also records a symbol change, “Zomato changed to Eternal”, so the list follows NSE symbol changes.
The table covers Indian indices and F&O stocks, and you choose which indices and stocks it lists in the settings. US indices and stocks are coming soon. “Dynamic” refers to its sorting: with Enable Dynamic Sorting on, the rows re-order as the readings change.
How to read it on the chart
The score
The score is drawn as columns in two colours, yellow and blue. You can change both colours, or draw the score as a line, histogram, area, step line or circles instead, under Style → Cash Market Sentiment (Color 0 is the yellow, Color 1 the blue).
| What you see | How to read it |
|---|---|
| Score rising with price | Participation and price agree on an up move. |
| Score falling with price | Participation and price agree on a down move. |
| Score rising, price falling | A bullish divergence, as the description defines it. |
| Score falling, price rising | A bearish divergence, as the description defines it. |
These are readings of the indicator’s output, not recommendations.
The scanner table
One row per index or stock you selected, sorted by the readings when dynamic sorting is on (descending by default, up to 40 rows). The columns come in three groups, each of which you can show or hide:
| Columns | Group |
|---|---|
| 1 to 8 | Top gainers and losers |
| 9 to 14 | Big buy and sell orders |
| 15 to 22 | Current scores, above and below the threshold |
The top 10 Nifty 50 companies sit on a light yellow background, and the table has its own colours in light mode.
Inputs and settings
Inputs tab
| Setting | Default | What it does |
|---|---|---|
| Period/Length | 20 | The length the score is worked out over. |
| Threshold | 20 | The setting’s own label: Buy at or above the threshold, Sell at or below minus the threshold. |
| Big Buy/Sell Order Score | 50 | The score level counted as a big buy or sell order. |
| Show Scanner Table | On | Shows or hides the table. |
| Show Top Gainers/Losers | On | Columns 1 to 8. |
| Show Big Buy/Sell Orders | On | Columns 9 to 14. |
| Show Current Scores | On | Columns 15 to 22, above and below the threshold. |
| Show Status Text | Off | Adds a status line. |
| Table Position | Top right | Where the table sits. |
| Table Font Size | Small | Text size in the table. |
| Enable Light Mode | Off | Table colours for a light chart. |
| Enable Dynamic Sorting | On | Re-orders the rows as readings change. |
| Sort Order | Descending | The sort direction. |
| Max Rows to Display | 40 | The most rows the table shows. |
| Indices and stocks | Tick the indices and stocks you want in the table. |
Style tab
| Setting | Default |
|---|---|
| Cash Market Sentiment | Columns; Color 0 yellow, Color 1 blue |
| Tables | On |
Timeframes
It works on any timeframe, so it suits intraday traders on short charts as well as long term investors on daily or weekly charts.
Markets
The indicator works on any chart with volume data. Its scanner table covers Indian indices and F&O stocks; US indices and stocks are coming soon.
Getting started
- Get access. Choose a plan on the pricing page and pay online. The order form asks for your TradingView username; we never ask for your TradingView password.
- Access arrives by itself. Once the payment goes through, the script is added to your TradingView username automatically, usually within a few minutes, and we email you when it’s done.
- Add it to a chart. In TradingView, click Indicators, open Invite-only scripts, and choose Arko’s Indicator: Cash Market Sentiment.
- Scroll back and compare. Look at how the score moved against price in past trends, dips and sideways stretches. Count the divergences that came to nothing, not only the ones that came before a turn.
- Watch it live before acting on it. Spend some sessions watching the score and the table update in real time, before any real money is involved.
Strengths and limitations
Strengths
- A volume view next to price. The score adds information that a price chart does not show on its own.
- Many stocks in one place. The scanner table shows readings for a list of stocks without switching charts.
- Largest stocks stand out. The light yellow highlight for the top 10 Nifty 50 companies makes the heavyweights easy to find, and the table has its own light mode colours.
- Actively maintained in its first weeks. Ten updates between July and August 2025, including the scanner, more stocks and a symbol change.
Limitations
- Divergences are not forecasts. Score and price can disagree for a long time, and many divergences resolve without a reversal.
- Volume is a partial picture. Volume shows how much traded, not who traded or why.
- Index volume is not straightforward. Index charts often have no volume of their own, and how the indicator handles that is not published.
- Much is not documented. The score’s scale and colours, the inputs, the stock list and the intended timeframes are not stated on TradingView.
- Closed code. It is invite only with private source, so you cannot audit the calculation, only observe the output.
- No published performance. No figures are given on TradingView or on this site.
Release notes
All times in IST.
| Date | Note (from TradingView) |
|---|---|
| 15 Jul 2025, 16:24 | First published. |
| 16 Jul 2025, 01:30 | “Version 1.1” |
| 16 Jul 2025, 01:37 | “Version 1.2” |
| 16 Jul 2025, 01:38 | “Version 1.2.2” |
| 11 Aug 2025, 06:12 | “Dynamic Scanner Table.” |
| 11 Aug 2025, 13:06 | “Zomato changed to Eternal.” |
| 11 Aug 2025, 23:53 | “More features have been added into the scanner.” |
| 12 Aug 2025, 00:45 | “More Stocks Added.” |
| 13 Aug 2025, 07:43 | “If any stocks from the top 10 companies of Nifty50 are selected, they will have a light yellow background to quickly spot them in the list and get a view of …” More stocks were also added. |
| 22 Aug 2025, 19:20 | “Different colors for the scanner table in light mode to view properly.” |
| 29 Aug 2025, 17:06 | “Bug Fixes” |
Frequently asked questions
What does the score measure? According to the description, whether price moves in indices or stocks are supported by volume participation. The exact calculation and scale are not published.
What is a divergence? A disagreement between the score and price. A rising score while price falls is what the description calls a bullish divergence; a falling score while price rises is a bearish divergence. A divergence can last a long time and can resolve without any reversal, so it is something to look into, not a signal to act on.
Is the scanner a separate script? No. The older website listed “Scanner of Cash Market Sentiment Indicator” as its own item, but the scanner table is part of this script. It covers Indian indices and F&O stocks, which you choose in the settings.
How does it relate to the Multi-Asset Scanner? The Multi-Asset Scanner combines this indicator’s reading with SmartTrend Dynamic Stop Navigator into an overall bullish, bearish or neutral reading.
Does it tell me what to trade? No. We are not SEBI registered and do not give recommendations, tips or calls. Every decision is yours.