00:00If you randomly ask any trader to list their top 10 favorite websites or resources that are used
00:04for trading, Ticket Tape will definitely appear in that top 10 list. Ticket Tape is a good and
00:08accurate resource for stock and market related information. Especially, I love the one feature
00:13that they provide, which is the market mode index, the MMI, which is quite popular.
00:18This indicator gives an overall pulse of the Indian market and the way it simplifies just
00:22within four parameters, which is extreme greed, greed, fear and extreme fear. It's as simple as
00:27that. In this video, I'll cover two things. Number one, I will share with you a simple
00:31Python utility that can extract the MMI score so that you can use it on your own dashboards or for
00:35your daily market insight updates, however you want to use it. And number two, I would like to talk to
00:41you about a little pet project that I'm currently working on and I would like to get our entire
00:44community involved in it. So I really look forward for your ideas and help with that one. So let's get
00:49started. If this is your first time here, welcome. My name is Vivek and I'm a financially independent
00:54algotrader. This channel is all about building a community of algotraders. We discuss everything
00:58about algotrading using Python, building and backlisting trading strategies, market updates
01:01and much more. Please do visit our community website fabtrader.in. Also, do check out my
01:05other YouTube channel, Fab Wealth, where I talk about my own financial independence journey and
01:09shared tools, methods and strategies that help me achieve my financial freedom. Thank you.
01:14As usual, everything that I'm covering today in this video is already available as part of the blog
01:18article here. I'll provide the link to this in the description. And I'll also pin this in the
01:22comments section so you can go through it. So this has a detailed account of what I'm currently
01:26talking about. And it also has the Python utility and the entire code that you can actually download
01:31and copy it and use it on your own. Now, let's talk about the market mode index. For people who
01:36are
01:36not aware of this, this is a very simple index that Tickertake puts out. They haven't really given us a
01:42detailed account on how they are arriving at this number. I think probably the logic is very proprietary.
01:47They've not revealed it. But all that we know is that they give a score from 0 to 100
01:52and then depending upon the score, they basically classify the market in these four categories,
01:56either extreme fear, fear, greed or extreme greed. I believe it's very simple and very effective.
02:01I currently, I love it. I currently look at it from time to time. And then I was thinking that,
02:06you know, I'll probably include this in one of the dashboards that I refer to every day. And that's
02:10when I wanted to scrape this information. And, you know, that's where this utility was born. In terms of,
02:16you know, what the score means and how to derive and how to make sense of it is all provided
02:20here. You can
02:21please feel free to go through it whenever you find time. In terms of the Python script itself,
02:26it's very, very straightforward. All you need is just Selenium and WebDriver. So you just install
02:29these dependencies. And the script itself is very straightforward. It just scrapes that particular
02:33web page and looks for this particular score. And then based on the score, when you run it,
02:38you get both the score as well as the market mode. And here's the code in action. When you run
02:44this
02:44code, it gives you these two, which is the score as well as the market mode. And as seen in
02:49the
02:49ticker tape website. If you haven't joined our telegram group, please do so. I share market insights,
02:55algo trading tips and new video notifications. And this way you can stay up to date with our
02:58community news and events. I hope you like this little utility and make full use of it and maybe use
03:04it within your dashboards. The second aspect that I wanted to talk to you about is one of the pet
03:09projects that I am currently working on. I'm sure you're aware of our community website factrader.in.
03:14If you go into the tools, the access tools, you find this tools page, right, where you have a number
03:20of useful tools that people can be using for free. Typically, some of these tools are paid versions
03:25outside, but here it's completely open source and you're free to use it. But right now, most of these
03:30tools are in the person finance category, not much on the trading side. For example, the retirement
03:35planner here. So I'm looking to actually build a similar set of toolset for the trading community
03:42as well. The typical tools that you find in paid versions like DefineAge or StockAge. I'm thinking
03:51that we can actually build all of those tools and open it up for free for all our community members,
03:55so that lifetime you can keep using those tools for your trading decision making. I hope this idea
04:02excites you. And what I need from our community, from you especially, is some ideas as to what you
04:07would like to see in those tools. If you could just send me some ideas on factrader.in.gmail.com,
04:14I would soon start working on those ones. As early as probably in a week or 10 days, we can
04:19start
04:19launching that tool one by one and then we can slowly build on it and then get better at it.
04:24Hope you
04:24like that idea. If you like that idea, please do suggest some ideas and we will take it from there.
04:29Thank you.
04:31If you genuinely found this video useful, please consider subscribing and liking the video.
04:34And I will see you soon in another video. And until then, take care and happy trading.
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