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The Open ARMS Index, also called Open-10 TRIN or Open Trading Index, is a smoothed version of the Arms Index.
This market breadth indicator uses the advancing/declining issues and the advancing/declining volume to measure the strength of the market.
The Open-10 TRIN is created by the composite plug-in and its formula consists of dividing the smoothed variation of the advance decline ratio by the smoothed variation of the advance decline volume. The smoothed version of the A/D ratio is simply the division of the 10-bar simple moving average of the number of advancing issues by the 10-bar SMA of the number of declining issues.
The interpretation Open ARMS Index is the same as the interpretation of the TRIN or Arms Index. The market is considered bullish when the technical analysis indicator value closes above 0.9 and it is considered bearish when the indicator value drops below 0.9.
