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This indicator uses short selling data downloaded by the Short Selling Data object. The indicator calculates, for a defined lookback period, the percentage of bars where the short selling ratio was higher than 50%. (More short selling volume than long volume).
This indicator can be interpreted as follows; a high value means that during the defined period, there were more bars with short selling activity than long activity. Short sellers are dominating the stock and this is a bearish indication. A low value of this indicator is bullish and it indicates that there was little short selling activity during the defined period.
When the value of this indicator increases, this means that there was more short selling volume than long volume during the preceding bars but not necessarily during the whole period. For the last bars or days, more investors and traders are shorting this stock and thus expecting a decrease in its price. The opposite reasoning can be applied when the indicator value decreases.
In order to perform the calculation, the indicator needs that you provide the short selling ratio time-series. With the Short Selling Data item, you can get this time-series using the following formula: GetData("short_selling", "ratio", NA).
Besides this time-series that you provide as an argument, the function requires another argument or parameter, which is the lookback period or the number of bars to use to perform the calculation.
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