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Advance Stocks & Volume - Stock that advanced with a volume increase
The well known advance issues market breadth indicator is created from a list of stocks (US stocks, NYSE, NASDAQ, Russell 2000, S&P 500 stocks) by calculating the number of issues that have advanced, that is, whose close prices are higher than yesterday's close prices.
The market breadth or market timing indicator I have uploaded here gets the percentage of stocks that are advancing with an increase in volume. It calculates, for each trading day, the number of stocks whose close price is higher than yesterday's close price and whose volume is higher than yesterday's volume and divides that number by the number of stocks that are trading on that day. The Advance Stocks & Volume indicator can be used to measure the strength and breadth of the market.
It results in an oscillator that varies between 0% and 100% (In reality, it varies in a narrower range, something like 2% - 50%). The line moves very and therefore requires that you smooth it with a moving average for example.
A high value indicates that more stocks are advancing with an increase in volume; this is usually interpreted as a bullish signal. However, extreme values could be a sign that market trend may reverse. The indicator should be used with other market timing and market breadth indicators.
A stock must have a close price higher than 2 on a particular bar in order to be used by this composite.
You can create your own composite that calculates the number of issues that have advanced by typing the following formula: composite = close > close[1] and setting "Average" as the composite calculation function.
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