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Percent Rank Indicator measures the percentage of bars whose values are below the current bar value in the past N-bars. A value of 100% indicates that the current value is the highest for the given lookback period, while a value of 0% indicates that the current value is the lowest for the given lookback period.
The Percent Rank market indicator returns the ratio of the number of stocks that have a percent rank above 50 to the number of stocks that have a percent rank below 50. In other words, this composite gets the number of bullish stocks according to the percent rank indicator divided by the number of bearish stocks. This means that a value that is above one is considered bullish, while a value below one is considered bearish (There are more stocks with a low percent rank value than stocks with a high percent rank value).
In this market indicator, I have used used the percent rank of the close price with a lookback period of 30 bars. Two composites are initially created (one for the values that are higher or equal to 50 and the other for values that are lower than 50) and then a composite script creates the ratio. The market indicator ticker symbol is "_PERCENT RANK".
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
