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Number of Stocks Making a new 52-Week Low - Market Indicator
The 52-week low indicator calculates the total number of stocks making new 52-week lows (Stocks at their lowest level in one-year period) per day. The market indicator that measures the number of stocks making 52-week highs is available here: Number of Stocks Making a new 52-Week High - Market Indicator.
The 52-week high and 52-week low indicators can be used together to create several other measures such as the cumulative new High/Low line, new-high minus new-low oscillator, new high/low ratio, percentage of new high to (new high + new low) and percentage of new highs to total market.
These market breadth indicators are often used to measure and gauge the strength of the market. Market technicians consider that the more stocks hitting their 52-week highs, the more bullish the market should be. Contrarian traders think that if the 52-week high indicator reaches a very high level (compared to historical values) then this may indicate that a market turn is eminent.
This composite creates a symbol whose name "_52Week_Low". As with the 52-week high market breadth indicator, it is possible to explicitly specify the stocks that should be included in the composite calculation. It is also possible to reject or ignore specific stocks (For example, stocks traded in OTC markets). This can be accomplished by updating the variable "filter".
