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Percentage of new highs to total market

by The trader, 3536 days ago
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This item creates a market breadth indicator called Percentage of new highs to total market. The composite uses the number of stocks making new 52-week highs that are downloaded by the following object NYSE, AMEX and NASDAQ 52-week high and low data.

The Percentage of new highs to total market is calculated by dividing the number of stocks with new highs by the total number of stocks listed in the following U.S. Exchanges: New York Stock Exchange and NASDA.

The item requires also the Advance-Decline-Unchanged issues for NYSE, AMEX and NASDAQ object, which is used to calculate the daily total number of stocks that are listed in major U.S. markets. To get the total number of stocks for each trading day, I simply added the number of advancing and unchanged stocks to the number of declining stocks for the NYSE and NASDAQ exchanges. The advance-decline volume data can also be used to calculate the total number of stocks.

The values of the market breadth indicator cannot be lower than zero. The indicator is used to gauge the market; an increasing value is bullish and it indicates that more stocks are making new highs. A decreasing value is bearish and it indicates that fewer stocks are making new highs.

This indicator does not use the number of stocks making new 52-Week lows, however you can calculate the percentage of new lows to total market composite by replacing the first line:
var1 = Ticker("^52-WEEK-HIGHS-NYSE", close, Zero) + Ticker("^52-WEEK-HIGHS-NASDAQ", close, Zero);
With the following formula:
var1 = Ticker("^52-WEEK-LOWS-NYSE", close, Zero) + Ticker("^52-WEEK-LOWS-NASDAQ", close, Zero);

The composite symbol name is "_New_Highs_Total_Market".

Here are some market breadth indicators that use the new 52-Week highs/lows data:
Cumulative New High/Low Line
New-High/New-Low Spread also called the New-High minus New-Low Oscillator


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Type: Composite Index

Object ID: 433


Country:
United States

Market: Stock Market

Style:
Technical Analysis

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