NYSE New Highs vs New Lows is a simple market breadth indicator that compares HIGN, the number of new highs during that day, and LOWN, the number of new lows. The new highs are on top and lows are appropriately on bottom. Without averaging, it's a little chaotic so you can smooth them out as much as you want, and the top-right label shows how much you're smoothing.
Interpretation: Essentially, we use SPY or QQQ as a proxy for what's going on in the market, but because the FAANG stocks are so heavily weighted, it's not always representative. If SPY is flat/down, but there are 200 new highs today, then one of the big boys is weighing down an otherwise very bullish market. It's like looking at one of those heatmap charts, but in a single number.
Bullish Trend - Lots of new highs - Very few new lows
Bearish Trend - Lots of new lows - Very few new highs
Potential Reversal - Too high, 250+ - Too low, 150+
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Added option for cumulative count. Adjusted line/column colors. Label always said "day" even when it was on weekly so had to figure that out.
Thank you so much for coding this indicator; it's amazing. One question and one humble request. Is the new high/new low for the last 365 days? Meaning, when the stock hits a new high for the year it will qualify and get added to the new high tally. Humble request, is there any way we can tweak the indicator so that it gives you the new highs for the last 20 days. Meaning, when the stock makes a new high for the month, then it gets added to the 20d new high tally. Thank you so much!
akashgarhwal
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can we make same for NSE exchange for indian markets i am not good at coding
THX. Why you use the ticker hign/lown and not mahn/maln? What's the difference between the tickers?
OverexposedPhotoOfADress
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@kochplanet, You can compare any ticker, so if you want to switch it to that, go for it. :)
MarketGator2020
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@kochplanet, You can add multiple tickers. Go to the inputs tab on the indicator. Click on the high section. Type in HIGN+HIGQ+HIGA; that will add all of the new highs for the NYSE, NASDAQ & AMEX respectively. Do the same thing for the new lows; LOWN, LOWQ & LOWA.
Leatherneck
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This is exactly what I was looking for. Thank you very much
ArthurNikolaiSelvik
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Is this for NYSE only? Any chance to add for all US stocks
OverexposedPhotoOfADress
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@ArthurNikolaiSelvik, Fundamentally. it's comparing HIGN and LOWN. I put in the ability to select any ticker though, so if there's a ticker that compares all stocks' higher highs and higher lows, let me know. You can put those into the settings.