This indicator is a market breadth indicator. This is an index that is derived from the number of stocks within the nifty constituents that has made 52weeks high and low. Only top 40 stocks of nifty50 are selected as there is a limitation of calling securities in pinescript. This indicator has to be used in conjunction with other market breadth indicators like IPB_MAMB, IPB_ADMIN, etc. The index is customized for weekly chart. Hence please use only on weekly chart to analyze the market breadth . Look for divergences with the price which indicate reversals.