Fixes an issue with "Combined" mode, using wrong symbols.
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The is a breadth indicator based on Record High Percent, which is based on new 52-week highs and new 52-week lows.
Readings below 50 indicate that there were more new lows than new highs. Readings above 50 indicate that there were more new highs than new lows. 0 indicates there were zero new highs (0% new highs). 100 indicates there was at least 1 new high and no new lows (100% new highs). 50 indicates that new highs and new lows were equal (50% new highs).
Readings consistently above 70 usually coincide with a strong uptrend. Readings consistently below 30 usually coincide with a strong downtrend.
List of my public indicators: http://bit.ly/1LQaPK8
List of my app-store indicators: http://blog.tradingview.com/?p=970
Just noticed @Greeny has already published this -> Linking it here.
List of my indicators at Appstore: http://blog.tradingview.com/?p=970
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
// // @author LazyBear // // List of my public indicators: http://bit.ly/1LQaPK8 // List of my app-store indicators: http://blog.tradingview.com/?p=970 // study(title="High-Low Index [LazyBear]", shorttitle="HLIDX_LB") res=input("D", title="Timeframe") t=input(defval=1, maxval=2, minval=1, title="MA Type (1=>SMA, 2=>EMA)") lma=input(defval=10, minval=1, title="MA Length") mkt = input (defval=1, minval=0, maxval=4, title="Market (0=>AMEX/NASD/NYSE Combined, 1=NYSE, 2=NASDAQ, 3=AMEX, 4=CUSTOM)") aic=input(defval="MAHE", title="CUSTOM: New Highs Symbol", type=symbol) dic=input(defval="MALE", title="CUSTOM: New Lows Symbol", type=symbol) sh=input(false, title="Show only Record High %") ma(s,l) => sh?s:(t==1?sma(s,l):ema(s,l)) hi="MAHN", lon="MALN" // NYSE hiq="MAHQ", lonq="MALQ" // NASDAQ hia="MAHA", lona="MALA" // AMEX advc="(HIGN+HIGQ+HIGA)/3.0", loc="(LOWN+LOWQ+LOWA)/3.0" adv=security(mkt==0? advc:mkt == 1? hi:mkt == 2? hiq:mkt == 3? hia:aic, res, close) lo=security(mkt==0? loc:mkt == 1? lon:mkt == 2? lonq:mkt == 3? lona:dic, res, close) hli=ma(adv/(adv+lo), lma) * 100 osd=plot(hli<50?hli:50, style=circles, linewidth=0, title="DummyOS") obd=plot(hli>50?hli:50, style=circles, linewidth=0, title="DummyOB") ml=plot(50, color=gray, title="MidLine") fill(osd, ml, red, transp=60, title="OSFill"), fill(obd, ml, green, transp=60, title="OBFill") plot(hli, color=maroon, linewidth=2, title="HiLoIndex")