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MetaStock - Broad Market Indicators

MetaStock - Broad Market Indicators

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Sections

  • Broad Market Indicators
  • BM Monetary Indicators
  • BM Monetary 13 week T-bill yield
  • BM Monetary 13 week T-bill yield Formula
  • BM Monetary 26 week T-bill yield
  • BM Monetary 26 week T-bill yield Formula
  • BM Monetary Composite Index Short Term
  • BM Monetary Composite Index Short Term Formula
  • BM Monetary Composite Index Medium Term
  • BM Monetary Composite Index Medium Term Formula
  • BM Monetary Euro
  • BM Monetary Euro Formula
  • BM Monetary Fed Funds Rate
  • BM Monetary Fed Funds Rate Formula
  • BM Monetary Gold / Silver Ratio
  • BM Monetary Gold / Silver Ratio Formula
  • BM Monetary Interest Rate ROC
  • BM Monetary Interest Rate ROC Formula
  • BM Monetary Japanese Yen
  • BM Monetary Japanese Yen Formula
  • BM Monetary Prime Rate
  • BM Monetary Prime Rate Formula
  • BM Monetary T-bill Yield Spread
  • BM Monetary T-bill Yield Spread Formula
  • BM NASDAQ Absolute Breadth Index
  • BM NASDAQ Absolute Breadth Index Formula
  • BM NASDAQ Advance/Decline Line
  • BM NASDAQ Advance/Decline Line Formula
  • BM NASDAQ Advance/Decline Ratio
  • BM NASDAQ Advance/Decline Ratio Formula
  • BM NASDAQ Advancing - Declining Issues
  • BM NASDAQ Advancing - Declining Issues Formula
  • BM NASDAQ Advancing Issues
  • BM NASDAQ Advancing Issues Formula
  • BM NASDAQ Advancing Volume
  • BM NASDAQ Advancing Volume Formula
  • BM NASDAQ Breadth Thrust
  • BM NASDAQ Breadth Thrust Formula
  • BM NASDAQ Changed Volume
  • BM NASDAQ Changed Volume Formula
  • BM NASDAQ Composite Tape Index - Medium Term
  • BM NASDAQ Composite Tape Index - Medium Term Formula
  • BM NASDAQ Composite Tape Index - Short Term
  • BM NASDAQ Composite Tape Index - Short Term Formula
  • BM NASDAQ Cumulative Volume Index
  • BM NASDAQ Cumulative Volume Index Formula
  • BM NASDAQ Declining Issues
  • BM NASDAQ Declining Issues Formula
  • BM NASDAQ Declining Volume
  • BM NASDAQ Declining Volume Formula
  • BM NASDAQ MACD
  • BM NASDAQ MACD Formula
  • BM NASDAQ McClellan Oscillator
  • BM NASDAQ McClellan Oscillator Formula
  • BM NASDAQ McClellan Summation
  • BM NASDAQ McClellan Summation Formula
  • BM NASDAQ Negative Volume Index
  • BM NASDAQ Negative Volume Index Formula
  • BM NASDAQ New Highs - New Lows Cumulative
  • BM NASDAQ New Highs - New Lows Cumulative Formula
  • BM NASDAQ New Highs - New Lows Ratio
  • BM NASDAQ New Highs - New Lows Ratio Formula
  • BM NASDAQ New Highs - New Lows
  • BM NASDAQ New Highs - New Lows Formula
  • BM NASDAQ New Highs
  • BM NASDAQ New Highs Formula
  • BM NASDAQ New Lows
  • BM NASDAQ New Lows Formula
  • BM NASDAQ On Balance Volume
  • BM NASDAQ On Balance Volume Formula
  • BM NASDAQ Open-10 TRIN
  • BM NASDAQ Open-10 TRIN Formula
  • BM NASDAQ Overbought/Oversold
  • BM NASDAQ Overbought/Oversold Formula
  • BM NASDAQ Positive Volume Index
  • BM NASDAQ Positive Volume Index Formula
  • BM NASDAQ Rate of Change (Percent)
  • BM NASDAQ Rate of Change (Percent) Formula
  • BM NASDAQ Rate of Change (Points)
  • BM NASDAQ Rate of Change (Points) Formula
  • BM NASDAQ Relative Strength Index
  • BM NASDAQ Relative Strength Index Formula
  • BM NASDAQ STIX
  • BM NASDAQ STIX Formula
  • BM NASDAQ Stochastic Oscillator
  • BM NASDAQ Stochastic Oscillator Formula
  • BM NASDAQ Total Volume
  • BM NASDAQ Total Volume Formula
  • BM NASDAQ Arms Index (TRIN)
  • BM NASDAQ Arms Index (TRIN) Formula
  • BM NASDAQ Unchanged Volume
  • BM NASDAQ Unchanged Volume Formula
  • BM NASDAQ Upside/Downside Ratio
  • BM NASDAQ Upside/Downside Ratio Formula
  • BM NASDAQ Upside/Downside Volume
  • BM NASDAQ Upside/Downside Volume Formula
  • BM NYSE INDICATORS
  • BM NYSE Absolute Breadth Index
  • BM NYSE Absolute Breadth Index Formula
  • BM NYSE Advance/Decline Line
  • BM NYSE Advance/Decline Line Formula
  • BM NYSE Advance/Decline Ratio
  • BM NYSE Advance/Decline Ratio Formula
  • BM NYSE Advancing - Declining Issues
  • BM NYSE Advancing - Declining Issues Formula
  • BM NYSE Advancing Issues
  • BM NYSE Advancing Issues Formula
  • BM NYSE Advancing Volume
  • BM NYSE Advancing Volume Formula
  • BM NYSE Breadth Thrust
  • BM NYSE Breadth Thrust Formula
  • BM NYSE Changed Volume
  • BM NYSE Changed Volume Formula
  • BM NYSE Composite Tape Index - Medium Term
  • BM NYSE Composite Tape Index - Medium Term Formula
  • BM NYSE Composite Tape Index - Short Term
  • BM NYSE Composite Tape Index - Short Term Formula
  • BM NYSE Cumulative Volume Index
  • BM NYSE Cumulative Volume Index Formula
  • BM NYSE Declining Issues
  • BM NYSE Declining Issues Formula
  • BM NYSE Declining Volume
  • BM NYSE Declining Volume Formula
  • BM NYSE MACD
  • BM NYSE MACD Formula
  • BM NYSE McClellan Oscillator
  • BM NYSE McClellan Oscillator Formula
  • BM NYSE McClellan Summation
  • BM NYSE McClellan Summation Formula
  • BM NYSE Negative Volume Index
  • BM NYSE Negative Volume Index Formula
  • BM NYSE New Highs - New Lows Cumulative
  • BM NYSE New Highs - New Lows Cumulative Formula
  • BM NYSE New Highs - New Lows Ratio
  • BM NYSE New Highs - New Lows Ratio Formula
  • BM NYSE New Highs - New Lows
  • BM NYSE New Highs - New Lows Formula
  • BM NYSE New Highs
  • BM NYSE New Highs Formula
  • BM NYSE New Lows
  • BM NYSE New Lows Formula
  • BM NYSE On Balance Volume
  • BM NYSE On Balance Volume Formula
  • BM NYSE Open-10 Arms Index (TRIN)
  • BM NYSE Open-10 Arms Index ( TRIN) Formula
  • BM NYSE Overbought/Oversold
  • BM NYSE Overbought/Oversold Formula
  • BM NYSE Positive Volume Index
  • BM NYSE Positive Volume Index Formula
  • BM NYSE Rate of Change (Percent)
  • BM NYSE Rate of Change (Percent) Formula
  • BM NYSE Rate of Change (Points)
  • BM NYSE Rate of Change (Points) Formula
  • BM NYSE Relative Strength Index
  • BM NYSE Relative Strength Index Formula
  • BM NYSE STIX
  • BM NYSE STIX Formula
  • BM NYSE Stochastic Oscillator
  • BM NYSE Stochastic Oscillator Formula
  • BM NYSE Total Volume
  • BM NYSE Total Volume Formula
  • BM NYSE TRIN
  • BM NYSE TRIN Formula
  • BM NYSE Unchanged Volume
  • BM NYSE Unchanged Volume Formula
  • BM NYSE Upside/Downside Ratio
  • BM NYSE Upside/Downside Ratio Formula
  • BM NYSE Upside/Downside Volume
  • BM NYSE Upside/Downside Volume Formula

Broad Market Indicators

For MetaStock 9.0 (and higher) User’s Manual Version 1.0

All Rights Reserved Copyright  2004 Printed in the U.S.A. Equis International, Inc. 90 South 400 West Suite 620 Salt Lake City, UT 84101

Equis and MetaStock are registered trademarks of Equis International. Microsoft Windows, Microsoft Windows 95 and 98, and Microsoft Explorer are trademarks of Microsoft Corporation. All other product names or services mentioned are trademarks or registered trademarks of their respective owners. This product is not a recommendation to buy or sell, but rather a guideline to interpreting the specified analysis methods. This information should only be used by investors who are aware of the risk inherent in securities trading. Equis International accept s no liability whatsoever for any loss arising from any use of this product or its contents.

................................................3 BM Monetary Composite Index Short Term ............................................................10 BM NASDAQ Advancing ..............................................3 BM Monetary 26 week T-bill yield Formula...................................................................................6 BM Monetary Japanese Yen .....................................................................................................................................................................................................6 BM Monetary Gold / Silver Ratio...............................................................................................................10 BM NASDAQ Advancing ...............................................................9 BM NASDAQ Advance/Decline Line.6 BM Monetary Fed Funds Rate...3 BM Monetary 26 week T-bill yield ........................................................................................................................................................................................Declining Issues Formula.................................................................6 BM Monetary Euro Formula ....................................7 BM Monetary Prime Rate ................................................4 BM Monetary Composite Index Medium Term ....................................4 BM Monetary Composite Index Medium Term Formula.......7 BM NASDAQ Indicators 9 BM NASDAQ Absolute Breadth Index.....7 BM Monetary T-bill Yield Spread Formula ....................7 BM Monetary Prime Rate Formula ................................................5 BM Monetary Euro .....................................7 BM Monetary Japanese Yen Formula ..................................6 BM Monetary Fed Funds Rate Formula ......................................................................................................................6 BM Monetary Interest Rate ROC Formula......6 BM Monetary Gold / Silver Ratio Formula........................................................................................................................................................................................................Declining Issues ........................................10 BM NASDAQ Advancing Issues ........................................................................................................................Contents Broad Market Indicators BM Monetary Indicators 1 3 BM Monetary 13 week T-bill yield ....................................9 BM NASDAQ Advance/Decline Line Formula ...............................................................................................................7 BM Monetary T-bill Yield Spread............................................................................................................3 BM Monetary 13 week T-bill yield Formula..........................3 BM Monetary Composite Index Short Term Formula...................................................................................................9 BM NASDAQ Absolute Breadth Index Formula..........................................................11 Contents • i ....................6 BM Monetary Interest Rate ROC .........................................................................10 BM NASDAQ Advance/Decline Ratio ...............................................................................10 BM NASDAQ Advance/Decline Ratio Formula.....................................................................................................................................................................

...............................................................................................................................................................................11 BM NASDAQ Changed Volume.........18 BM NASDAQ On Balance Volume ......................................................19 BM NASDAQ Positive Volume Index Formula ........................................................................14 BM NASDAQ Cumulative Volume Index Formula...New Lows Formula ...20 BM NASDAQ Relative Strength Index ............................................................................................18 BM NASDAQ New Lows Formula.............................Short Term Formula ...................15 BM NASDAQ Declining Issues Formula..............................17 BM NASDAQ New Highs .........................................11 BM NASDAQ Changed Volume Formula .............................................................................................13 BM NASDAQ Composite Tape Index .........19 BM NASDAQ Overbought/Oversold Formula .................12 BM NASDAQ Composite Tape Index .17 BM NASDAQ New Highs .....................................................................................................................................16 BM NASDAQ McClellan Oscillator .......19 BM NASDAQ Rate of Change (Percent) Formula................................................................................................................................................................17 BM NASDAQ New Highs .....................................................15 BM NASDAQ Declining Issues ..................................................11 BM NASDAQ Advancing Volume Formula.....................................................................................................................................................................................................15 BM NASDAQ MACD Formula ................................................11 BM NASDAQ Advancing Volume ...........................................................................New Lows Cumulative Formula...........................18 BM NASDAQ Overbought/Oversold ............................................BM NASDAQ Advancing Issues Formula......................18 BM NASDAQ Open-10 TRIN Formula......................New Lows ....................16 BM NASDAQ Negative Volume Index Formula..............................................................New Lows Cumulative .....................................................................................................................18 BM NASDAQ Open-10 TRIN .....................................................................................................................16 BM NASDAQ New Highs ......................................................................................................................14 BM NASDAQ Cumulative Volume Index ..........................................................................................................................18 BM NASDAQ New Highs..................................................................................................................................15 BM NASDAQ Declining Volume .........................................................16 BM NASDAQ McClellan Summation Formula .................................................................................16 BM NASDAQ Negative Volume Index ..............15 BM NASDAQ Declining Volume Formula........................11 BM NASDAQ Breadth Thrust..............................................16 BM NASDAQ McClellan Oscillator Formula.......................................................................................16 BM NASDAQ McClellan Summation.....20 BM NASDAQ Rate of Change (Points) ................................19 BM NASDAQ Positive Volume Index .......20 ii • Contents ..........................................................................New Lows Ratio ...................................................................................................................Medium Term Formula .............................................19 BM NASDAQ Rate of Change (Percent) ....................................12 BM NASDAQ Composite Tape Index .........................................11 BM NASDAQ Breadth Thrust Formula .................................18 BM NASDAQ New Lows ......Medium Term ...............................................20 BM NASDAQ Rate of Change (Points) Formula................12 BM NASDAQ Composite Tape Index ............................................................................................................15 BM NASDAQ MACD.........................................................18 BM NASDAQ On Balance Volume Formula.............................................................New Lows Ratio Formula....................................................17 BM NASDAQ New Highs ..................................................................17 BM NASDAQ New Highs ..........................................Short Term.............................................................................................18 BM NASDAQ New Highs Formula ................

.....................................................................................................................................................31 BM NYSE Declining Issues Formula.......................................................21 BM NASDAQ Arms Index (TRIN) Formula ....................................................................21 BM NASDAQ Total Volume ............................................27 BM NYSE Advancing Issues..............27 BM NYSE Advancing Volume.........................................................................................................................................................................................................................................................Declining Issues Formula........................................BM NASDAQ Relative Strength Index Formula ..27 BM NYSE Advancing Volume Formula.............................................................20 BM NASDAQ STIX.............................................32 BM NYSE McClellan Oscillator .......................................22 BM NASDAQ Upside/Downside Ratio Formula...............................................31 BM NYSE Declining Issues .......27 BM NYSE Breadth Thrust Formula ....Declining Issues...................27 BM NYSE Breadth Thrust.................................................21 BM NASDAQ Arms Index (TRIN)..................................................................................25 BM NYSE Advance/Decline Line Formula ...........Medium Term Formula ....................................................................................................................................................................................................................................25 BM NYSE Absolute Breadth Index Formula .......................................Short Term .............................27 BM NYSE Changed Volume.........................................................25 BM NYSE Advance/Decline Line..........................29 BM NYSE Composite Tape Index ........................................................................................................................................................................................................................................................28 BM NYSE Composite Tape Index ...........................28 BM NYSE Composite Tape Index ...................................21 BM NASDAQ Stochastic Oscillator.............................................................................26 BM NYSE Advance/Decline Ratio.........................26 BM NYSE Advance/Decline Ratio Formula.........................................................................................................31 BM NYSE Cumulative Volume Index Formula............................28 BM NYSE Composite Tape Index .........31 BM NYSE MACD..................................................31 BM NYSE Declining Volume Formula..........................22 BM NASDAQ Upside/Downside Volume Formula....27 BM NYSE Advancing Issues Formula........27 BM NYSE Changed Volume Formula .............................................................................................................................................................22 BM NASDAQ Unchanged Volume...........................22 BM NASDAQ Unchanged Volume Formula............32 Contents • iii ....................................................................................................................................................................................21 BM NASDAQ Stochastic Oscillator Formula.................21 BM NASDAQ Total Volume Formula..............................................................................................................................................................................................................................................................................................................................22 BM NASDAQ Upside/Downside Ratio ...........................................22 BM NASDAQ Upside/Downside Volume ........................................................................26 BM NYSE Advancing ......................................................................................................................20 BM NASDAQ STIX Formula .....................................................31 BM NYSE MACD Formula ........................23 BM NYSE INDICATORS 25 BM NYSE Absolute Breadth Index......................................................................................................................26 BM NYSE Advancing ......Medium Term .............Short Term Formula ....................................................................................................................................................32 BM NYSE McClellan Oscillator Formula.....................31 BM NYSE Declining Volume .................30 BM NYSE Cumulative Volume Index ..........................................................................................

.................................35 BM NYSE Positive Volume Index Formula.................................................35 BM NYSE Positive Volume Index ....................................................................................................................36 BM NYSE Relative Strength Index ......................................................................................................................New Lows Ratio Formula.................................................................................................................................................................................32 BM NYSE New Highs ...36 BM NYSE STIX Formula .......34 BM NYSE New Lows.........................34 BM NYSE On Balance Volume Formula........................................37 BM NYSE Stochastic Oscillator Formula ..............................................................................................34 BM NYSE Open-10 Arms Index ( TRIN) Formula ...........................................................................................................................................................................................36 BM NYSE STIX ............................38 BM NYSE Upside/Downside Volume Formula...................................38 BM NYSE Unchanged Volume .....37 BM NYSE TRIN.............................................................................................................................................New Lows Ratio................................................33 BM NYSE New Highs ................................................................32 BM NYSE McClellan Summation Formula ...........................34 BM NYSE On Balance Volume .......34 BM NYSE New Highs Formula ..............New Lows Cumulative...34 BM NYSE New Lows Formula.........................32 BM NYSE Negative Volume Index...............35 BM NYSE Overbought/Oversold Formula ....................................................................................................................................38 BM NYSE Upside/Downside Ratio...........................................................................................................................................BM NYSE McClellan Summation ......................................................................................................................................................................................................................34 BM NYSE New Highs...............................................38 BM NYSE Upside/Downside Ratio Formula ................................36 BM NYSE Relative Strength Index Formula .................................................................................................................................37 BM NYSE Stochastic Oscillator ...........................................................New Lows ..............................................................36 BM NYSE Rate of Change (Percent) Formula..............................................................................................................36 BM NYSE Rate of Change (Points)................................................................................................................................37 BM NYSE Total Volume Formula ......................33 BM NYSE New Highs ...........35 BM NYSE Overbought/Oversold ..............................................................New Lows Formula ......33 BM NYSE New Highs .....................................38 BM NYSE Unchanged Volume Formula ..............................................New Lows Cumulative Formula .........................................34 BM NYSE Open-10 Arms Index (TRIN) ..............................................................................................................33 BM NYSE New Highs ................................38 BM NYSE Upside/Downside Volume........................................37 BM NYSE TRIN Formula ....................................39 iv • Contents .........................37 BM NYSE Total Volume.............................................................................................................................................33 BM NYSE New Highs ...............................................................................32 BM NYSE Negative Volume Index Formula .............................................................................................................................36 BM NYSE Rate of Change (Points) Formula..........................................................................................................35 BM NYSE Rate of Change (Percent).......................................................................................

and monetary. the Federal Funds Rate. or new highs/lows). also referred to as tape indicators. Broad Market Indicators • 1 . The two groups of indicators: momentum and monetary. are typically based on either a market index (such as moving averages or rates-of-change) or breadth (indicators which use advancing/declining.Broad Market Indicators Broad Market Indicators are divided into two broad groups inside MetaStock 9. up/down volume. These indicators quantify the movement (momentum) of the market itself and have a very strong correlation with changes in the stock market. Momentum indicators show what prices are actually doing. Gold and Silver. the rates-of-change of these four interest rates. Market momentum indicators. Monetary indicators are used to analyze changes in interest rates and global changes which have a direct impact on the profitability of American corporations (and thus. The monetary indicators include four interest rates (the Prime Rate. Monetary indicators display monetary/interest rate conditions which affect the stock market. and composite monetary models of these rates-of-change.0: market momentum. Other monetary indicators include the Japanese Yen. and 26 week T-Bills). the value of their stocks). combine together to give investors an overall view of the major conditions affecting the stock market. 13 week T-Bills. Swiss Franc.

.

the faster rates are falling.C) BM Monetary 26 week T-bill yield The bills sell at a discount from face value in units of $10. The short-term indicator puts less weight on the Prime Rate and uses a shorter moving average for smoothing. the CMI will drop below zero.C) BM Monetary Composite Index Short Term BM Monetary Composite Index Short Term is designed to track monetary (interest rate) change and momentum.IRX". readings above zero indicate that interest rates are rising.000 to $1 million. BM Monetary 13 week T-bill yield Formula Security("C:\MetaStock Data\BM Data\. Conversely. BM Monetary 26 week T-bill yield Formula Security("C:\MetaStock Data\BM Data\US6MT=RR". They provide a visual tool by which you can see the rate-of-change in a composite of interest rates. The higher the CMI rises above zero. BM Monetary Indicators • 3 .000 to $1 million. An increase in T-Bill yields is considered bearish for the stock market.BM Monetary Indicators BM Monetary 13 week T-bill yield The bills sell at a discount from face value in units of $10. the faster rates are rising. the CMI will remain below zero. As long as rates continue to fall. When interest rates are falling. An increase in T-Bill yields is considered bearish for the stock market. The CMI’s are designed to display changes in interest rates. The further the CMI goes below zero.

FFY". p2:=Input("Prime Rate ROC %".%)))+ ((p2/100)*Security("C:\MetaStock Data\BM Data\.p6. in indicator 13 wk T-Bills.0.p5. Here are the contents within the Short Term Indicator: CONTENTS (SHORT-TERM MONETARY INDICATOR): Fed Funds. while weekly CMI’s use weekly rates-of-change. p4:=Input("26 wk T'Bills ROC %".E) BM Monetary Composite Index Medium Term BM Monetary Composite Index Medium Term is designed to track monetary (interest rate) change and momentum.0.p5.15).p5.ROC(C.100.C in indicator Prime Rate.40). The CMIs are designed 4 • BM Monetary Indicators .100.p5.100.30).100.%)))+ ((p4/100)*Security("C:\MetaStock Data\BM Data\US6MT=RR".Note that the value of the monetary indicators will vary depending on if daily data or weekly data are displayed.200.0. p5:=Input("periods in Rate of Change". Rate-Of-Change % of Prime Rate R. p3:=Input("13 wk T'Bills ROC %". p6:=Input("Exponential Moving Average periods".13).10).25).%)))+ ((p3/100)*Security("C:\MetaStock Data\BM Data\.200.ROC(C.C.O. Rate-Of-Change % of 26 wk T-Bills in indicator Exponential moving average days 13 30% 13 10% 13 30% 13 30% 15 BM Monetary Composite Index Short Term Formula p1:=Input("Fed Funds ROC %". Mov(CMI.1. Rate-Of-Change % of 13 wk T-Bills in indicator 26 wk T-Bills.ROC(C.0.ROC(C.1.%))). This is because daily CMI’s use daily rates-of-change. Rate-Of-Change % of Fed Funds R.IRX".O. CMI:=((p1/100)*Security("C:\MetaStock Data\BM Data\USPRIME=".

%)))+ ((p3/100)*Security("C:\MetaStock Data\BM Data\.%))). Mov(CMI.C. the CMI will remain below zero.25).0.100. Rate-Of-Change % of 13 wk T-Bills in indicator 26 wk T-Bills.0. p2:=Input("Prime Rate ROC %".E) BM Monetary Indicators • 5 .IRX". CMI:=((p1/100)*Security("C:\MetaStock Data\BM Data\USPRIME=".p5. Note that the value of the monetary indicators will vary depending on if daily data or weekly data are displayed.ROC(C. When interest rates are falling. The higher the CMI rises above zero.ROC(C.100.1.0. while weekly CMIs use weekly rates-of-change. Rate-Of-Change % of 26 wk T-Bills in indicator Exponential moving average days 13 25% 13 25% 13 25% 13 25% 25 BM Monetary Composite Index Medium Term Formula p1:=Input("Fed Funds ROC %".p5.to display changes in interest rates. They provide a visual tool by which you can see the rate-of-change in a composite of interest rates.ROC(C.1. p4:=Input("26 wk T'Bills ROC %". The further the CMI goes below zero. the CMI will drop below zero. readings above zero indicate that interest rates are rising.200.O.p5.100.100. Here are the contents of the Monetary Composite Index Medium Term indicator: Fed Funds. Conversely. the faster rates are falling.25).FFY".%)))+ ((p2/100)*Security("C:\MetaStock Data\BM Data\.200. Rate-Of-Change % of Fed Funds R.0.25).25). p5:=Input("periods in Rate of Change". Rate-Of-Change % of Prime Rate R. As long as rates continue to fall.C in indicator Prime Rate.%)))+ ((p4/100)*Security("C:\MetaStock Data\BM Data\US6MT=RR". p3:=Input("13 wk T'Bills ROC %". p6:=Input("Exponential Moving Average periods". This is because daily CMIs use daily rates-of-change.p5.13).ROC(C.O. the faster rates are rising.25).p6. in indicator 13 wk T-Bills.

FFY". BM Monetary Gold / Silver Ratio Formula Security("C:\MetaStock Data\BM Data\XAU-B-HH".O. an investor would expect the economy to continue as is. However.00). if rates have been climbing 1% every three months (the 12-week R.C) BM Monetary Fed Funds Rate Banks with excess reserves can lend their reserves to banks with deficient reserves at the Federal Funds Market. dollar. The interest rate charged for these short (often just overnight) loans is called the Fed Funds Rate.O.S. BM Monetary Interest Rate ROC Formula ir:=Input("which rate: 1=Fed Fund.C)/ Security("C:\MetaStock Data\BM Data\XAG-HH". indicator will be less than zero. BM Monetary Fed Funds Rate Formula Security("C:\MetaStock Data\BM Data\. the R.C. If current rates are lower than rates x-days ago. If the rate is higher today than x-days ago. is 1. An increase in the Fed Funds rate is considered bearish for the stock market.0 charts the price of gold and silver (per ounce) as well as the Gold/Silver Ratio.C) BM Monetary Gold / Silver Ratio MetaStock 9. the Rate-Of-Change would be near zero).C) BM Monetary Interest Rate ROC The Interest Rate R.BM Monetary Euro This indicator displays the exchange rates of the Euro to the U.C. 6 • BM Monetary Indicators . The Rate-Of-Change of an interest rate shows the trend and direction of interest rates.C. If interest rates are high.O. the economy will probably slow down (unless the current trend changes). indicators show how much an interest rate has changed over a specific time period.C. It is calculated by subtracting the interest rate x-days (weeks) ago from the current rate. BM Monetary Euro Formula Security("C:\MetaStock Data\BM Data\EUR=". but have been high for some time (thus. regardless of the level of current interest rates. indicator will be greater than zero. the R.O.

BM Monetary T-bill Yield Spread Formula Security("C:\MetaStock Data\BM Data\US6MT=RR".$).13% over the last several years.C). Spread = (26 week T-bills Rate) .(13 week T-bills Rate) When the Spread between T-Bills rises.21).IRX".1000.C)Security("C:\MetaStock Data\BM Data\. dollar.S. If(Int(ir)=1.1.$)) BM Monetary Japanese Yen These indicators display the exchange rates of the Japanese Yen to the U. irpr:=Security("C:\MetaStock Data\BM Data\USPRIME=".C) BM Monetary Indicators • 7 . it indicates that 13 week T-Bill rates are falling faster (or rising slower) than 26 week T-Bill rates.2=Prime". irff:=Security("C:\MetaStock Data\BM Data\. x:=Input("time periods". it indicates that 13 week T-Bill rates are rising faster (or falling slower) than 26 week T-Bill rates.1). BM Monetary Japanese Yen Formula Security(“C:\MetaStock Data\BM Data\JPY=”.FFY". banks charge their best corporate clients.S. The spread between 13 week and 26 week T-Bills has averaged about 0.C) BM Monetary Prime Rate The Prime Rate is the interest rate U.x.x. An increase in the Prime Rate is considered bearish for the stock market.C).C) BM Monetary T-bill Yield Spread The T-Bills Spread shows the difference between T-bills that will mature in 13 weeks and T-bills that mature in 26 weeks. This is generally bullish. This is generally bearish.2.1. BM Monetary Prime Rate Formula Security("C:\MetaStock Data\BM Data\USPRIME=".ROC(irff.ROC(irpr. When the spread narrows (is lower).

.

Historically. with heavy swings in both directions. Another method of interpreting the A/D Line is to look for a divergence between the DJIA (or similar index) and the A/D Line. Often an end to a bull market can be forecast when the A/D Line begins to round over while the DJIA is still trying to make new highs.NASD-D". Classic interpretation of the ABI is that market tops are generally active.NASDA"." High readings indicate considerable market activity (and change) while low readings indicate lack of change. with low market activity. if 1. the indicator moves up and vice versa.000 stocks declined and 300 advanced. when a divergence develops between the DJIA and the A/D Line. and how long the current trend has prevailed. the ABI would be +700. if the trend is still intact. BM NASDAQ Absolute Breadth Index Formula Abs(Security("C:\MetaStock Data\BM Data\X. For example: If 1000 stocks advanced and 300 declined. Many investors feel that the A/D Line shows market strength better than more commonly used indices such as the Dow Jones Industrial Average or the New York Stock Exchange Composite Index. The ABI can be thought of as an "activity index. It disregards market direction and shows only how much activity is taking place.C) ) BM NASDAQ Advance/Decline Line The A/D Line is best used to measure overall market strength and market breadth.BM NASDAQ Indicators BM NASDAQ Absolute Breadth Index The ABI shows market activity. similarly.C)Security("C:\MetaStock Data\BM Data\X. market bottoms are generally dull. When more stocks advance than decline. the DJIA has BM NASDAQ Indicators • 9 . By studying the trend of the A/D Line we can see if the market is in a rising or falling trend. the ABI would still be +700.

Both of these indicators show how stocks are performing on a daily basis. it is wise to wait for the market to confirm your belief that a change is due before placing your trades.C). the more "excessive" the rally and the more likely a correction will take place.C) 10 • BM NASDAQ Indicators .NASD-A".NASD-D". BM NASDAQ Advancing . however. BM NASDAQ Advance/Decline Ratio Formula Security("C:\MetaStock Data\BM Data\X.NASDA". the A/D Ratio is a daily ratio between the number of advancing issues and the number of declining issues. Keep in mind.C)/ Security("C:\MetaStock Data\BM Data\X.Declining Issues Plotted by themselves..C). DCI:=Security("C:\MetaStock Data\BM Data\X. Some questions to consider when analyzing the ADI or DCI are: Is the market making a new low while fewer and fewer stocks are declining? Is the downside selling pressure easing up? Are a record number of stocks declining? Has the 21-day moving average of the ADI turned up (or down)? Etc. When investing using overbought and oversold indicators. that markets that appear to be extremely overbought or oversold may stay that way for some time. The A/D Ratio is often used as an overbought/oversold indicator. where the A/D Line is a cumulative total.corrected and gone the direction of the A/D Line.NASDD". low readings imply an oversold market and suggest a technical rally..C)Security("C:\MetaStock Data\BM Data\X.NASD-A". But.Declining Issues Formula Security("C:\MetaStock Data\BM Data\X. Cum(ADI-DCI) BM NASDAQ Advance/Decline Ratio The A/D Ratio is similar to the A/D Line in that it displays market strength (tape action).NASD-D". Likewise. We suggest erasing the indicator and then plotting a short (10-day) moving average of the indicator. The higher the value. the number of advancing and the number of declining issues are very erratic charts.C) BM NASDAQ Advancing . BM NASDAQ Advance/Decline Line Formula ADI:=Security("C:\MetaStock Data\BM Data\X.

BM NASDAQ Breadth Thrust Formula ADI:=Security("C:\MetaStock Data\BM Data\X. by the number of advancing plus declining issues.NASD-A".NASD-A". developed by Dr. BM NASDAQ Advancing Volume Formula Security("C:\MetaStock Data\BM Data\X. When a "Thrust" occurs.10. BM NASDAQ Advancing Issues Formula Security("C:\MetaStock Data\BM Data\X. is a momentum indicator. Total volume refers to the total volume of shares traded on the Nasdaq. BM NASDAQ Indicators • 11 . Martin Zweig. A "Breadth Thrust" is said to have occurred when the Breadth Thrust indicator rises from below 40% to above 61. Mov(ADI/(ADI+DCI). DCI:=Security("C:\MetaStock Data\BM Data\X. It is calculated by adding up-volume. It is calculated by dividing a 10-day moving average of the number of advancing issues. It is calculated by adding upvolume to down-volume (or subtracting unchanged-volume from totalvolume).S) BM NASDAQ Changed Volume Changed volume refers to the volume of shares traded on the Nasdaq that either increased or decreased in price. the market has rapidly changed from an oversold condition to one of strength (but is not yet overbought).C) BM NASDAQ Advancing Volume This indicator displays the advancing volume on the Nasdaq.V) BM NASDAQ Breadth Thrust The Breadth Thrust indicator.NASDD". Both of these indicators are basically a line chart of daily Nasdaq volume.C).5% within a 10-day period. and unchangedvolume together.BM NASDAQ Advancing Issues This indicator displays the number of advancing issues on the Nasdaq.C). down-volume.NASDA".

When the CTI is in a rising trend (indicating market strength). we want to be long. it tends to stay in it for some time. the DJIA or the S&P 500). we assume that the NYSE index has been selected as the market index.100. Thus. Also note that the CTI uses the market index values to calculate the R. the CTI will be different depending on which market index is plotted (e. Note. This is because the weekly data uses the weekly rates-of-change and weekly moving averages rather than daily values.C." Once the CTI forms a trend.V) BM NASDAQ Composite Tape Index .Medium Term The CTI shows market strength and direction.NASD-V". Because the CTI displays market strength (momentum). but we would rather follow behind by a few days than "fight the tape. The following analysis refers specifically to daily data and short-to-medium term trading. or any time the indicator falls below -100. or any time the indicator rises above +100.30). And once the trend is broken. The indicator can be used to anticipate market moves.O. Because the CTI is a composite of several different momentum indicators. it is not as subject to false readings and whipsaws as a single indicator. p3:=Input("Up Volume and Down Volume 12 • BM NASDAQ Indicators . although the interpretation of the weekly CTI would be very similar. Another system that works well is to buy when the CTI rises above zero and sell when it falls below zero. One method (refer to example) of determining the trend is to wait for the Trend Indicator to enter the overbought/oversold zones (±100ish) and then rise/fall from these levels.25). it tends to be a trend-following indicator.V)Security("C:\MetaStock Data\BM Data\X. Buy signals are given when the indicator falls below -100 and then rises above -100. BM NASDAQ Composite Tape Index .g. sell signals are generated when the indicator rises above +100 and then falls below +100. In the following discussion. when the CTI is plotted using daily data.NASD-U". p2:=Input("New Highs and New Lows %". we want to be short. it is usually broken for good and a new trend is established.Medium Term Formula p1:=Input("Advancing and Declining Issues %".. The basic analysis of the CTI requires determining the current trend and deciding when the trend has changed. the values will be different than if plotted using weekly data.0.100. When the CTI is in a falling trend.BM NASDAQ Changed Volume Formula Security("C:\MetaStock Data\BM Data\X.0. Likewise.

Because the CTI displays market strength (momentum). it tends to be a trend-following indicator.5)*100)*(p2/100) + (((USV/(USV+DSV))-0. Because the CTI is a composite of several different momentum indicators. that when the CTI is plotted using daily data. ADI:=Security("C:\MetaStock Data\BM Data\. p5:=Input("Rate of Change %". NNH:=Security("C:\MetaStock H". Thus. Mov(CTI. p6:=Input("Exponential Moving Average periods".C.200.0.C).C).NASDA". the CTI will be different depending on which market index is plotted (e.NASDA".C).200.p6. but we would rather follow behind by a few days than "fight the tape. When the CTI is in a falling trend.%)*(p5/100). although the interpretation of the weekly CTI would be very similar. Note.IXIC".V). And once the trend is broken. This is because the weekly data uses the weekly rates-of-change and weekly moving averages rather than daily values. Also note that the CTI uses the market index values to calculate the R.12). In the following discussion." Once the CTI forms a trend. The following analysis refers specifically to daily data and short-to-medium term trading.p4. NNL:=Security("C:\MetaStock L". we assume that the NYSE index has been selected as the market index.C). it is usually broken for good and a new trend is established.V).E) BM NASDAQ Composite Tape Index . MKT:=Security("C:\MetaStock Data\. the values will be different than if plotted using weekly data.25). The indicator can be used to anticipate market moves.O. the DJIA or the S&P 500)..100.5)*100)*(p3/100) + ROC(MKT. it tends to stay in it for some time. we want to be long.NASDData\BM Data\X.%".NASDData\BM CTI:=(((ADI/(ADI+DCI))-0.0.5)*100)*(p1/100) + (((NNH/(NNH+NNL))-0.NASDData\BM Data\X.1.12). DSV:=Security("C:\MetaStock D".100. we want to be short. Data\BM Data\X. USV:=Security("C:\MetaStock Data\BM Data\X.Short Term The CTI shows market strength and direction.1.g. When the CTI is in a rising trend (indicating market strength). it is not as subject to false readings and whipsaws BM NASDAQ Indicators • 13 . p4:=Input("periods in Rate of Change".20).

C).100.Short Term Formula p1:=Input("Advancing and Declining Issues %". p2:=Input("New Highs and New Lows %".1.100.NASDD". p4:=Input("periods in Rate of Change". p6:=Input("Exponential Moving Average periods".5)*100)*(p1/100) + (((NNH/(NNH+NNL))-0.40).0.V). or any time the indicator rises above +100. MKT:=Security("C:\MetaStock Data\BM Data\.NASDL".0.NASDH". It is calculated by 14 • BM NASDAQ Indicators .%)*(p5/100).10). Likewise.10).NASDA".100.V). Another system that works well is to buy when the CTI rises above zero and sell when it falls below zero.200. p3:=Input("Up Volume and Down Volume %". The basic analysis of the CTI requires determining the current trend and deciding when the trend has changed.E) BM NASDAQ Cumulative Volume Index The Cumulative Volume Index (CVI) is a cumulative total of the difference between up-volume and down-volume. NNH:=Security("C:\MetaStock Data\BM Data\X.5)*100)*(p2/100) + (((USV/(USV+DSV))-0. p5:=Input("Rate of Change %".C). or any time the indicator falls below -100.C).25).25). Mov(CTI.p6.12). CTI:=(((ADI/(ADI+DCI))-0.C).0. sell signals are generated when the indicator rises above +100 and then falls below +100.1.p4.as a single indicator. ADI:=Security("C:\MetaStock Data\BM Data\X. Buy signals are given when the indicator falls below -100 and then rises above -100.0. One method (refer to example) of determining the trend is to wait for the Trend Indicator to enter the overbought/oversold zones (±100ish) and then rise/fall from these levels.IXIC". BM NASDAQ Composite Tape Index . NNL:=Security("C:\MetaStock Data\BM Data\X. DSV:=Security("C:\MetaStock Data\BM Data\X.200.5)*100)*(p3/100) + ROC(MKT. DCI:=Security("C:\MetaStock Data\BM Data\X.C).100.NASDA".NASDD". USV:=Security("C:\MetaStock Data\BM Data\X.

NASD-D".V) BM NASDAQ MACD The MACD ("Moving Average Convergence/Divergence") is a trend following momentum indicator that shows the relationship between two moving averages of prices. A sell signal is generated when the market index's price falls below its moving average and a buy signal is generated when the market index's price rises above its moving BM NASDAQ Indicators • 15 . A moving average is a method of calculating the average value of a market index.V). the CVI today would be 384 million. and rightly so. security. As the index changes over time. Cum(USV-DSV) BM NASDAQ Declining Issues This indicator will determine how many declining issues there are on the Nasdaq. BM NASDAQ Declining Issues Formula Security("C:\MetaStock Data\BM Data\X.adding the volume of advancing stocks and subtracting the volume of declining stocks from a running total. a mathematical analysis of the market index's average value over a predetermined time period is made. BM NASDAQ Declining Volume Formula Security("C:\MetaStock Data\BM Data\X.NASD-D". DSV:=Security("C:\MetaStock Data\BM Data\X. For example: If the value of the CVI was 400 million yesterday.V). When calculating a moving average. The most popular method of interpreting a moving average is to compare the relationship of the moving average of a market index's closing price to the market index's closing price itself. and today there were 24 million shares of up-volume and 40 million shares of down-volume. BM NASDAQ Cumulative Volume Index Formula USV:=Security("C:\MetaStock Data\BM Data\X. over a period of time. or indicator.C) BM NASDAQ Declining Volume This indicator will determine the declining volume on the Nasdaq.NASDD". that the average changes or moves. its average also moves up or down. The term moving implies.NASDA".

NASDD".E)-Mov(ADI-DCI.$)/(Ref(MKT. the NVI is adjusted by the percentage that the market index's price changed.NASDA".$)<0.NASDA".1. BM NASDAQ McClellan Oscillator Formula ADI:=Security("C:\MetaStock Data\BM Data\X.NASDD".V).C). DCI:=Security("C:\MetaStock Data\BM Data\X. ROC(MKT.1.19.C). Mov(ADI-DCI.MACD()) BM NASDAQ McClellan Oscillator The McClellan Oscillator is the difference between a 10% (19-day) and a 5% (39-day) exponential moving average of advancing minus declining issues.NASDV".IXIC". DCI:=Security("C:\MetaStock Data\BM Data\X. When volume decreases from the previous day (or week).1)/1000).39.E) BM NASDAQ McClellan Summation The McClellan Summation Index is a cumulative total of the McClellan Oscillator values. BM NASDAQ McClellan Summation Formula ADI:=Security("C:\MetaStock Data\BM Data\X. BM NASDAQ Negative Volume Index The Negative Volume Index (NVI) relates a drop in volume to the change in the market index's price.0)) 16 • BM NASDAQ Indicators . TVO:=Security("C:\MetaStock Data\BM Data\X.C).C). BM NASDAQ Negative Volume Index Formula MKT:=Security("C:\MetaStock Data\BM Data\.C). Cum(If(ROC(TVO. BM NASDAQ MACD Formula Security("C:\MetaStock Data\BM Data\.average.IXIC".

C).NASDL".NASDH". Cum(NNH-NNL) BM NASDAQ New Highs . BM NASDAQ Indicators • 17 . BM NASDAQ New Highs .NASDH".) As the cycle matures. As a market turns up from the major bottom. NNH/NNL BM NASDAQ New Highs .New Lows This indicator displays the daily difference between the number of new highs and the number of new lows. (Many new stocks are making new highs because it's easy to make a new high when prices have been depressed for a long time.New Lows Cumulative Formula NNH:=Security("C:\MetaStock Data\BM Data\X.New Lows Cumulative The New Highs-Lows Cumulative indicator is a cumulative total of the number of new highs and new lows.BM NASDAQ New Highs . BM NASDAQ New Highs . NNL:=Security("C:\MetaStock Data\BM Data\X.C).C). a divergence often occurs as fewer and fewer stocks are making new highs (the New Highs-Lows falls). yet the market indices continue to reach new highs. Readings less than one indicate that the number of stocks making new highs is less than the number of stocks making lows. the indicator moves up rapidly. The interpretation of this indicator is similar to the advance/decline line in that divergences can often be seen where the new highs-lows cumulative fails to confirm the market index's new high. The indicator generally reaches its extreme lows slightly before a major market bottom. High readings indicate that a large number of stocks are making new highs (compared to the number of stocks making new lows).NASDL".C). NNL:=Security("C:\MetaStock Data\BM Data\X.New Lows Ratio Formula NNH:=Security("C:\MetaStock Data\BM Data\X.New Lows Ratio The high/low ratio is another useful method to visualize the relationship of stocks that are making new highs/lows.

Readings above 0.V). If(ROC(MKT.Neg(TVO).90 are considered bullish.C) BM NASDAQ New Lows This indicator will show number of securities that hit a new low on the Nasdaq. BM NASDAQ New Highs Formula Security("C:\MetaStock Data\BM Data\X.NASD-H". TVO.C) BM NASDAQ New Highs This indicator will show number of securities that hit a new high on the Nasdaq.NASDV".$)>0. Cum(If(ROC(MKT. and subtracting the day's volume when the market closes down.1. It is calculated by adding the volume for the day to a cumulative total when the market closes up.NASD18 • BM NASDAQ Indicators .$)<0. BM NASDAQ New Lows Formula Security("C:\MetaStock Data\BM Data\X.NASD-L".C).C)Security("C:\MetaStock Data\BM Data\X.New Lows Formula Security("C:\MetaStock Data\BM Data\X. BM NASDAQ Open-10 TRIN Formula ADI:=Security("C:\MetaStock Data\BM Data\X. TVO:=Security("C:\MetaStock Data\BM Data\X.90 are generally considered bearish and readings below 0.1.C) BM NASDAQ On Balance Volume On Balance Volume (OBV) relates volume to price change.BM NASDAQ New Highs . BM NASDAQ On Balance Volume Formula MKT:=Security("C:\MetaStock Data\BM Data\.0))) BM NASDAQ Open-10 TRIN The interpretation of Open-10 TRIN (also called the Open Trading Index) is similar to the interpretation of the "normal" TRIN.NASD-H".NASD-L".IXIC".

NASDD".10.1.C).E) BM NASDAQ Positive Volume Index The Positive Volume Index (PVI) relates an increase in volume to the change in the market index's price.C).0)) BM NASDAQ Rate of Change (Percent) This indicator will plot the Rate of Change as a percent on a security BM NASDAQ Indicators • 19 .10)) BM NASDAQ Overbought/Oversold The OB/OS indicator is designed to show when the stock market is overbought (and a correction is due) and when it is oversold (and a rally is due).$)>0. When volume increases from the previous day (or week).V).NASDD". DCI:=Security("C:\MetaStock Data\BM Data\X. DCI:=Security("C:\MetaStock Data\BM Data\X.A". Cum(If(ROC(TVO.1)/1000).10)/Sum(DCI.$)/(Ref(MKT.NASDV".NASDA".IXIC".10)/Sum(DSV. DSV:=Security("C:\MetaStock Data\BM Data\X. Readings above +200 are generally considered bearish and readings below -200 are generally considered bullish. ROC(MKT. (Sum(ADI. BM NASDAQ Positive Volume Index Formula MKT:=Security("C:\MetaStock Data\BM Data\.C).1. USV:=Security("C:\MetaStock Data\BM Data\X. the PVI is adjusted by the percentage that the market index's price changed.V).V). BM NASDAQ Overbought/Oversold Formula ADI:=Security("C:\MetaStock Data\BM Data\X. TVO:=Security("C:\MetaStock Data\BM Data\X. Mov(ADI-DCI.NASDD".10))/ (Sum(USV.NASDA".C).C).

IXIC".14).200.12). The RSI is a price-following oscillator that ranges between 0 and 100. Security("C:\MetaStock Data\BM Data\. This divergence would be an indication of an impending reversal. he recommended using a 14-day RSI.12).RSI(x)) BM NASDAQ STIX STIX is a short-term trading oscillator. The oscillator is a 21-day (9%) exponential moving average of the Advance/Decline Ratio. Since that time.2. it is said to have completed a failure swing. When Wilder introduced the RSI.$)) BM NASDAQ Relative Strength Index The name Relative Strength Index is slightly misleading as the RSI does not compare the relative strength of two market indices. Security("C:\MetaStock Data\BM Data\. The failure swing would be considered a confirmation of an impending reversal. When the RSI then turns down and falls below its most recent trough.within the Nasdaq. but the RSI is failing to surpass its previous high. A more appropriate name might be Internal Strength Index.ROC(C.x. BM NASDAQ Rate of Change (Percent) Formula x:=Input("number of periods:".x. BM NASDAQ Relative Strength Index Formula x:=Input("number of periods:".%)) BM NASDAQ Rate of Change (Points) This indicator will plot the Rate of Change as a point on a security within the Nasdaq.ROC(C. but rather the internal strength of a single index. 20 • BM NASDAQ Indicators .200.2.2. Security("C:\MetaStock Data\BM Data\.IXIC". the 9-day and 25-day RSI’s have also gained popularity.200.IXIC". BM NASDAQ Rate of Change (Points) Formula x:=Input("number of periods:". A popular method by which to analyze the RSI is to look for a divergence wherein the market index is making new a high.

V) BM NASDAQ Arms Index (TRIN) TRIN.3). shows the relationship between advancing/declining issues and advancing/declining (up/down) volume.y)) BM NASDAQ Total Volume This indicator will plot the total volume of the Nasdaq. DCI:=Security("C:\MetaStock Data\BM Data\X.NASDA". It is calculated by dividing the advance/decline ratio by the up/down volume ratio.5). TRIN shows if volume is flowing into advancing or declining stocks.2.Stoch(x. y:=Input("number of periods for %k slowing:".NASD-V".IXIC". depending on the number of days used when calculating the oscillator.E) BM NASDAQ Stochastic Oscillator The Stochastic Oscillator compares where a market index's price closed relative to its trading range over the last x-days Stochastic Oscillators can be used as both short and intermediate-term trading oscillators. When displaying a very short-term Stochastic Oscillator. The TRIN index is a short-term trading tool.C).200. the short-term Trading Index. A reading of 100% shows that the index's close today was the highest price that the index has closed at during the last x-days. BM NASDAQ Total Volume Formula Security("C:\MetaStock Data\BM Data\X.21.BM NASDAQ STIX Formula ADI:=Security("C:\MetaStock Data\BM Data\X. In effect. A reading of 0% shows that the market index's close today was the lowest price that the index has closed at during the last x-days.C). it is popular to also display a short-term moving average of the oscillator. The most popular combination is to select a 5-day %K with 3-day %K slowing. BM NASDAQ Stochastic Oscillator Formula x:=Input("number of periods for %k:".1. Mov((ADI/(ADI+DCI))*100. it shows how BM NASDAQ Indicators • 21 . Stochastic Oscillators always range between 0% and 100%.200.NASDD". Security("C:\MetaStock Data\BM Data\.

(ADI/DCI)/(USV/DSV) Data\BM Data\X.NASDData\BM Data\X. If more volume is associated with advancing stocks than declining stocks. Very active days exceed ±150 million shares (the October.NASD-U". BM NASDAQ Unchanged Volume Formula Security("C:\MetaStock Data\BM Data\X.V)/ Security("C:\MetaStock Data\BM Data\X. It is calculated by dividing the daily up-volume by the daily down-volume.C). DCI:=Security("C:\MetaStock D". as its name implies. BM NASDAQ Upside/Downside Ratio Formula Security("C:\MetaStock Data\BM Data\X. the index will fall. The indicator is useful to compare today's volume action with previous days. Currently.NASD-D". normal readings are in the area of ±50 million. Likewise a reading of -40 would indicate that down-volume exceeded up-volume by 40 million shares.V). 1987 crash reached -602).0. A reading of +40 million indicates that upvolume exceeded down-volume by 40 million shares. USV:=Security("C:\MetaStock A". 22 • BM NASDAQ Indicators .much volume is associated with each issue. TRIN is considered bullish when it is below 1.NASDData\BM Data\X.C).NASD-A". shows the relationship between up-volume and down-volume. BM NASDAQ Arms Index (TRIN) Formula ADI:=Security("C:\MetaStock A".V) BM NASDAQ Upside/Downside Ratio The Upside/Downside Ratio.0 and bearish when it is above 1. DSV:=Security("C:\MetaStock D".NASD- BM NASDAQ Unchanged Volume This indicator will show all securities with unchanged volume on the Nasdaq.V).V) BM NASDAQ Upside/Downside Volume The Upside-Downside volume indicator shows the net flow of volume into or out-of the market.NASDData\BM Data\X.

V) BM NASDAQ Indicators • 23 .NASD-D".BM NASDAQ Upside/Downside Volume Formula Security("C:\MetaStock Data\BM Data\X.V)Security("C:\MetaStock Data\BM Data\X.NASD-A".

.

NASD-D". Another method of interpreting the A/D Line is to look for a divergence between the DJIA (or similar index) and the A/D Line.BM NYSE INDICATORS BM NYSE Absolute Breadth Index The ABI shows market activity. the indicator moves up and vice versa.C) ) BM NYSE Advance/Decline Line The A/D Line is best used to measure overall market strength and market breadth. the DJIA has BM NYSE INDICATORS • 25 . For example: If 1000 stocks advanced and 300 declined.C)Security("C:\MetaStock Data\BM Data\X. By studying the trend of the A/D Line we can see if the market is in a rising or falling trend. BM NYSE Absolute Breadth Index Formula Abs(Security("C:\MetaStock Data\BM Data\X. the ABI would still be +700. Historically. Classic interpretation of the ABI is that market tops are generally active. when a divergence develops between the DJIA and the A/D Line. The ABI can be thought of as an "activity index. Many investors feel that the A/D Line shows market strength better than more commonly used indices such as the Dow Jones Industrial Average or the New York Stock Exchange Composite Index. if 1. Often an end to a bull market can be forecast when the A/D Line begins to round over while the DJIA is still trying to make new highs. with heavy swings in both directions.000 stocks declined and 300 advanced. market bottoms are generally dull. if the trend is still intact. the ABI would be +700. and how long the current trend has prevailed. It disregards market direction and shows only how much activity is taking place." High readings indicate considerable market activity (and change) while low readings indicate lack of change. When more stocks advance than decline. similarly.NASDA". with low market activity.

. the more "excessive" the rally and the more likely a correction. that markets that appear to be extremely overbought or oversold may stay that way for some time. Likewise. it is wise to wait for the market to confirm your belief that a change is due before placing your trades. the number of advancing and the number of declining issues are very erratic charts. Some questions to consider when analyzing the ADI or DCI are: Is the market making a new low while fewer and fewer stocks are declining? Is the downside selling pressure easing up? Are a record number of stocks declining? Has the 21-day moving average of the ADI turned up (or down)? Etc.C). Note how the number of advancing issues dropped off from their previous highs before the market began to turn down (vertical line labeled "A"). Keep in mind. low readings imply an oversold market and suggest a technical rally..NASD-D".NASDD".corrected and gone the direction of the A/D Line. BM NYSE Advance/Decline Ratio Formula Security("C:\MetaStock Data\BM Data\X. DCI:=Security("C:\MetaStock Data\BM Data\X. 26 • BM NYSE INDICATORS . Cum(ADI-DCI) BM NYSE Advance/Decline Ratio The A/D Ratio is similar to the A/D Line in that it displays market strength (tape action). however. The following chart shows the smoothing effects of a 21-day moving average. The A/D Ratio is often used as an overbought/oversold indicator.C) BM NYSE Advancing . the A/D Ratio is a daily ratio between the number of advancing issues and the number of declining issues. BM NYSE Advance/Decline Line Formula ADI:=Security("C:\MetaStock Data\BM Data\X.NASD-A". But.C)/ Security("C:\MetaStock Data\BM Data\X.NASDA". When investing using overbought and oversold indicators. where the A/D Line is a cumulative total. Both of these indicators show how stocks are performing on a daily basis.C).Declining Issues Plotted by themselves. We suggest erasing the indicator and then plotting a short (10-day) moving average of the indicator. The higher the value.

the market has rapidly changed from an oversold condition to one of strength (but is not yet overbought).NASD-D". BM NYSE Breadth Thrust Formula ADI:=Security("C:\MetaStock Data\BM Data\X.NASD-A". DCI:=Security("C:\MetaStock Data\BM Data\X.V) BM NYSE Breadth Thrust The Breadth Thrust indicator. Martin Zweig. Total volume refers to the total volume of shares traded on the Nasdaq.10. Mov(ADI/(ADI+DCI).C).Declining Issues Formula Security("C:\MetaStock Data\BM Data\X. and unchangedvolume together. BM NYSE INDICATORS • 27 . When a "Thrust" occurs. BM NYSE Advancing Volume Formula Security("C:\MetaStock Data\BM Data\X.S) BM NYSE Changed Volume Changed volume refers to the volume of shares traded on the Nasdaq that either increased or decreased in price. BM NYSE Advancing Issues Formula Security("C:\MetaStock Data\BM Data\X.NASD-A". A "Breadth Thrust" is said to have occurred when the Breadth Thrust indicator rises from below 40% to above 61. down-volume.C) BM NYSE Advancing Issues This indicator displays the number of advancing issues on the Nasdaq. It is calculated by adding up-volume.5% within a 10-day period. It is calculated by adding upvolume to down-volume (or subtracting unchanged-volume from totalvolume).BM NYSE Advancing .NASDD".C). by the number of advancing plus declining issues.NASD-A".C) BM NYSE Advancing Volume This indicator displays the advancing volume on the Nasdaq.C)Security("C:\MetaStock Data\BM Data\X. is a momentum indicator. It is calculated by dividing a 10-day moving average of the number of advancing issues.NASDA". developed by Dr.

V) BM NYSE Composite Tape Index .V)Security("C:\MetaStock Data\BM Data\X. we want to be short. The basic analysis of the CTI requires determining the current trend and deciding when the trend has changed.Both of these indicators are basically a line chart of daily Nasdaq volume. Because the CTI displays market strength (momentum). BM NYSE Changed Volume Formula Security("C:\MetaStock Data\BM Data\X.g. it tends to stay in it for some time. the CTI will be different depending on which market index is plotted (e.Medium Term Formula p1:=Input("Advancing and Declining Issues 28 • BM NYSE INDICATORS . Thus. or any time the indicator rises above +100. the DJIA or the S&P 500).Medium Term The CTI shows market strength and direction. BM NYSE Composite Tape Index . the values will be different than if plotted using weekly data. The following analysis refers specifically to daily data and short-to-medium term trading. Also note that the CTI uses the market index values to calculate the R. or any time the indicator falls below -100. Buy signals are given when the indicator falls below -100 and then rises above -100. The indicator can be used to anticipate market moves. This is because the weekly data uses the weekly rates-of-change and weekly moving averages rather than daily values. When the CTI is in a rising trend (indicating market strength). Note that when the CTI is plotted using daily data. we assume that the NYSE index has been selected as the market index. In the following discussion. Another system that works well is to buy when the CTI rises above zero and sell when it falls below zero.C. Likewise. we want to be long.." Once the CTI forms a trend. One method (refer to example) of determining the trend is to wait for the Trend Indicator to enter the overbought/oversold zones (±100ish) and then rise/fall from these levels.O. Because the CTI is a composite of several different momentum indicators. And once the trend is broken. When the CTI is in a falling trend. it is not as subject to false readings and whipsaws as a single indicator. but we would rather follow behind by a few days than "fight the tape. although the interpretation of the weekly CTI would be very similar.NASD-V". it is usually broken for good and a new trend is established. it tends to be a trend-following indicator.NASD-U". sell signals are generated when the indicator rises above +100 and then falls below +100.

1. p3:=Input("Up Volume and Down Volume %". When the CTI is in a falling trend.C).100. p4:=Input("periods in Rate of Change".C). we want to be long. Data\BM Data\X.200.12).200.E) BM NYSE Composite Tape Index .. it tends to be a trend-following indicator. Because the CTI displays market strength (momentum). Thus.O.5)*100)*(p1/100) + (((NNH/(NNH+NNL))-0. p6:=Input("Exponential Moving Average periods".0.5)*100)*(p2/100) + (((USV/(USV+DSV))-0.25). but we would rather follow behind by a few days than "fight the tape.C).p6.NASDData\BM Data\X. although the interpretation of the weekly CTI would be very similar.IXIC".0.0.Short Term The CTI shows market strength and direction.NASDData\BM Data\X.%". we assume that the NYSE index has been selected as the market index.V).C. DSV:=Security("C:\MetaStock D". NNH:=Security("C:\MetaStock H".p4. The following analysis refers specifically to daily data and short-to-medium term trading.NASDA".C).30).%)*(p5/100). Also note that the CTI uses the market index values to calculate the R.12). MKT:=Security("C:\MetaStock Data\. the values will be different than if plotted using weekly data. USV:=Security("C:\MetaStock Data\BM Data\X.1. In the following discussion." Once the CTI forms a trend.100. it tends to stay in it for some time.25). The indicator can be used to anticipate market moves. ADI:=Security("C:\MetaStock Data\BM Data\. And BM NYSE INDICATORS • 29 . When the CTI is in a rising trend (indicating market strength).0.NASDA". Note that when the CTI is plotted using daily data. we want to be short.5)*100)*(p3/100) + ROC(MKT.g.V). This is because the weekly data uses the weekly rates-of-change and weekly moving averages rather than daily values.20). NNL:=Security("C:\MetaStock L". p2:=Input("New Highs and New Lows %". p5:=Input("Rate of Change %".100.100. Mov(CTI. the CTI will be different depending on which market index is plotted (e. the DJIA or the S&P 500).NASDData\BM CTI:=(((ADI/(ADI+DCI))-0.

BM NYSE Composite Tape Index . MKT:=Security("C:\MetaStock Data\BM Data\. USV:=Security("C:\MetaStock Data\BM Data\X.25).5)*100)*(p3/100) + ROC(MKT. sell signals are generated when the indicator rises above +100 and then falls below +100.0. DSV:=Security("C:\MetaStock Data\BM Data\X.0.%)*(p5/100).10).C).NASDL".100.NASDD". it is usually broken for good and a new trend is established. DCI:=Security("C:\MetaStock Data\BM Data\X. it is not as subject to false readings and whipsaws as a single indicator.V).200. or any time the indicator rises above +100.10).C). CTI:=(((ADI/(ADI+DCI))-0.IXIC". p3:=Input("Up Volume and Down Volume %".p6.1.12). p5:=Input("Rate of Change %". p2:=Input("New Highs and New Lows %". NNH:=Security("C:\MetaStock Data\BM Data\X.V).p4. p4:=Input("periods in Rate of Change".NASDH". p6:=Input("Exponential Moving Average periods". Likewise.NASDD".40).1.E) 30 • BM NYSE INDICATORS .100.5)*100)*(p2/100) + (((USV/(USV+DSV))-0. Mov(CTI.5)*100)*(p1/100) + (((NNH/(NNH+NNL))-0.25).C).100.C).C).Short Term Formula p1:=Input("Advancing and Declining Issues %". NNL:=Security("C:\MetaStock Data\BM Data\X. One method (refer to example) of determining the trend is to wait for the Trend Indicator to enter the overbought/oversold zones (±100ish) and then rise/fall from these levels.0.NASDA".200. Another system that works well is to buy when the CTI rises above zero and sell when it falls below zero.once the trend is broken. The basic analysis of the CTI requires determining the current trend and deciding when the trend has changed. Because the CTI is a composite of several different momentum indicators.NASDA". Buy signals are given when the indicator falls below -100 and then rises above -100.100. or any time the indicator falls below -100.0. ADI:=Security("C:\MetaStock Data\BM Data\X.

V). The term moving implies.V). BM NYSE Declining Volume Formula Security("C:\MetaStock Data\BM Data\X. The most popular method of interpreting a moving average is to compare BM NYSE INDICATORS • 31 . security. A moving average is a method of calculating the average value of a market index. its average also moves up or down. or indicator. BM NYSE Declining Issues Formula Security("C:\MetaStock Data\BM Data\X. Cum(USV-DSV) BM NYSE Declining Issues This indicator will determine how many declining issues there are on the Nasdaq. When calculating a moving average.BM NYSE Cumulative Volume Index The Cumulative Volume Index (CVI) is a cumulative total of the difference between up-volume and down-volume. the CVI today would be 384 million.NASD-D".NASDA". over a period of time. BM NYSE Cumulative Volume Index Formula USV:=Security("C:\MetaStock Data\BM Data\X.NASDD".NASD-D".C) BM NYSE Declining Volume This indicator will determine the declining volume on the Nasdaq. that the average changes or moves. a mathematical analysis of the market index's average value over a predetermined time period is made. For example: If the value of the CVI was 400 million yesterday. As the index changes over time. and rightly so. and today there were 24 million shares of up-volume and 40 million shares of down-volume. It is calculated by adding the volume of advancing stocks and subtracting the volume of declining stocks from a running total. DSV:=Security("C:\MetaStock Data\BM Data\X.V) BM NYSE MACD The MACD ("Moving Average Convergence/Divergence") is a trend following momentum indicator that shows the relationship between two moving averages of prices.

C).C).E)-Mov(ADI-DCI.MACD()) BM NYSE McClellan Oscillator The McClellan Oscillator is the difference between a 10% (19-day) and a 5% (39-day) exponential moving average of advancing minus declining issues.IXIC".19. TVO:=Security("C:\MetaStock Data\BM Data\X. BM NYSE McClellan Summation Formula ADI:=Security("C:\MetaStock Data\BM Data\X.NASD32 • BM NYSE INDICATORS .C).E) BM NYSE McClellan Summation The McClellan Summation Index is a cumulative total of the McClellan Oscillator values.the relationship of the moving average of a market index's closing price to the market index's closing price itself.39. the NVI is adjusted by the percentage that the market index's price changed. BM NYSE Negative Volume Index The Negative Volume Index (NVI) relates a drop in volume to the change in the market index's price. BM NYSE Negative Volume Index Formula MKT:=Security("C:\MetaStock Data\BM Data\. BM NYSE McClellan Oscillator Formula ADI:=Security("C:\MetaStock Data\BM Data\X. DCI:=Security("C:\MetaStock Data\BM Data\X.IXIC".C).C).NASDA". Mov(ADI-DCI. DCI:=Security("C:\MetaStock Data\BM Data\X.NASDD". A sell signal is generated when the market index's price falls below its moving average and a buy signal is generated when the market index's price rises above its moving average.NASDD".NASDA". BM NYSE MACD Formula Security("C:\MetaStock Data\BM Data\. When volume decreases from the previous day (or week).

NNL:=Security("C:\MetaStock Data\BM Data\X.C). Cum(If(ROC(TVO. ROC(MKT.New Lows This indicator displays the daily difference between the number of new highs and the number of new lows. (Many new stocks are making new highs because it's easy to make a new high when prices have been depressed BM NYSE INDICATORS • 33 .C).NASDH". The indicator generally reaches its extreme lows slightly before a major market bottom. The interpretation of this indicator is similar to the advance/decline line in that divergences can often be seen where the new highs-lows cumulative fails to confirm the market index's new high.New Lows Cumulative The New Highs-Lows Cumulative indicator is a cumulative total of the number of new highs and new lows.C). NNL:=Security("C:\MetaStock Data\BM Data\X. Cum(NNH-NNL) BM NYSE New Highs . BM NYSE New Highs .NASDH". As the market then turns up from the major bottom. the indicator jumps up rapidly.V).1)/1000).1. NNH/NNL BM NYSE New Highs .C). High readings indicate that a large number of stocks are making new highs (compared to the number of stocks making new lows).New Lows Cumulative Formula NNH:=Security("C:\MetaStock Data\BM Data\X.NASDL".New Lows Ratio Formula NNH:=Security("C:\MetaStock Data\BM Data\X.New Lows Ratio The high/low ratio is another useful method to visualize the relationship of stocks that are making new highs/lows.V".NASDL". Readings less than one indicate that the number of stocks making new highs is less than the number of stocks making lows. BM NYSE New Highs .$)<0.0)) BM NYSE New Highs .1.$)/(Ref(MKT.

C) BM NYSE On Balance Volume On Balance Volume (OBV) relates volume to price change.0))) BM NYSE Open-10 Arms Index (TRIN) The interpretation of Open-10 TRIN (also called the Open Trading Index) is similar to the interpretation of the "normal" TRIN.New Lows Formula Security("C:\MetaStock Data\BM Data\X. yet the market indices continue to reach new highs. TVO.1.) As the cycle matures.NASD-H".C) BM NYSE New Lows This indicator will show number of securities that hit a new low on the NYSE.$)>0. Cum(If(ROC(MKT.1.NASDV". BM NYSE On Balance Volume Formula MKT:=Security("C:\MetaStock Data\BM Data\.NASD-H".C)Security("C:\MetaStock Data\BM Data\X.90 are generally considered bearish and readings 34 • BM NYSE INDICATORS . It is calculated by adding the volume for the day to a cumulative total when the market closes up.NASD-L".V).$)<0. and subtracting the day's volume when the market closes down.for a long time. BM NYSE New Highs Formula Security("C:\MetaStock Data\BM Data\X.Neg(TVO). a divergence often occurs as fewer and fewer stocks are making new highs (the New Highs-Lows falls). If(ROC(MKT.IXIC".C) BM NYSE New Highs This indicator will show number of securities that hit a new high on the NYSE. TVO:=Security("C:\MetaStock Data\BM Data\X.C). BM NYSE New Highs .NASD-L". BM NYSE New Lows Formula Security("C:\MetaStock Data\BM Data\X. Readings above 0.

NASDData\BM Data\X. DCI:=Security("C:\MetaStock Data\BM Data\X. BM NYSE Overbought/Oversold Formula ADI:=Security("C:\MetaStock Data\BM Data\X.C).NASDData\BM Data\X. BM NYSE Open-10 Arms Index ( TRIN) Formula ADI:=Security("C:\MetaStock A".10)/Sum(DCI. USV:=Security("C:\MetaStock A".$)/(Ref(MKT.NASDA". (Sum(ADI. TVO:=Security("C:\MetaStock Data\BM Data\X.1. DSV:=Security("C:\MetaStock D".NASD- BM NYSE Overbought/Oversold The OB/OS indicator is designed to show when the stock market is overbought (and a correction is due) and when it is oversold (and a rally is due). the PVI is adjusted by the percentage that the market index's price changed.10))/ (Sum(USV.10)) Data\BM Data\X.V). ROC(MKT.1.10. When volume increases from the previous day (or week). Cum(If(ROC(TVO.IXIC".90 are considered bullish.10)/Sum(DSV.C).NASDData\BM Data\X.C). BM NYSE Positive Volume Index Formula MKT:=Security("C:\MetaStock Data\BM Data\.V).1)/1000).$)>0.C).0)) BM NYSE INDICATORS • 35 .C).E) BM NYSE Positive Volume Index The Positive Volume Index (PVI) relates an increase in volume to the change in the market index's price.below 0. DCI:=Security("C:\MetaStock D". Mov(ADI-DCI.NASDV".NASDD". Readings above +200 are generally considered bearish and readings below -200 are generally considered bullish.V).

A popular method by which to analyze the RSI is to look for a divergence wherein the market index is making new a high.ROC(C. BM NYSE Rate of Change (Points) Formula x:=Input("number of periods:". it is said to have completed a failure swing. When the RSI then turns down and falls below its most recent trough.2. This divergence would be an indication of an impending reversal.x.x. Security("C:\MetaStock Data\BM Data\. Since that time. but the RSI is failing to surpass its previous high.2.$)) BM NYSE Relative Strength Index The name Relative Strength Index is slightly misleading as the RSI does not compare the relative strength of two market indices.12).ROC(C.IXIC".200.RSI(x)) BM NYSE STIX STIX is a short-term trading oscillator. When Wilder introduced the RSI. A more appropriate name might be Internal Strength Index.2.12). The RSI is a price-following oscillator that ranges between 0 and 100.200. The oscillator is a 21-day (9%) exponential moving average of the Advance/Decline Ratio. BM NYSE Rate of Change (Percent) Formula x:=Input("number of periods:".%)) BM NYSE Rate of Change (Points) This indicator will plot the Rate of Change as a point on a security within the NYSE. The failure swing would be considered a confirmation of an impending reversal.IXIC". 36 • BM NYSE INDICATORS . but rather the internal strength of a single index. the 9-day and 25-day RSI’s have also gained popularity. BM NYSE Relative Strength Index Formula x:=Input("number of periods:". Security("C:\MetaStock Data\BM Data\.IXIC".BM NYSE Rate of Change (Percent) This indicator will plot the Rate of Change as a percent on a security within the NYSE.14). he recommended using a 14-day RSI.200. Security("C:\MetaStock Data\BM Data\.

TRIN shows if volume is flowing into advancing or declining stocks.y)) BM NYSE Total Volume This indicator will plot the total volume of the Nasdaq. It is calculated by dividing the advance/decline ratio by the up/down volume ratio.200. depending on the number of days used when calculating the oscillator. DCI:=Security("C:\MetaStock Data\BM Data\X.5). BM NYSE Stochastic Oscillator Formula x:=Input("number of periods for %k:".3).200. Mov((ADI/(ADI+DCI))*100. Stochastic Oscillators always range between 0% and 100%.NASD-V".Stoch(x.NASDA". When displaying a very short-term Stochastic Oscillator. y:=Input("number of periods for %k slowing:".V) BM NYSE TRIN TRIN.2. it shows how BM NYSE INDICATORS • 37 . The most popular combination is to select a 5-day %K with 3-day %K slowing.NASDD".BM NYSE STIX Formula ADI:=Security("C:\MetaStock Data\BM Data\X.C). A reading of 100% shows that the index's close today was the highest price that the index has closed at during the last x-days.C). Security("C:\MetaStock Data\BM Data\. it is popular to also display a short-term moving average of the oscillator. shows the relationship between advancing/declining issues and advancing/declining (up/down) volume. A reading of 0% shows that the market index's close today was the lowest price that the index has closed at during the last x-days.1. BM NYSE Total Volume Formula Security("C:\MetaStock Data\BM Data\X. In effect. The TRIN index is a short-term trading tool.IXIC".E) BM NYSE Stochastic Oscillator The Stochastic Oscillator compares where a market index's price closed relative to its trading range over the last x-days Stochastic Oscillators can be used as both short and intermediate-term trading oscillators.21. the short-term Trading Index.

NASDData\BM Data\X.0 and bearish when it is above 1.C).much volume is associated with each issue. DSV:=Security("C:\MetaStock D". TRIN is considered bullish when it is below 1.NASDData\BM Data\X.V)/ Security("C:\MetaStock Data\BM Data\X.V) BM NYSE Upside/Downside Volume The Upside-Downside volume indicator shows the net flow of volume into or out-of the market. If more volume is associated with advancing stocks than declining stocks. BM NYSE Upside/Downside Ratio Formula Security("C:\MetaStock Data\BM Data\X. DCI:=Security("C:\MetaStock D".0.NASD- BM NYSE Unchanged Volume This indicator will show all securities with unchanged volume on the Nasdaq. 38 • BM NYSE INDICATORS .V). BM NYSE TRIN Formula ADI:=Security("C:\MetaStock A".V). Very active days exceed ±150 million shares (the October. USV:=Security("C:\MetaStock A". Likewise a reading of -40 would indicate that down-volume exceeded up-volume by 40 million shares. A reading of +40 million indicates that upvolume exceeded down-volume by 40 million shares. the index will fall.NASD-D". It is calculated by dividing the daily up-volume by the daily down-volume.C). 1987 crash reached -602).NASD-A". The indicator is useful to compare today's volume action with previous days. (ADI/DCI)/(USV/DSV) Data\BM Data\X. BM NYSE Unchanged Volume Formula Security("C:\MetaStock Data\BM Data\X. Currently. as its name implies. shows the relationship between up-volume and down-volume.NASDData\BM Data\X.V) BM NYSE Upside/Downside Ratio The Upside/Downside Ratio. normal readings are in the area of ±50 million.NASD-U".

NASD-D".BM NYSE Upside/Downside Volume Formula Security("C:\MetaStock Data\BM Data\X.V)Security("C:\MetaStock Data\BM Data\X.V) • 39 .NASD-A".

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