Traders and investors use in order to assess the index’s overall health. can be a reliable, if not an accurate, indicator of an upcoming price rise in the index. Similarly, it can also provide early warning signs for a future price decline.
What is it？
in this case refer to percentage of stocks above 20 ,which could be used as a barometer for the market.
How it works?
This paticular indicator compare the divergence of Nasdaq 100 and Russell 2000 percentage of stocks above 20 .
This indicator also include a deduction price method ,which is inspired from LEI & LoneCapital
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.