High-Low Index is a breadth indicator based on Record High Percent ( RHP ). RHP is based on new 52-week highs and new 52-week lows. RHP => 100 * (new highs) / (new highs + new lows). is a 10-day of the RHP , which makes it a smoothed version of RHP . You can find many articles about on the net.
above 50 indicates that there are more new highs than new lows, and considered as .
below 50 indicates that there are more new lows than new highs, and considered as .
= 0 indicates there is no new highs (0% new highs).
= 100 indicates that there is at least 1 new high and no new lows.
and = 50 indicates that new highs and new lows is equal.
by default 40 cryptos are used in the script and shows for these cryptos. but you can change them as you wish. for example you can set all of them as stocks and see for these stocks.
You can set "Time frame" and the "Length" using the options. For example; if you set "Time frame" = 1 Week and the "Length" = 52 then it finds for 52weeks.
or another example; if you set "Time frame" = 1 Day and the "Length" = 22 the High-Low Indexn it finds for 22days.
You can enable/disable Record High Percent or of . Some traders use with its , for example; generates a buy signal when it crosses above its moving average, and a sell signal when it crosses below its moving average.
Optionally you can see the securities in a table on the left bottom, you can change table size by usşng the options.
In the Table, for each security/cell;
=> if background is green then it has New High
=> if background is red then it has New Low
=> if background is gray then no New High, no New Low
=> if background is back then Data is not available for the security
As you can see in the screenshot below, the securities were changed and stocks are used instead of cryptos, so it calculates & shows for these stocks.
you can also find explanation in this screenshot:
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.