LazyBear

High-Low Index [LazyBear]

-- Fixed ---
Source: http://pastebin.com/Z0uS17zD

Fixes an issue with "Combined" mode, using wrong symbols.

--- Original ---
The High-Low Index 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.

More info:
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:high-low_index

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.
Remove from Favorite Scripts Add to Favorite Scripts
//
// @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")
Hey is there any way that I can use this script for a different market say Nifty and Sensex in India. If so then could help in making the modifications to the script if possible?
Reply
So, to understand...do you have to change the "Market" parameter from NYSE to NASD to observe that index?
Reply
LazyBear rmwaddelljr
If you want to watch Hi-Lo idx for only NYSE, select MARKET = 1. (2 for NASDAQ, 3 for AMEX).

If you want to see a combined index ( average of NYSE/NASD/AMEX used as source data), select 0.

If you want to view for another market (for ex., OTC), type the corresponding NewLows/NewHighs symbols in the CUSTOM fields and select 4 for MARKET.
+2 Reply
rmwaddelljr LazyBear
Thanks
Reply
LazyBear rmwaddelljr
yw. Please make sure you have the updated source (from http://pastebin.com/Z0uS17zD) if you want to use combined_index.
+2 Reply
rmwaddelljr LazyBear
I did. Thank you.
Reply
Line #19 needs fixing. I updated and linked the new source above. This is needed only if you use "Combined" mode, else v1.0 (source shown above) is good enough.

+1 Reply
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