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Breadth Advance Decline Indicator for Metastock
This is part of a larger Technical Analysis site provided by Equity Analytics, Ltd.
The formula for breadth advance decline is as follows:
It is a 10 day simple moving average of the following:
(number of advancing issues) divided by [(number of advancing issues) + (number of declining issues)]
New York Stock Exchange data is used in the calculation
Colby and Meyers found that for readings above .66 significant bullish gains were recorded with very few losses. They found that a gain of 3.55% one month later, a gain of 9.10% three months later, a gain of 15.06% six months later, and a gain of 22.13% twelve months later. Similar results were obtained with very bearish signals of .367 or lower.
Indicator / Formula
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