Formula     
Type

The total number of components with new one year highs / lows is calculated for the index or ETF.  The statistic is displayed as a percentage of the total number of components.

There is a tendency that one new high will be followed by subsequent new highs.  Be cautious when a series of new highs declines in total number.  A decline after several days of new highs suggests a consolidation or correction may be eminent.  New component highs may also mark the beginning of a price move.  The reciprocal may also be true.

This Custom Indicator uses the .bysym type plug-in formula.  In other words, the formula will use the MetaStock function's "base" symbol.

..1st Day New 1 Year Highs
..1st Day New 1 Year Lows

The total number of components with first day new one year highs / lows is calculated for the index or ETF.  The statistic is displayed as a percentage of the total number of components.

First day new highs / lows may have a very different meaning than several consecutive days of new highs / lows achieved by a particular constituent issue. This statistic reflects the total number of constituents within an index or ETF experiencing a new 1 year price high / low for the first time, not a consecutive new high / low.

This Custom Indicator uses the .bysym type plug-in formula.  In other words, the formula will use the MetaStock function's "base" symbol.

The total number of constituent new 1 year highs / lows and 1st day new highs lows is calculated specifically for the .SPX (Standard & Poors 500 Index).

This Custom Indicator uses the .byfile type plug-in formula.  In other words, the formula will specify which MasterDATA datafile to use for MetaStock function's.  You may specify, the security symbol, the statistic and / or the data period desired.  Either or both the security symbol and data period may be specifically stated or the base symbol or period used by using the word "base" in the formula.

The total number of constituent new 1 year highs / lows for all data periods is calculated for the MetaStock function's "base" symbol.

This Custom Indicator uses the .byfile type plug-in formula.  In this case, the formula uses the "base" symbol, but specifies the data period (daily, weekly, monthly and quarterly).  Unlike "normal" MetaStock functions, the MetaStockCSV Plug-in allows multiple data periods to be utilized within one Custom Indicator.

.bysym

The Advance/Decline Line ("A/D Line") is undoubtedly the most widely used measure of market breadth. It is a cumulative total of the Advancing-Declining Issues indicator. When compared to the movement of a market index or ETF (e.g., Dow Jones Industrials, S&P 500, etc) the A/D Line has proven to be an effective gauge of the stock market's strength.

Many investors feel that the A/D Line shows market strength better than more commonly used indexes such as the Dow Jones Industrial Average ("DJIA") or the S&P 500 Index. By studying the trend of the A/D Line you can see if the market is in a rising or falling trend, if the trend is still intact, and how long the current trend has prevailed.

Another way to use the A/D Line is to look for a divergence between the DJIA (or a 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. Historically, when a divergence develops between the DJIA and the A/D Line, the DJIA has corrected and gone the direction of the A/D Line.

A military analogy is often used when discussing the relationship between the A/D Line and the DJIA. The analogy is that trouble looms when the generals lead (e.g., the DJIA is making new highs) and the troops refuse to follow (e.g., the A/D Line fails to make new highs).

This Custom Indicator uses the .bysym type plug-in formula.  In other words, the formula will use the MetaStock function's "base" symbol.

.bysym

The combined trade volume of all individual components of the index or ETF.  Indexes as well as ETFs can show volume in their charts using this statistic.

This Custom Indicator uses the .bysym type plug-in formula.  In other words, the formula will use the MetaStock function's "base" symbol.

.bysym

The McClellan Oscillator is a market breadth indicator that is based on the smoothed difference between the number of advancing and declining issues on the subject index. The indicator was developed by Sherman and Marian McClellan. Extensive coverage of the oscillator is provided in their book "Patterns for Profit".

The McClellan Summation Index is a market breath indicator based on an accumulation of the McClellan Oscillator (see description immediately above).  It is a long-term version of the McClellan Oscillator. Its interpretation is similar to that of the McClellan Oscillator except that it is more suited to major trend reversals.

A healthy bull market is accompanied by a large number of stocks making moderate upward advances in price. A weakening bull market is characterized by a small number of stocks making large advances in price, giving the false appearance that all is well. This type of divergence often signals an end to the bull market. A similar interpretation applies to market bottoms, where the market index continues to decline while fewer stocks are declining.

This Custom Indicator uses the .bysym type plug-in formula.  In other words, the formula will use the MetaStock function's "base" symbol.

na

Calculates the Trend Channel Pivot Line as well as the Upper and Lower Trend Channel lines for a specific index or ETF.  MasterDATA's Trend Channels Indicator is a proprietary indicator identifying the current trend of the subject security..

An old market axiom is "Follow the Trend". This is true, but also as trends age there is a growing certainty of a consolidation or reversal.  Readily "seeing" the current trend may provide opportunities for entering or exiting positions earlier to take advantage of such reversals in aging trends. In any case, knowing the current trend keeps trading perspective.

Closes above the middle pivot line (red line in our supplied templates) are defined as an uptrend, while closes below this line are a downtrend.

This Custom Indicator uses the .bysym type plug-in formula.  In other words, the formula will use the MetaStock function's "base" symbol.