Ivan the New High-New Low index indicator is normally use as a market breath to catch bullish divergence (it is very louzy to catch bearish divergence)
this is the weekly chart of SPX
IvanLabrie
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New high, new low? I'll have to play around with it.
jangseohee
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you can use candle, line, H.A.. no problem
but this is a market breath indicators, so i reckon it is more suitable for indices..
let me know whether it works on stocks or FX
jangseohee
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because of the fact that it is derive from NYSE, it is suitable for use on NYA, i try it on DAX/Ger30 showing the same thing
IvanLabrie
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Ah, it uses NYSE by default?
I'd find a use for a thing that counts new highs or lows, from a specific date onwards...gonna have to ask Ricardo :p
jangseohee
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it derives from the number of stocks making new high on daily and number of stocks making new low on daily basis
RicardoSantos
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i can make it optional NASD, NYSE, OTC, TSX, AMEX, TSXV.
and i can make a filter to hide before N candle (date) and after X candle(date) as a optional filter:p
tradingview.com/v/CAdyQJxW/