_% New 1 Year Hi/Lo & MA
_% New 1st Day 1 Year Hi/Lo & MA
_% New 1st Day Quarterly Hi/Lo & MA
_% New Quarter Hi/Lo & MA

The total number of components with new one year or quarterly highs and 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.

Displays the percentage of components currently in uptrends as defined by MasterDATA's Trend Channel Indicator.

If knowing the current trend of the subject index or ETF is important, knowing the current trend of every component issue within that index or ETF provides tremendous insight into the "guts" of what is happening.  Overbought and oversold conditions may be identified as well as potential Index turning points and likelihood of a continuing trend.

The percentage of component issues trading above their 200, 30, 18, 9 and 4 data period moving average.

Traditionally, the percentage of component issues trading above their 200 day moving average is considered a reliable indicator of long term movement in the securities market.  When above 70% and subsequently declining below 70% it is considered to mean that the long term direction of the market has turned bearish.  Vice-versa, when below 30% and subsequently rising above 30% a bullish indication is given

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).

Both the Arms Index and Open Arms Index (described below) are market indicators that show the relationship between the number of stocks that increase or decrease in price (advancing/declining issues) and the volume associated with stocks that increase or decrease in price (advancing/declining volume).

Both indicators are primarily a short-term trading tool, showing whether volume is flowing into advancing or declining stocks. If more volume is associated with advancing stocks than declining stocks, the indexes will be less than 1.0.  If more volume is associated with declining stocks, the Index will be greater than 1.0.

Both Indexes are usually smoothed with a moving average. The method of smoothing determines whether the indicator is called simply an Arms Index or an Open Arms Index. The former is a simple moving average of the one day calculation. The latter averages the numerator and denominator first before the final calculation.

The combined trade volume of all components of the index or ETF.  This statistic is contained in the volume field of MasterDATA generated MetaStock format price files instead of the "normal" trade volume.  Therefore, indexes as well as ETFs will show volume in their charts.

This very simple indicator provides the highest high price and lowest low price traded in the base security over the previous one year or quarterly period.  This custom indicator is not based upon composite breadth data and thus does not draw data from the downloaded composite datafiles.

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.

The McClellan Volume Oscillator is calculated similarly to the McClellan Oscillator (see above) except that advancing/declining volume is used instead of advancing/declining issues.

The McClellan Volume Summation Index is a market breath indicator based on an accumulation of the McClellan Volume Oscillator (see above).  It is a long-term version of the McClellan Volume Oscillator. Its interpretation is similar to that of the McClellan Volume 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.
The McClellan Volume Oscillator provides similar results to the McClellan Oscillator. Both look for the same thing, but with different composite values (volume direction vs. price direction.

This custom indicator retrieves the trade volume of the actual ETF itself from the downloaded MasterDATA composite breadth datafile.  Normally, MetaStock format price files contain this statistic.  The MasterDATAlink downloader program allows replacing this statistic in the volume field with other values.

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.

Retrieves the percentage of components within the index or ETF that are in uptrends for the daily, weekly, monthly and quarterly data periods (four lines on a chart, one for each data period).

This indicator is an example of a custom indicator using the md.ByFile plug-in formula (described later).  It is an example of multiple data periods in one Custom Indicator.  Thus any number of data periods can be displayed in one MetaStock chart.  In this case, the formula specifies to use a base composite symbol, a specified statistic and specified data periods.  Because the indicator is using a base symbol, charts can be cycled.

It is important to only use this indicator when the base symbol data period is daily.  Otherwise, an error will occur.

This custom indicator displays the percentage of components within the composite base symbol above their 200 day moving average.  Also displayed are the percentage of all Select Sector SPDRs components greater than their 200 day moving average.  A chart displaying this indicator will contain 10 lines in addition to a chart of the base symbol.  Because the composite values are expressed as a percentage, the 10 lines share the same scale (left side of chart) and may be accurately compared.

This indicator is an example of a custom indicator using the md.ByFile plug-in formula (described later).  This type of plug-in formula uses three parameters.  In this case the formula uses specified symbols, a specified statistic, the base symbol's data period to retrieve data from the composite breadth datafiles.  Charts may be cycled with this indicator.  Cycling will change the base symbol while the values of the Select Sector ETFs will remain static.  The base symbol's data period may be daily, weekly, monthly or quarterly.  All other values will reflect the base symbol's data perod.