Imagine bars of whatever duration. If Bar two closes higher than the high of Bar 1, nosotros cast Bar two equally a bullish bar, equally nosotros are accepting value higher. If Bar two closes lower than the depression of Bar 1, nosotros cast Bar two equally a bearish bar, equally nosotros are accepting value lower. If Bar two closes inside the attain of Bar 1, nosotros cast Bar two equally a attain bar.
Suppose immediately nosotros cast each stock inwards a handbasket or average for its bull, bear, as well as attain bars as well as inwardness those ratings, hence that nosotros know how many stocks inwards that grouping are bullish, bearish, as well as attain leap for the catamenia represented yesteryear the latest bar.
If, for example, nosotros role 30-minute bars, the ratings of the 2nd bar of the 24-hour interval across our universe of stocks would enjoin us something nigh the breadth of opening attain breakouts.
If nosotros role daily bars, nosotros could assess short-term trending 24-hour interval over day: how many issues merchandise bullishly, bearishly, as well as attain bound. That would hold out helpful inwards gauging the marketplace position environs for the coming day, peculiarly if nosotros as well as hence assess the side yesteryear side day's opened upwards relative to the prior day's range.
One sentiment is to convey breakouts inwards an index when at that spot is expert breadth of stocks breaking out inwards bullish or bearish fashion; to await reversals when at that spot is wretched breadth of stocks breaking out.
I'll conduct maintain something assembled for this indicator yesteryear tomorrow.
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