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Home » Indicator School » Indicator Glossary
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Indicator School - Indicator Glossary

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A short overview of our technical indicators

  • C = Cycles
  • D = Daily
  • W = Weekly
  • M = Monthly
 

 

 

Technical Indicator Updated Description
15 Most Active Stocks (% of Nyse Volume) W This indicator shows the percentage of the 15 most active stocks of Nyse total volume. If this indicator is rising, large caps are traded by massivly by investors. If breadth indicators are bullish, investors should favor large caps instead of small caps.
90% Upvolume-/Downvolume Days (9-to-1) D This indicator is based on the volume of all NYSE-listed stocks that go up or down on a given day, expressed as a percentage of the total volume of all stocks that rose or fell on that day. A "Nine-To-One Up Day" occurs when this ratio is 90% or higher on a given day. According to Martin Zweig, who helped to develop this indicator several decades ago, such a huge imbalance of up volume over down volume "is a significant sign of positive momentum or if it is a 90% down day it is a significant sign of negative momentum. 
Advance-/Decline 20 Day Momentum D This center oscillator measures the advancing stocks and declining stocks on a 20 days basis. This indicator is a leading indicator as it leads the price move. The bigger the difference between the current price and the price 20 days ago, the higher the value of this oscillator. When the indicator is above 0, the percentage price change is positive (bullish). When the indicator is below 0, the percentage price change is negative (bearish). This indicator is especially reliable when a new high or low of the market is not confirmed by momentum.
Advance-/Decline Index Weekly W This indicator is calculated by dividing the weekly advances and declines by the weekly total issues. If prices move steadily upward (strong uptrend) a broad number of stocks should participate. If not there is a negative divergence between the market and breadth. This could happen, if only heavy weighted stocks in an index are pushing the market higher but the majority of small weighted stocks are already being sold by investors. By separating the advancing from declining issues, investors can get an additional insight about the direction of the market.  Divergences between the market and advancing issues should be monitored closely as a trend reversal could be ahead!
Advance-/Decline Line Daily W The Advance Decline Line is a breadth indicator based on daily net advances made on Nyse, which is the number of advancing stocks less the number of declining stocks. Net advances are positive when advances exceed declines and negative when declines exceed advances. The Advance-/Decline Line rises when there are more net advances and falls when there are more net declines.  The Advance-/Decline Line should confirm an advance or decline of the S&P 500. A bullish or bearish divergence in the Advance-/Decline Line compared to the S&P 500 could lead to a trend reversal. 
Advance-/Decline Ratio Daily D The Advance-Decline Ratio is a banded oscillator. It is calculated by dividing the number of advancing issues by the number of declining issues using daily NYSE data. If the advancing issues are reaching a predefined level, this indicator is flashing an overbought signal or the other way round.
Advance-/Decline Volume Line  W The Advance Decline Volume Line is a breadth indicator based on weekly net volume, which is the volume of advancing stocks less the volume of declining stocks. Net advancing volume is positive when advancing volume exceeds declining volume and negative when declining volume exceed advancing volume. The Advance-/Decline Volume Line rises when there is more net advancing volume and falls when there is more net declining volume.  The Advance-/Decline Volume Line should confirm an advance or decline of the S&P 500. A bullish or bearish divergence in the Advance-/Decline Volume Line compared to the S&P 500 could lead to a trend reversal.
Arms Index (Trin Daily) D The Short Term Trading Index was invented over 30 years ago by Richard Arms and is also known as ARMS Index. It is calculated by dividing daily advancing issues by daily declining issues and daily advancing volume by daily declining volume. The first result is then divided by the latter and the result is the TRIN. If the index is above one, the average volume of stocks that fell on the NYSE was greater than the average volume of stocks that rose and vice versa. But it is most confirmative when it reaches extremes. This indicator rises sharply when the market is most depressed and selling is climaxing, and falls to very low levels during buying frenzies. 
Average Price Nyse Most Actives W This indicator shows the average price of the most active stocks traded at Nyse. This indicator should rise with the market otherwise a correction could be ahead!
Barrons Gold Mining Index W This indicator shows you the spread between the gold price and the Barron's Gold Mining Index. It is a great buying opportunity for gold stocks whenever the Barron's Gold Mining Index trades below the price of gold.
Bull & Bear AII (Association of Individual Investors) W Every week the AAII now polls its 170,000 members daily. Respondents indicate how they feel about the market's performance in the next six months. The Bull & Bear AII shows the number of bulls divided by the number of bears. High readings appear near market tops and low readings near bottoms.
Call/Put Ratio OEX W The buying and selling activity for puts and calls can be used to help gauge investor sentiment in the market.  The call put ratio measures the relationship between the numbers of calls being bought versus puts being bought. This indicator refers to all options being traded for the S&P 100. Low call put ratios are often indicative of excessive pessimism and thus of large amounts of money on being at the "sidelines." Conversely, high call put ratios indicate a point at which there is so much optimism that very little money is left to push the stock or index higher.
Call/Put Ratio Open Interest Equity Options W Open Interest is the amount of outstanding contracts on an option. A contract is considered to be outstanding if it is has not expired, or been exercised or closed out. Open interest increases when a buyer and seller create a new contract. 
Call/Put Ratio Open Interest OEX W Open Interest is the amount of outstanding contracts on an option. A contract is considered to be outstanding if it is has not expired, or been exercised or closed out. Open interest increases when a buyer and seller create a new contract. 
Call/Put Ratio Open Interest S&P 500 W Open Interest is the amount of outstanding contracts on an option. A contract is considered to be outstanding if it is has not expired, or been exercised or closed out. Open interest increases when a buyer and seller create a new contract. A rising open interest in the call put ratio confirms the direction of the current trend. This indicator refers to the S&P 500. Any divergences should be monitored closely.
Call/Put Ratio S&P 500 W The buying and selling activity for puts and calls can be used to help gauge investor sentiment in the market.  The call put ratio measures the relationship between the numbers of calls being bought versus puts being bought. This indicator refers to all options being traded for the S&P 500. Low call put ratios are often indicative of excessive pessimism and thus of large amounts of money on being at the "sidelines." Conversely, high call put ratios indicate a point at which there is so much optimism that very little money is left to push the stock or index higher.
Call/Put Ratio of All CBOE Options W The buying and selling activity for puts and calls can be used to help gauge investor sentiment in the market.  The call put ratio measures the relationship between the numbers of calls being bought versus puts being bought. This indicator refers to All CBOE (Chicago Board of Exchange) Options.  Low call put ratios are often indicative of excessive pessimism and thus of large amounts of money on being at the "sidelines." Conversely, high call put ratios indicate a point at which there is so much optimism that very little money is left to push the stock or index higher.
Call/Put Ratio of CBOE Equity Options W The buying and selling activity for puts and calls can be used to help gauge investor sentiment in the market.  The call/put ratio measures the relationship between the numbers of calls being bought versus puts being bought. This indicator takes into account all of the equity options on the Chicago Board of Exchange.  Low call/put ratios are often indicative of excessive pessimism and thus of large amounts of money on being at the "sidelines." Conversely, high call/put ratios indicate a point at which there is so much optimism that very little money is left to push the stock or index higher.
CBOE Call/Put Ratio Open Interest All CBOE Options W Open Interest is the amount of outstanding contracts on an option. A contract is considered to be outstanding if it is has not expired, or been exercised or closed out. Open interest increases when a buyer and seller create a new contract. 
CBOE Call/Put Ratio Oscillator W The buying and selling activity for puts and calls can be used to help gauge investor sentiment in the market.  The call put ratio measures the relationship between the numbers of calls being bought versus puts being bought. This indicator refers to All CBOE (Chicago Board of Exchange) Options.  Low call put ratios are often indicative of excessive pessimism and thus of large amounts of money on being at the "sidelines." Conversely, high call put ratios indicate a point at which there is so much optimism that very little money is left to push the stock or index higher. An oscillator is being created by just subtracting a shorter moving average from a longer one based on the same time series. The oscillator is showing to the momentum of the weekly CBOE call put ratio.  
CBOE Put/Call Ratio All CBOE Options W The buying and selling activity for puts and calls can be used to help gauge investor sentiment in the market.  The put call ratio measures the relationship between the numbers of puts being bought versus calls being bought. This indicator takes into account all CBOE options on the Chicago Board of Exchange.  High put/call ratios are often indicative of excessive pessimism and thus of large amounts of money on being at the "sidelines." Conversely, low put/call ratios indicate a point at which there is so much optimism that very little money is left to push the stock or index higher.
CBOE Put/Call Ratio Equity Options W The buying and selling activity for puts and calls can be used to help gauge investor sentiment in the market.  The put call ratio measures the relationship between the numbers of puts being bought versus calls being bought. This indicator takes into account all of the equity options on the Chicago Board of Exchange.  High put/call ratios are often indicative of excessive pessimism and thus of large amounts of money on being at the "sidelines." Conversely, low put/call ratios indicate a point at which there is so much optimism that very little money is left to push the stock or index higher.
CFTC W The Commodity Futures Trading Commission (CFTC) provides inside information about purchases and sales of futures contracts. The largest players in each market are required to disclose their positions to the CFTC on a daily basis and this report is released on a weekly basis. These traders are separated into Commercial Hedgers and Large Speculators. The positions of Small Traders are calculated by subtracting the total of contracts held by the reporting groups from all the contracts outstanding (Small traders are not required to report their positions). Commercial Hedgers hold a significant informational edge over other traders as far as fundamental supply-and-demand statistics are concerned. They tend to be early, but they are usually right on the long run, quite contrary to the small traders. Extreme divergences in long and short positions of small traders, large speculators and commercial hedgers have proven to be reliable indicators of important trend changes. In such cases it is not advisable to bet against the commercial hedgers. All other patterns are meaningless. The following charts show you the short positions of these three groups of market participants on a percentage basis. 
Cycles C Cycle analysis has a long history and is also part of technical analysis. All markets appear to be subject to cyclical patterns and forces caused by economic influences and countless other factors. Stock market movements seem to take place with cyclical regularity and timing your trades to coincide with anticipated cyclical movements can be very rewarding. Wall Street Courier offers some very reliable cycles for subscribers.
Daily A/D 20 Day Momentum W This center oscillator measures the advancing stocks and declining stocks on a 20 days basis. This indicator is a leading indicator as it leads the price move. The bigger the difference between the current price and the price 20 days ago, the higher the value of this oscillator. When the indicator is above 0, the percentage price change is positive (bullish). When the indicator is below 0, the percentage price change is negative (bearish). This indicator is especially reliable when a new high or low of the market is not confirmed by momentum.
Daily Put/Call Ratio All CBOE Options Daily D The buying and selling activity for puts and calls can be used to help gauge investor sentiment in the market.  The put call ratio measures the relationship between the numbers of puts being bought versus calls being bought. This indicator refers to All CBOE (Chicago Board of Exchange) Options.  High put/call ratios are often indicative of excessive pessimism and thus of large amounts of money on being at the "sidelines." Conversely, low put/call ratios indicate a point at which there is so much optimism that very little money is left to push the stock or index higher.
GLD Put/Call Ratio W The buying and selling activity for puts and calls can be used to help gauge investor sentiment in the market. The put call ratio measures the relationship between the numbers of puts being bought versus calls being bought. This indicator takes into account all of the options traded for the GLD (SPDR Gold Trust (ETF)).  High put/call ratios are often indicative of excessive pessimism and thus of large amounts of money on being at the "sidelines." Conversely, low put/call ratios indicate a point at which there is so much optimism that very little money is left to push the stock or index higher.
GLD Trend Trader Index W The Trend Trader Index is being used to identify a short term trend for the Gold ETF (GLD). The Indicator calculates the simple moving average of the daily high and daily low price of the Gold ETF (GLD) over the past 20 days. A short term uptrend exists if the Gold ETF (GLD) is trading above the 20 day moving average line and a short term downtrend is given if the Gold ETF (GLD)is trading below the 20 day moving average line. Additionally the direction of the simple moving averages could also give additional information about the trend direction.
Global Futures Advance-/Decline Indicator W The Global Futures Advance-/Decline Indicator is a banded oscillator. It is calculated subtracting up the weekly declining issues by weekly advancing issues, using the weekly NYSE data. If the advancing issues are reaching a predefined level, this indicator is flashing an overbought signal or the other way round.
Global Futures Bottom Indicator W

The Global Futures Bottom Indicator is derived from weekly calls and puts. It does not appear very often but it is extremely reliable when the market is at a turning point. It prevents long-term investors from buying at the wrong time and works especially well for option traders because of its incredibly perfect timing. Unfortunately this indicator does not tell you when to sell. Set yourself a limit if you trade options, or use trailing stop-loss orders if you are a long-term investor. Any zero or minus reading indicates a bottom. Since this indicator was invented and developed it only failed twice on a minus reading if compared to the Dow Jones. This was due to panic selling on August 3rd and August 24th 1990 when Saddam invaded Kuwait.

  • Readings between 1 and 5 are also very reliable and indicate intermediate bottoms in bull markets.
  • Readings up to 25 may work but should be counterchecked with other indicators such as the Global Futures Market Timing Indicator
  • Readings above 600 are good breadth indicators and show you that a powerful market move on the upside is to be expected.
  • Ignore all other readings.
Global Futures Dumb Money Indicator W The Global Futures Dumb Money Indicator is calculated according to a proprietary formula. It shows tops when the so called "crowd" gets too bullish. Some of the components of this indicator are the Global Futures Sentiment Index, the CBOE call/put ratio of equity options and the ISE Sentiment Index.
Global Futures Large Block Index W

The Large Block Index is calculated from the number of upticks and downticks in large block transactions of single trades of 10 000 shares and over. An uptick is at a price higher than the last previous trade and initiated by a buyer. A downtick is at a price lower than the previous trade and initiated by a seller. The rationale behind the Large Block Index is quite simple. It measures activities and extremes in institutional sentiment and behavior.

When the ratio of upticks rises to very high levels, it indicates that the institutions are buying heavily, reaching a fully invested position and therefore lowering their cash reserves. Conversely, when the ratio of downticks rises to high levels, it indicates that the institutions are selling and are raising cash. When the institutional behavior reaches extremes, the market will turn in a contrary direction. This indicator has often signaled major reversals and has also prevented investors from plunging into the market at the wrong time.

Global Futures Long Term Trend Index W The Global Futures Long Term Trend Index is a long term trend index which is perfectly suitable for long term investors. This indicator is being used by WallStreetCourier to identify technical bull or bear markets. Long term investors should switch into less risky assets if this indicator flashes a sell signal. As this indicator is a long term trend follower, investors will face a late in late out scenario. 
Global Futures Put/Volume Ratio W The Global Futures Put/Volume Ratio is a market sentiment indicator. It is calculated by dividing the volume of CBOE equity put options by the NYSE volume on a weekly basis and is interpreted in a contrary fashion. High readings signify extreme pessimism and fear, sometimes outright panic and indicate very often bottoms. Low readings of this indicator result from the anticipation of higher prices ahead and are therefore considered bearish. It is in our opinion more affirmative than the widely used put/call ratio which has gained widespread notice.
Global Futures Sentiment Index W The Global Futures Sentiment Index is based on data from Market Vane and from the Association of Individual Investors (AII).  High readings appear near market tops and low readings near bottoms.
Global Futures Time Premium D

This indicator shows the spread between the S&P 500 cash index and the nearest S&P 500 futures contract (premium).  

The bold lines are the futures contracts with the highest and lowest premiums measured in history. If the premium is trading near the upper line or above, investors are extremely bullish. The reverse is true if the premium moves near or below the lower line. 

Global Futures Timing Indicator W This indicator, like the Global Futures Bottom Indicator, is unknown until now to the investment community and is not available anywhere else. The Global Futures Timing Indicator prevents investors from buying at the wrong time and it works also very well for option- and position traders.
Global Futures Trading Index W The Global Futures Trading Index is a proprietary indicator of Global Futures. It shows bottoms and tops in trends and should be used together with the Global Futures Trend Index for exact timing. If the market is in a clear uptrend according to our trend indicators, a bullish break out could be expected when the Global Futures Trading Index shows a reading below 35. The reverse is true in a downtrend. Further selling could be expected when the index gives readings of 55 or above. 
Global Futures Trend Index W The Global Futures Trend Indicator calculates the amount of stocks listed on NYSE which are reaching weekly new highs or weekly new lows. As long as the gauge of this index stays above the 60% level there is a solid bullish trend in progress.
Global Futures Trend Index D The Global Futures Trend Indicator calculates the amount of stocks listed on NYSE which are reaching daily new highs or daily new lows. As long as the gauge of this index stays above the 60% level there is a solid bullish trend in progress.
Global Relative Strengths W This indicator measures the relative strengths of global equities, commodities and U.S. Treasuries. Investors. Markets which trade above others should be preferred. In addition, this indicator acts as risk-management tool for the Global ETF High Conviction Portfolio. If riskless U.S. Treasuries are trading above 0, the technical market environment for risky asset classes remain outright weak. In such a scenario the Global ETF High Conviction Portfolio will be invested mainly in riskless U.S. Treasuries.
High-/Low Index Weekly W The High-Low Index is a breadth indicator based on new highs and new lows made on Nyse. New high refers to the number of stocks reaching a new 52-week high. New low refers to the number of stocks reaching a new 52-week low. The index is calculated by dividing the number of new highs and the new lows by the number of total issues (new highs, new lows and unchanged issues). Both ratios are additionally smoothed by an exponentially moving average. The High-Low Index is a measure of underlying strength or weakness of the S&P 500.
ISEE Equity Options Call/Put Ratio W The ISEE Sentiment Index is a unique call/put ratio that only uses opening long customer transactions to calculate bullish/bearish market direction. Opening long transactions are thought to best represent market sentiment because investors often buy call and put options to express their actual market view of a particular stock. Market maker and firm trades, which are excluded, are not considered representative of true market sentiment due to their specialized nature.
Large Block Index Oscillator W The Large Block Index Oscillator derived from the Global Futures Large Block Index. The Global Futures Large Block Index is calculated from the number of upticks and downticks in large block transactions of single trades of 10,000 shares and over. An uptick is at a price higher than the last previous trade and initiated by a buyer. A downtick is at a price lower than the previous trade and initiated by a seller. The rationale behind the Large Block Index is quite simple. It measures activities and extremes in institutional sentiment and behavior. When the ratio of upticks rises to very high levels, it indicates that the institutions are buying heavily, reaching a fully invested position and therefore lowering their cash reserves. Conversely, when the ratio of downticks rises to high levels, it indicates that the institutions are selling and are raising cash. When the institutional behavior reaches extremes, the market will turn in a contrary direction. This indicator has often signaled major reversals and has also prevented investors from plunging into the market at the wrong time.
Market Timer Index W The Global Futures Market Timer Index is a proprietary indicator of Global Futures and not available anywhere else. It was unknown until now to the investment community and to our knowledge there is no previous mentioning of this indicator in any financial publication. The Global Futures Market Timer Index gives buy signals when it has readings below 1.00 and sell signals above 1.20. 
Market Vectors Gold Miner ETF W The Trend Trader Index is being used to identify a short term trend for the Market Vectors Gold Miner ETF. The Indicator calculates the simple moving average of the daily high and daily low price of the Market Vectors Gold Miner ETF over the past 20 days. A short term uptrend exists if the Market Vectors Gold Miner ETF is trading above the 20 day moving average line and a short term downtrend is given if the Market Vectors Gold Miner ETF  is trading below the 20 day moving average line. Additionally the direction of the simple moving averages could also give additional information about the trend direction.
Modified MACD D Moving Average Convergence-Divergence (MACD) is one of the most effective momentum indicators. MACD uses two exponential moving averages, into a trend following or momentum oscillator by subtracting the longer moving average from the shorter moving average. So the MACD is a trend following and a momentum indicator.  The MACD is above and below the zero line as the moving averages converge, cross and diverge. Investors should watch out for signal line crossovers, centerline crossovers and divergences between the market and the MACD to generate signals. WSC used a slightly different formula to calculate the MACD
Modified McClellan Oscillator D This indicator is derived from the daily net advances, the number of advancing issues less the number of declining issues. By applying 2 exponential moving averages (short and longer one) of net advances this is a perfect momentum as well as breadth indicator. The McClellan Oscillator is a momentum indicator that works similar to MACD.  The McClellan is above and below the zero line as the moving averages converge, cross and diverge. Investors should watch out for signal line crossovers, centerline crossovers and divergences between the market and the McClellan Oscillator to generate signals. WSC used a slightly different formula to calculate the McClellan Oscillator.
Modified McClellan Oscillator Weekly W This indicator is derived from the weekly net advances, the number of advancing issues less the number of declining issues. By applying 2 exponential moving averages (short and longer one) of net advances this is a perfect momentum as well as breadth indicator. The Modified McClellan Oscillator is a momentum indicator that works similar to MACD.  The McClellan is above and below the zero line as the moving averages converge, cross and diverge. Investors should watch out for signal line crossovers, centerline crossovers and divergences between the market and the Modified McClellan Oscillator to generate signals. WSC used a slightly different formula to calculate the McClellan Oscillator.
Modified McClellan Volume Oscillator Weekly W This indicator is derived from the weekly net volume, the number of advancing volume less the number of declining volume. By applying 2 exponential moving averages (short and longer one) of net volume this is a perfect momentum as well as breadth indicator. The Modified McClellan Volume Oscillator is a momentum/breadth indicator that works similar to MACD.  The McClellan is above and below the zero line as the moving averages converge, cross and diverge. Investors should watch out for signal line crossovers, centerline crossovers and divergences between the market and the McClellan Oscillator to generate signals. WSC used a slightly different formula to calculate the McClellan Oscillator.
Odd Lot Differential Index W The Odd Differential Index is a market sentiment. This index is simply calculated by subtracting the daily or weekly odd-lot sales from the daily or weekly odd-lot purchases. High readings appear near market tops and minus readings near bottoms. Introduced by Wall Street Courier, the Odd -Lot Differential Index indicates the market sentiment of small investors who purchase less than 100 shares of a stock. These market participants are usually wrong about the direction of the market and this indicator is therefore considered to be a contrary opinion sentiment indicator.
Odd Lot Purchases/Nyse Volume W The Odd Lot Purchases/Nyse Volume is a market sentiment indicator that measures the daily ratio of odd lot purchases compared to total Nyse volume. Odd Lots are transaction involving less than 100 shares (Dumb Money). The contrarian theory assumes that odd lotters are inexperienced and therefore always wrong.  A high reading of this indicator suggests that Dumb Money is heavily buying which is a bearish sign. 
Odd Lot Purchases/Sales Ratio W The Odd Lot Purchases/Sales Ratio is a market sentiment indicator that measures the daily ratio of odd lot purchases compared to odd lot sales transactions. Odd Lots are transaction involving less than 100 shares (Dumb Money). The contrarian theory assumes that odd lotters are inexperienced and therefore always wrong.  A high reading of this indicator could be seen as bearish and the other way round. 
Percentage of NYSE Stocks Above 20/ 50/ 100/ 150/ 200 Day SMA D Those indicators are representing the percentage of NYSE stocks that closed above their 20/50/100 and 200 day moving average price line. Those indicators are breadth indicators that measure the internal strength or weakness of the their underlying index.
Percentage of Bulls Market Vane W The principles of Contrarian Investing hold that when the vast majority of people agree on anything, they are generally wrong. Otherwise no market would function because there is simply no minority with money enough to make a majority rich. A true contrarian, therefore, will first try to determine what the majority are doing and then will act in the opposite direction. A unique feature of Market Vane's Bullish Consensus numbers is a weighting formula applied to the various market letters. More weight is given to letters with a larger following and less weight to those with fewer readers. Each week a poll of market letters is taken to determine the degree of bullishness or bearishness among futures professionals. The theory is that when a significant number of participants are bullish, they are already positioned on the long side and there is little potential buying power left. If most participants are bearish, selling pressure has reached an extreme and prices will reverse to the upside.
Program Trading Buy/Sell Spread W Program trading is the purchase or sale of at least 15 different stocks with a total value of $1 million or more. Stock-index arbitrage is defined as the sale or purchase of derivatives such as stock-index futures, to profit from the price difference between the basket and the derivatives. Under Rule 80A, when the DJIA moves 50 points or more from the previous day's close, index arbitrage orders in stocks of the Standard & Poor's 500 are subject to a special tick test. Program traders are contrarians. They buy into weakness and sell into strength. Be assured that these people know exactly what they are doing. Please note that program trading data is updated weekly and is always one week behind the date it is posted. The Buy/Sell Spread is the ratio of purchases and sales.
Program Trading in % of Nyse Volume W

Program trading is the purchase or sale of at least 15 different stocks with a total value of $1 million or more. Stock-index arbitrage is defined as the sale or purchase of derivatives such as stock-index futures, to profit from the price difference between the basket and the derivatives. Under Rule 80A, when the DJIA moves 50 points or more from the previous day's close, index arbitrage orders in stocks of the Standard & Poor's 500 are subject to a special tick test. Program traders are contrarians. They buy into weakness and sell into strength. Be assured that these people know exactly what they are doing. When program trading becomes excessive the market becomes vulnerable.

Please note that program trading data is updated weekly and is always one week behind the date it is posted. 

Change of calculation: Program Trading as a percent of NYSE volume was formerly calculated as program buy volume + program sell volume as percent of NYSE volume. A more accurate calculation program is now used by the NYSE (shares bought, sold, and sold short as a percentage of NYSE shares bought, sold, and sold short).

Put/Call Ratio OEX W The buying and selling activity for puts and calls can be used to help gauge investor sentiment in the market. The put call ratio measures the relationship between the numbers of puts being bought versus calls being bought. This indicator takes into account all of the equity options traded for the S&P 100.  High put/call ratios are often indicative of excessive pessimism and thus of large amounts of money on being at the "sidelines." Conversely, low put/call ratios indicate a point at which there is so much optimism that very little money is left to push the stock or index higher.
Put/Call Ratio S&P 500 W The buying and selling activity for puts and calls can be used to help gauge investor sentiment in the market. The put call ratio measures the relationship between the numbers of puts being bought versus calls being bought. This indicator takes into account all of the equity options traded for the S&P 500.  High put/call ratios are often indicative of excessive pessimism and thus of large amounts of money on being at the "sidelines." Conversely, low put/call ratios indicate a point at which there is so much optimism that very little money is left to push the stock or index higher.
Short Term Trading Index Weekly   The Short Term Trading Index was invented over 30 years ago by Richard Arms and is also known as ARMS Index. It is calculated by dividing weekly advancing issues by weekly declining issues and weekly advancing volume by weekly declining volume. The first result is then divided by the latter and the result is the TRIN. If the index is above one, the average volume of stocks that fell on the NYSE was greater than the average volume of stocks that rose and vice versa. But it is most confirmative when it reaches extremes. This indicator rises sharply when the market is most depressed and selling is climaxing, and falls to very low levels during buying frenzies. 
Silver Trend Trader Index (SLV) W The Trend Trader Index is being used to identify a short term trend for Silver. The Indicator calculates the simple moving average of the daily high and daily low price of Silver over the past 20 days. A short term uptrend exists if Silver is trading above the 20 day moving average line and a short term downtrend is given if Silver is trading below the 20 day moving average line. Additionally the direction of the simple moving averages could also give additional information about the trend direction.
Smart Money Flow Index (SMFI) D The Smart Money Flow Index is calculated by taking the action of the Dow in two time periods: the first 30 minutes and the close. The first 30 minutes represent emotional buying, driven by greed and fear of the crowd based on good and bad news. There is also a lot of buying on market orders and short covering at the opening. Smart money waits until the end and they very often test the market before by shorting heavily just to see how the market reacts. Then they move in the big way. These heavy hitters also have the best possible information available to them and they do have the edge on all the other market participants. Whenever the Dow makes a high which is not confirmed by the SMFI there is trouble ahead or the other way round. 
The Global Futures Fear Indicator W The Global Futures Fear Indicator is a proprietary indicator of Global Futures and not available anywhere else. It was unknown until now to the investment community and to our knowledge there is no previous mentioning of this indicator in any financial publication. The Global Futures Indicator gives buy signals when it has readings between 0 and 10. Unfortunately this indicator does not tell you when to sell. Set yourself a limit if you trade options or use trailing stop-loss orders if you are a long-term investor.
The Nyse Short Interest Ratio W Every short seller anticipates a declining stock market. Investors sell short stock when they anticipate its price going lower. Sooner or later they must cover their short sales by buying back the stock. A profit is made if the stock is bought back at a lower price than when it was sold short. When a large amount of short selling activity is occurring, market participants obviously expect prices to head lower. The NYSE Short Interest Ratio is therefore a long-term contrary opinion sentiment indicator. It is calculated by dividing the monthly short interest figure released by the New York Stock Exchange by the average volume of trading per day. These numbers get sometimes distorted by arbitrage transactions, but the short interest ratio is nevertheless a good indicator of optimism or pessimism in the market. Short sellers are potential buyers sooner or later and represent a lot of buying power when they have to scramble for cover in a sudden market turn. Contrary indicators require at least some degree of pessimism in order to function and therefore you should watch this ratio very carefully.
Trend Trader Index D The Trend Trader Index calculates the simple moving average of the daily high and daily low price of the S&P 500 over the past 20 days. A short term uptrend exists if the S&P 500 is trading above the 20 day moving average line and a short term downtrend is given if the S&P 500 is trading below the 20 day moving average line. Additionally the direction of the simple moving averages could also give additional information about the trend direction.
Trin Daily W The Short Term Trading Index was invented over 30 years ago by Richard Arms and is also known as ARMS Index. It is calculated by dividing daily advancing issues by daily declining issues and daily advancing volume by daily declining volume. The first result is then divided by the latter and the result is the TRIN. If the index is above one, the average volume of stocks that fell on the NYSE was greater than the average volume of stocks that rose and vice versa. But it is most confirmative when it reaches extremes. This indicator rises sharply when the market is most depressed and selling is climaxing, and falls to very low levels during buying frenzies.
Upside-/Downside Volume Ratio Daily D The Upside-Downside Volume Ratio is a banded oscillator. It is calculated by dividing the volume of advancing issues by the volume of declining issues, using daily NYSE data. If the volume of advancing issues is reaching a predefined level, this indicator is flashing an overbought signal or the other way round. 
Upside-/Downside Volume Index Daily D This indicator is calculated by dividing the daily upside and downside volumes by the daily total volume. If prices move steadily upward (strong uptrend) with strong volume, this indicates that buyers are accumulating shares. A healthy market should be supported by strong up volume. If not there is a negative divergence between the market and breadth. This could happen, if only heavy weighted stocks in an index are pushing the market higher but the majority of small weighted stocks are already being sold by investors. By separating the up volume from the down volume, investors can get an insight about the future direction of the given index or market. Divergences between the market and volume should be monitored closely as a trend reversal could be ahead!
Upside-/Downside Volume Index Weekly W This indicator is calculated by dividing the weekly upside and downside volumes by the weekly total volume. If prices move steadily upward (strong uptrend) with strong volume, this indicates that buyers are accumulating shares. A healthy market should be supported by strong up volume. If not there is a negative divergence between the market and breadth. This could happen, if only heavy weighted stocks in an index are pushing the market higher but the majority of small weighted stocks are already being sold by investors. By separating the up volume from the down volume, investors can get an insight about the future direction of the given index or market. Divergences between the market and volume should be monitored closely as a trend reversal could be ahead!
Volatility Index W The Chicago Board Options Exchange Market Volatility Index is a popular measure of the implied volatility of S&P 500 index options. Often referred to as the fear index or the fear gauge, it represents one measure of the market's expectation of stock market volatility over the next 30 day period. If the market makes a new high and the VIX does not make a new low, caution is warranted. 
Volatility Index Oscillator W The Chicago Board Options Exchange Market Volatility Index is a popular measure of the implied volatility of S&P 500 index options. Often referred to as the fear index or the fear gauge, it represents one measure of the market's expectation of stock market volatility over the next 30 day period. The Volatility Index Oscillator measures the momentum of the VIX Index. If the gauge of this indicator is rising caution is warranted.
WallStreetCourier Capitulation Index W The WSC Capitulation Index is calculated according to a proprietary formula. It shows bottoms when the so called "crowd" gets too bearish. It does not appear very often but it is extremely reliable when the market is at a turning point. The WSC Capitulation Index will rise as long as Smart Money is bearish and Dumb Money is bullish. It will drop significantly when Dumb Money is more bearish than Smart Money, or when Smart Money is more bullish than Dumb Money. In this scenario the market is usually close to its turning point. Since this indicator could rise endlessly, it is nearly impossible to state a fixed buy threshold. Therefore contrarians should enter long positions, when the gauge of the WSC Capitulation Index drops about the half of its rise, after a big spike.
WallStreetCourier Index W The WSC Index is based on 15 different price information (option data, upticks/downticks data, new highs and lows etc). This indicator is a leading indicator as it leads the price move. 
WallStreetCourier Index Oscillator W The WSC Index Oscillator is based on 15 different price information (option data, upticks/downticks data, new highs and lows etc). This indicator is a leading indicator as it leads the price move. When the indicator is below 0, the percentage price change is negative (bearish). This indicator is especially reliable when a new high or low of the market is not confirmed by momentum.
WSC Global Momentum W The WallStreetCourier Global Momentum Indicator is the underlying risk management indicator of the WSC Global Tactical ETF Model Portfolio. This indicator measures the percentage of 41 global ETFs which are gaining momentum.
WSC Sector Momentum W The WSC Sector Momentum measures the relative strengths of all nine SPDR Sector ETFs which are being used for the WSC Sector Rotation Strategy. As long as the gauge of this indicators remains above 0, the S&P 500 remains in a mid-term uptrend. In addition, this indicator acts as risk-management tool for the WSC Sector Rotation Strategy. If the gauge of this indicator is below 0, the WSC Sector Rotation Strategy will switch to its most defensive allocation.
WSC Sector Rotation Strategy W

The WSC Sector Rotation Strategy is a long only investment strategy which seeks to generate excess risk-adjusted returns relative to the S&P 500 through a quantitative and systematic investment process. The target is to limit the downside during a bear market and profit at least as much as the market does during a bull market. Therefore the main goal is to achieve steady returns and not to outperform the market at any time since the focus is based on the portfolio accumulation effect (reinvested gains with steady returns and low draw downs will lead to a higher portfolio value over time).

The strategy delivers weekly buy and sell decisions based on nine different Select Sector SPDR exchange traded funds (ETFs), which represent the primary sectors of the S&P 500 Index, plus an ETF that represents short-term Treasuries. The SPDR Sector Rotation Strategy uses a proprietary, quantitative model for determining the strongest sectors on a weekly basis. The SPDR Sector Rotation Strategy has the flexibility to invest in any combination of the nine sector ETFs, a combination of sector ETFs and short-term Treasuries, or 100% in short-term Treasuries.

The WSC Sector Rotation Strategy seeks to generate excess risk-adjusted returns to the S&P 500. All underlyings (Select SPDR Sector ETFS and/or Treasuries) which are included in our portfolio are permanently equal weighted.

Xau Trend Trader Index W The Trend Trader Index calculates the simple moving average of the daily high and daily low price of the Xau (Philadelphia Gold and Silver Index) over the past 20 days. A short term uptrend exists if the Xau (Philadelphia Gold and Silver Index)  is trading above the 20 day moving average line and a short term downtrend is given if the Xau (Philadelphia Gold and Silver Index)  is trading below the 20 day moving average line. Additionally the direction of the simple moving averages could also give additional information about the trend direction.
 
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