Which ones do you use? Also I'm looking for a breadth indicator that tells me how many stocks are making new highs v.s new lows, can anyone steer me in the right direction on what I'm looking for exactly?
https://www.marketinout.com/chart/market.php?breadth=advance-decline-line The A/D line is the most followed. Basically, when the index makes a new high and breadth does not follow, that's historically been a red flag and suggests a pullback. I find the McClellan Summation Index and new highs / new lows easiest to follow.
Advance Decline lines are specific to telling you how many stocks are advancing versus declining on each stock exchange (NYSE, Nasdaq, AMEX) but I've never heard of any market breadth index that tells you how many are making New Highs versus New Lows besides a weekly index by Elder involving Weekly new highs versus new lows. Further, I've heard of a New High/New Low Oscillator created by people using excel. You should search Google and look at the "image" section to see the different types of charts for New Highs / New Lows. Hopefully, you can find a software that computes that info for you so that you can determine if there's merits in using that software if its an Index you need in your trading. wrbtrader
Wealth-Lab has a thing for breadth indicators. Our built-in Index Lab lets users create and update their unique Market Indices and Aggregate Indicators on the custom portfolios they're tracking. In addition to many built-in breadth indices like Advance Decline Line, the plugin library "MS123 IndexDefinitions" brings dozens of popular and less known breadth indices. Check out the lists: MS123 IndexDefinitions Do It Yourself IndexDefinitions -Eugene
Wealth-Data now supports the most frequently used market sentiment data: advancing, declining and unchanged issues on NYSE, NASDAQ and AMEX. It's available for free to Wealth-Lab users through Wealth-Data provider. What is Wealth-Data? -Eugene