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Ratio of Stocks Outperforming/Underperforming Their Industry
Here is an interesting market breadth indicator that measures market strength by comparing the stocks that are outperforming their industry with stocks that are underperforming it.
The composite is calculated as follows:
- It counts the number of stocks whose 25-bar rate of return is higher than the 25-bar rate of return of their industry group (approximately one-month performance)
- It also counts the number of stocks whose return (25-bar) is lower than the return of their industry group
- It divides, for each trading bar, the number of outperforming stocks by the number of underperforming stocks.
- The composite data is associated with the following ticker symbol: _Industry_Ratio_OutUnd
Basic Interpretation:
An increase in the indicator value indicates that more and more stocks are outperforming their industries than stocks underperforming theirs. This is usually a bullish sign, but be aware of extreme values as this may indicate that a change in the trend direction is likely to occur soon.
This market indicator requires the following trading item: Industry Market Data: This item downloads industries data (+90 industries) Industry Index Name: This function associates QuantShare industry names with the above downloader industry names
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
