Based on Technical Breadth Indicators of the NYSE, a broad equity market index.
More information on the conditions of the Hindenburg Omen can be found here,
Please use at your own discretion.
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study("Hindenburg Omen",shorttitle="HOmen",overlay=true) //Count of Advancing Issues ADV=security("QUANDL:URC/NYSE_ADV","D",close) //Count of Unchanged Issues UNC=security("QUANDL:URC/NYSE_UNC","D",close) //Count of Declining Issues DEC=security("QUANDL:URC/NYSE_DEC", "D",close) //Count of Issues Hitting 52Week Highs NEWH=security("QUANDL:URC/NYSE_52W_HI", "D",close) //Count of Issues Hitting 52Week Lows NEWL=security("QUANDL:URC/NYSE_52W_LO", "D",close) //Total Number of Issues TOTAL=ADV+DEC+UNC //NYSE Index Value INDEX=security("NYA", "D",close) //McClelland Oscillator RANA=1000*((ADV-DEC)/(ADV+DEC)) MA1=ema(RANA,19), MA2=ema(RANA,39) MCC=MA1-MA2 //Condition 1: % of Issues of hitting New 52W highs and 52W lows is greater than or equal to 2.8%. COND1= ( (NEWH/TOTAL)>=.028 and (NEWL/TOTAL)>=.028)?1:na //Condition 2: Index is higher or equal in value than when it was 50 days ago. COND2=(INDEX>=INDEX)?1:na //Condition 3: McClelland Oscillator must be negative. COND3=(MCC<0)?1:na //Condition 4: The ratio of New 52W Highs to New 52W Lows cannot exceed 2 COND4=((NEWH/NEWL)<2)?1:na //Hindenburg Condition //All four conditions are met ALL4=(COND1+COND2+COND3+COND4) HOmen= (ALL4==4?true:false) //Plots the Hindenburg Signal above bar plotshape((ALL4==4?highest(high,30) * 1.00250 :na), style= shape.triangledown, location= location.absolute, color=black,text='Hindenburg\nOmen') //Hindenburg Omen Signal Period of 30 days test=barssince(HOmen==true)<=30?1:na bgcolor(test == 1 ? maroon : na, transp=80)