LazyBear

High-Low Index [LazyBear]

-- Fixed ---
Source: http://pastebin.com/Z0uS17zD

Fixes an issue with "Combined" mode, using wrong symbols.

--- Original ---
The High-Low Index is a breadth indicator based on Record High Percent, which is based on new 52-week highs and new 52-week lows.

Readings below 50 indicate that there were more new lows than new highs. Readings above 50 indicate that there were more new highs than new lows. 0 indicates there were zero new highs (0% new highs). 100 indicates there was at least 1 new high and no new lows (100% new highs). 50 indicates that new highs and new lows were equal (50% new highs).

Readings consistently above 70 usually coincide with a strong uptrend. Readings consistently below 30 usually coincide with a strong downtrend.

More info:
http://stockcharts.com/school/doku.php?i...

List of my public indicators: http://bit.ly/1LQaPK8
List of my app-store indicators: http://blog.tradingview.com/?p=970

Just noticed @Greeny has already published this -> Linking it here.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
//
// @author LazyBear 
// 
// List of my public indicators: http://bit.ly/1LQaPK8 
// List of my app-store indicators: http://blog.tradingview.com/?p=970 
//
study(title="High-Low Index [LazyBear]", shorttitle="HLIDX_LB")
res=input("D", title="Timeframe")
t=input(defval=1, maxval=2, minval=1, title="MA Type (1=>SMA, 2=>EMA)")
lma=input(defval=10, minval=1, title="MA Length")
mkt = input (defval=1, minval=0, maxval=4, title="Market (0=>AMEX/NASD/NYSE Combined, 1=NYSE, 2=NASDAQ, 3=AMEX, 4=CUSTOM)")
aic=input(defval="MAHE", title="CUSTOM: New Highs Symbol", type=symbol)
dic=input(defval="MALE", title="CUSTOM: New Lows Symbol", type=symbol)
sh=input(false, title="Show only Record High %")
ma(s,l) => sh?s:(t==1?sma(s,l):ema(s,l))
hi="MAHN", lon="MALN" // NYSE
hiq="MAHQ", lonq="MALQ" // NASDAQ
hia="MAHA", lona="MALA" // AMEX
advc="(HIGN+HIGQ+HIGA)/3.0", loc="(LOWN+LOWQ+LOWA)/3.0"
adv=security(mkt==0? advc:mkt == 1? hi:mkt == 2? hiq:mkt == 3? hia:aic, res, close)
lo=security(mkt==0? loc:mkt == 1? lon:mkt == 2? lonq:mkt == 3? lona:dic, res, close)
hli=ma(adv/(adv+lo), lma) * 100
osd=plot(hli<50?hli:50, style=circles, linewidth=0, title="DummyOS")
obd=plot(hli>50?hli:50, style=circles, linewidth=0, title="DummyOB")
ml=plot(50, color=gray, title="MidLine")
fill(osd, ml, red, transp=60, title="OSFill"), fill(obd, ml, green, transp=60, title="OBFill")
plot(hli, color=maroon, linewidth=2, title="HiLoIndex")
List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970