The custom Market Breadth module has the ability to create a measure based on any technical criteria that can be defined with a script formula. The only requirement is that the script must return either a true/false response (e.g. is the 34 period moving average sloping up?), or a calculation that can be measured (e.g. how far is the close below the ?) Each of these will return result for the selected universe (eg S&P500 companies, or your portfolio) and will show the result as either a percentage, a count, a sum, or an average.
Here’s how to build custom advance / decline lines for a universe of stocks, such as the S&P500 Tech sector:
Symbol: XLKADL Name: XLK Advance / Decline Name Codes To Include: S&P 500 Info Tech Index from Optuma Symbol Lists Start Date: It’s best to use a fixed date (so the values don’t change when using a rolling date eg Last 5 years) Data Timeframe: Daily (change to Weekly to be based on weekly advance / declines). Breadth Action: Advance / Decline Cumulative Line
Once the breadth has been built the symbol XLKADL can be used in a chart or watchlist. It can also be used in the Breadth Data tool to display below the price chart. As seen below, today the XLK was down 0.2% but the Advance / Decline Line in blue was up 6 (confirmed in the watchlist linked to the sector symbol list, which shows 36 members advanced and 30 declined, matching the net change).
