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epitrope@xxxxxxxxxxx wrote:
>
> Greetings everybody.
>
> Has anybody heard of the NYSE "Bullish Percent Index" indicator, created by
> Chartcraft in 1955, and does anyone have a Metastock formula for this?
>
> Thanks
> Michael
The bullish % was used exclusively with 3 point reversal P&F charting
and discussed by A.W.Cohen in his famous book which all students of P&F
have read. More recently Thomas J. Dorsey rehashed Cohens book.The
bullish% index was applied to the NYSE index and simply the % of stocks
or sectors on P&F buy signals.Greater than 50% was bullish.
Dorsey expands on the simple buy / sell signals with a range from full
buys to buy alerts and full sells to sell alerts. In my opiion this
indicator based on P&F charts is cumbersome.
More recent work takes the number of stocks or sectors above say, their
50 day MA or the number of sectors with a momentum greater than 105. The
95 to 105 levels being neutral. Other sytems use long term RSI levels.
I have found that my expansion of Dines relative strength table gives an
excellent bull / bear indicator.
Hope this is of help.
regards. Clive Roffey.
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