motivated by email from Rick H.
There's this thing called (something like): new Highs Lows Oscillator.
You consider a basket of stocks (like the S&P500 collection) and do this:
 You count the number of stocks where (Today's Price) = (52week High).
 You count the number of stocks where (Today's Price) = (52week Low).
 You subtract the latter from the former.
 You repeat ...
>Huh? Subtract the latter from the former?
Yes:
High/Low Oscillator = (Number of new 52week Highs)  (Number of new 52week Lows)

Each day you repeat steps 1 to 3 so you get a chart of the variation in this number. That's the "oscillator".
If you plot these numbers for the last 30 days or so, you'll get a graph that ... uh ... oscillates.
Unfortunately, it's often difficult (expecially these days) to find stocks that are at their 52week High.
Indeed, it's likely that there are NONE. In fact, it's possible that ALL stocks are at their 52week low.
That makes the High/Low Oscillator sorta useless.
So I'd like to fiddle with that to see how many stocks have their current price within X% of the 52week High.
For example, if X% = 2%, then we'd look for stocks where (Today's Price) ≥ 0.98*(52week High)
I'd also like to fiddle to see how many stocks have their current price within X% of the 52week Low.
For example, if X% = 3%, then we'd look for stocks where (Today's Price) ≤ 1.03*(52week Low)
>And you can play with X%, right?
Right ... so we can get some idea of how many stocks are "in the neighbourhood" of their Highs and Lows (where X defines the neighbourhood).
Further, suppose I told you that there were 5 more stocks "in the neighbourhood" of their 52week High then were near their 52week Low.
In other words: Hi/Lo Oscillator = (Number of new 52week Highs)  (Number of new 52week Lows) = 5.
Would you say that was a large number?
>Is 5 a large number? I wouldn't think so.
Aah, but if I had just 20 stocks in my basket of stocks, then 5 would be pretty large, but if ...
>But if you had 500 stocks, then it'd be peanuts, eh?
Exactly, so I'd like to fiddle with the numbers so that the number generated is a percentage of the number of stocks in the basket.
To that end, we define:
For a basket of N stocks:
gHL(X) Oscillator = [ (Number of stocks within X% of their 52week High)  (Number of stocks within X% of their 52week Low) ] / N

Then if I say gHL = 12%, it'd mean that the percentage of stocks in the basket which were near their High is 12% higher than the percentage near their Low.
>But gHL could be negative, eh?
Yes, indeed.
>So where's the spreadsheet?
Just click on the picture to download the spreadsheet:
You type in a gaggle of stock (up to 500, in column K) and click the get ALL button ... then go for a coffee.
Then a bunch of data is downloaded and the daily gHL is calculated for the past month (roughly).
In fact, gHL(X) is calculated for X = 0%, 1% and 2% (or whatever you specify in cells M2, N2 and O2).
Notes:
 The spreadsheet (illustrated above) contains a bunch of stocks (identified by their Yahoo symbols) ... mostly selected from the S&P500.
 If you click that "other" button, you get data downloaded for a single stock ...but the chart don't hardly change (but the numbers in columns M, N & O change).
 The chart displays the various percentages that are in a Table ... and the Table is changed only when the get ALL button is pressed.
 All prices used in the calculations are Yahoo's Adjusted Close".
 There must be something else to say ... but I can't imagine what it is.
Just remembered what I wanted to say.
For the situation depicted in the spreadsheet above, there are about 300 stocks and 156 were at their 52week Low.
Just one was at its 52week High ... but I can't remember who he was. **
>And what does gHL stand for?
It means great High Low.
I might also mention that the stocks you specify should have more than a year of Yahoo data.
I might also mention that, if you look at the situation a year ago, you'd get this:
**
Now I remember! In these days of financial stress, where do investors turn?
Guess!!
 
