The Upside-/Downside Volume Line in Percent is a breadth indicator based on weekly net volume, which is the volume of advancing stocks less the volume of declining stocks. Net advancing volume is positive when advancing volume exceeds declining volume and negative when declining volume exceed advancing volume. The Upside-/Downside Volume Line in Percent rises when there is more net advancing volume and falls when there is more net declining volume. The Upside-/Downside Volume Line in Percent should confirm an advance or decline of the S&P 500. A bullish or bearish divergence in the AdvanceUpside-/Downside Volume Line in Percent compared to the S&P 500 could lead to a trend reversal.
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The Upside-Downside Volume Ratio is a banded oscillator. It is calculated by dividing the volume of advancing issues by the volume of declining issues, using daily NYSE data. If the volume of advancing issues is reaching a predefined level, this indicator is flashing an overbought signal or the other way round.