Highs/Lows (14) Formula
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I need the formula for the Highs/Lows (14).
They told me it is the High-Low Indicator and I could find the following information:
The High-Low Index is a breadth indicator based on Recor High Percent, which is based on new 52-week highs and new 52-week lows. The Record High Index equals new highs divided by new highs plus new lows.
The High-Low Index is simply a 10-day SMA of the Record High Percent, which makes it a smoothed version of the Record High Percent. This article will explain how to identify the direction of the High-Low Index and how to use the absolute level to define a trading bias.
FORMULA
Record High Percent = {New Highs / (New Highs + New Lows)} x 100
High-Low Index = 10-day SMA of Record High Percent
Is it correct?
I don't understand if considering a Highs/Lows (14) the moving average has to be of a period of 14 days or different from this and if the Highs/Lows formula is actually just the following or not:
{New Highs / (New Highs + New Lows)}
Thank you