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What is the best way to measure divergence (against price) in Hi-Low figures for an ETF over time?
To discern whether an ETF is over-extended and near a correction I often consult several indicators for momentum. For breadth I normally use the Bullish-Percent indicator or look at percent of stocks above their 50 dma or 200 dma. I would also like to find a measure of divergence against price in the Hi-Low figures for the ETF over time.
In the Market Message Arthur Hill often highlights the high-low percentages for various ETFs (especially various sectors). But the display of these is in a bar graph form which does not seem to lend itself to comparison across time. I was wondering whether these percents can be displayed in a line graph so that one could see whether there is a divergence between the Hi-Low percent at the current swing top and what it was at the last swing top.
What is the best way to do this?