You ask: "Like that NH/NL measure but a bit unclear exactly how to calculate yr figs? eg. 163/0. NH>NL ??? & The ratio of NH/(NH+NL) is at 100% ?????"
Answer: The ratio is 1. 163/(163+0) = 163/163 =1. Converted to a percentage figure that's 100%. That's a conventional way of expressing a ratio. All stocks (making NHs or NLs) are New Highs, i.e., 100% of all stocks (making NHs or NLs) are New Highs.
Another example. if NH/NL are 160/10. Ratio calculated as: 160/(160+10) = 160/170 = 0.9441. Converted to a percentage = 94.4% 94.4% of stocks are New Highs. Simple arithmetic really.
You also ask: how do you get "New Lows have also been below 10"
Below is a screen shot of my excel spread sheet data for NH/NL from beginning of February. Columns are: Date/NewHighs/NewLows/Ratio as %
If the question is about where do I get my data? The data comes from this site which I access on a daily basis:
The question about why do I use RSI.9? I have answered before but here it is again.
RSI was developed by Welles Wilder back in the 1970's. He showed it with a default setting of 14. Any setting can be used. Shorter settings for shorter view points, longer settings for longer view points.
Very short term traders often use RSI.2. Common uses are: RSI.5, RSI.9, RSI.21.
Jack Chan, for example, and a well-known technical analyst on the Gold Market, uses RSI.21.
Plenty of technical analysts use RSI.9 and RSI.5.
I use RSI.9 because it gives somewhat earlier and more extreme readings than RSI.14 on stock indices. In recent history, a reading above 70 using RSI.9 has been a good pointer to overbought conditions.
I often make the point however that momentum indicators are not a lot of use in non-trending or slowly trending markets. They always need to be used with care and in conjunction with other viewpoints on the market, especially, support/resistance, breadth, volume, chart patterns, etc.
Of course, others will add their viewpoints and pet indicators: fibs, cycles, astro, moon phases, solar flares, Gann squares - and anything else you can think of.
In the end it all comes down to what you are comfortable with, and the experience you bring to interpreting how the market is performing.
Just remember, Bill Eckhardt (he and Richard Dennis carried out the Turtle Traders experiment) says you can make money on the markets if you use any random method, so long as you use tight stops - cut your losses early and let your winners run. Sound money management is the crucial element.
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