New Highs / New Lows - Technical Analysis from A to Z
The New Highs-New Lows indicator ("NH-NL") displays the daily difference between the number of stocks
reaching new 52-week highs and the number of stocks reaching new 52-week lows.
You can interpret the NH-NL indicator as a divergence indicator or as an oscillator.
I usually plot a 10-day moving average of the NH-NL indicator to smooth the daily values.