Compute advance/decline ratio and % above SMA-20/50/200 across the full US equity market when available, or your tracked stocks otherwise
Answers how broad the participation is across your equities or the market. It reads up to 220 adjusted daily candles for each of the run's equities and measures their share above SMA-20/50/200 and their average 20- and 60-day returns, which decide its broad risk-on, broad risk-off or mixed label. When a full US-market breadth snapshot is available it is published beside them as market-wide context; it describes the market, not the run's equities, and does not decide their label. Use it to judge whether equity strength is widespread or narrow, keeping in mind the run's own reading covers only its equities.
Equity market internals, and a clear illustration of why the population under measurement is the whole statistic.
The run's own equities are always measured, from their daily candles: the share above SMA-20/50/200 and the average 20- and 60-day returns, and those figures decide the label the run reports. When a full US-market breadth snapshot is available it is published beside them as market-wide context, with its own reading.
Those two populations are not the same measurement, and conflating them is the error to teach. Breadth over the whole market describes the market. Breadth over a handful of tracked names describes those names - a self-selected sample, and one selected by someone who was interested in them, which is a textbook selection bias. The analysis says which population each figure describes; that statement is part of the result, not a footnote.
The measurements themselves are simple proportions and arithmetic means over the population. Each share is a binary cut on a continuous quantity, so a stock marginally above its SMA-50 and one marginally below are counted as opposites.
A related caution: the run's own reading is computed over the CURRENT list of its equities, so it carries present-universe selection bias. Survivorship proper bites when a breadth series is reconstructed historically from today's constituents - that biases the retrospective figure, often upward - rather than in a current snapshot.
The broad risk-on / broad risk-off / mixed label comes from chosen thresholds on these measurements, not an industry standard. Read the run's published classification rule for the population it uses, the cut-offs and how the conditions combine.
Published reports are readable without an account. The newest is Ether (ETH) and XRP extend a month-long slide as Bitcoin falls below $75,000: trend, momentum and news (Nov 9, 2026). Create an account to run research on the stocks and crypto you choose.