Classify market internals across tracked assets as expanding, contracting, or mixed
Answers how healthy the breadth of your crypto universe is beneath the headline moves. It reads up to 200 daily candles per asset and computes the share of assets above their SMA-20, SMA-50, and SMA-200, the advance/decline ratio from 30-day returns, and counts of names near 30-day highs and lows. It classifies the market as expanding, contracting, or mixed. Use it to gauge whether market strength is broad or narrow.
Market internals - the classical practice of judging a market by how many of its members participate rather than by the index level.
Three measures. The share of assets trading above their SMA-20, SMA-50 and SMA-200 - a simple proportion, one count divided by the universe size, at three horizons. An up/down ratio computed from 30-DAY returns: the number of assets up over the period divided by the number down. This is an ANALOGUE of the classical advance/decline ratio, not that statistic - the classical one counts advancing and declining issues on a SINGLE session, and its long history on US equities belongs to that daily measure rather than to this variant. How assets with exactly zero return are treated, and what happens when nothing declines, are definitional choices the ratio depends on. And counts of names near their 30-day highs and lows - where "near" is a threshold, and therefore another convention rather than a property of the data.
The idea being taught is DIVERGENCE. When an index rises while the share of members above their averages falls, the move is being carried by fewer and fewer names, and breadth is said to be narrowing. That observation is descriptive, and its predictive value is debated - treat narrowing breadth as a description of participation, not a forecast of reversal.
Four caveats belong with any breadth reading.
The UNIVERSE defines the statistic. Breadth computed over a hand-picked list of assets describes that list, not the market, and the two are easy to confuse.
It is UNWEIGHTED. Every asset counts once, so a large asset and a tiny one move the number equally - which is precisely why breadth can diverge from a capitalisation-weighted index, and also why it is not a return.
The THRESHOLD is arbitrary. "Above the SMA-50" is a binary cut on a continuous quantity: an asset a fraction above and one a fraction below are counted as opposites.
The expanding/contracting/mixed label comes from cut-offs on these shares, which are our own convention rather than a standard.
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