OPEN-SOURCE SCRIPT

The Setup Factory Breadth

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The Setup Factory Breadth

Layer 1: Participation (Adv-Decl Issues)
Calculation: It takes the number of NYSE stocks currently going up and subtracts the number of stocks currently going down.

Layer 2: Conviction (Up - Down Volume)
Calculation: It takes the total volume of all stocks moving up and subtracts the volume of all stocks moving down.

Layer 3: Diversification (The Sector Count)
Calculation: It looks at the 11 S&P 500 Sector ETFs (XLK for Tech, XLF for Banks, etc.). It checks if each one is trading higher than its previous day’s close.

It is updated live intraday.

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