Hughes Breadth Oscillator
The Hughes breadth oscillator is a ratio of the difference between the declines divided by the total issues traded. This ratio is traditionally smoothed with a moving average. When the ratio rises above or declines below zero, a buy or sell signal is generated respectively.
Source: Kirkpatrick, Charles and Dahlquist, Julie.Technical Analysis: The Complete resource for Financial Market Technicians; (c) 2007.