Unchanged Issues Index
The unchanged issues index uses a ratio of the number of unchanged stocks to the total traded. The theory behind it is that during periods of high directional activity, the number of unchanged declines. Unfortunately, with the decimalization of the stock quotes, the number of unchanged has declined, and the ratio now appears to have almost no predictive power. Testing this indicator, we have found negative results in almost all instances since April 2000.
Source: Kirkpatrick, Charles and Dahlquist, Julie. Technical Analysis: The Complete resource for Financial Market Technicians; (c) 2007.