The New Highs-New Lows Index was very well described by A. Edler in his book “Trading for a Living: Psychology, Trading Tactics, Money Management ” in the chapter dealing with Stock Market Indicators.
In our case, the indicator has been adapted to the foreign exchange market and is calculated as the difference between the number of currency pairs that reached new highs over a given period and the number of currency pairs that reached new lows over a given period. The peak is, as a rule, a sign of a forthcoming reversal.
This indicator was originally developed in MQL4 and published in Code Base at mql4.com 01.04.2011.
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