ArmsIndex (Function)

The ArmsIndex function calculates the ratio between volume weighted advancing and declining issues.

Syntax

ArmsIndex(AdvIssues,AdvVolume,DecIssues,DecVolume)

Returns (Double)

A numeric value of the arms index for the current bar.

Parameters

Name	Type	Description
AdvIssues	Numeric	Specifies a advancing issues price data series. Normally the Close of Data1 referencing the close of an advancing issues symbol.
AdvVolume	Numeric	Specifies an advancing volume data series. Normally the Volume of Data1 referencing the volume of an advancing issues symbol.
DecIssues	Numeric	Specifies an declining issues price data series. Normally the Close of Data2 referencing the close of a declining issues symbol.
DecVolume	Numeric	Specifies an declining volume data series. Normally the Volume of Data2 referencing the volume of a declining issues symbol.

Remarks

The Arms Index was developed by Richard Arms; it can also be referred to as the TRIN. It is commonly used as a short term trading tool that attempts to show whether volume is flowing into advancing or declining stocks. The resulting index may also be smoothed by an average.

You will need to create a multidata chart with advancing issues and declining issues both in the chart to use this function.

Advancing issues and Declining issues symbols for the three major stock exchanges can be found using the symbol lookup feature. For more information, see Using the Symbol Lookup Feature.

The TradeStation data network symbols for NYSE advancing and declining issues are $ADV and $DECL.

Example

Assigns the 21 bar moving average of the ArmsIndex to Value1, then plots Value1:

Value1 = Average(ArmsIndex(Close of Data1, Close of Data2, Volume of Data1, Volume of Data2), 21);

Plot1(Value1, "AvgARMS");