If I understand correctly, the $TIKQ is a measure of the ratio of Nasdaq Issues UP to DOWN. There are a whole bunch of those indicators that are of some meaningful use. But if your willing, let's create a small knowledge trail here of what's meaningful. I know you're inclined to agree that Price Volume and Time are some of the more potent variables in trading. Volume has two characteristics which in and of themselves are related to a third variable that most folks simply throw away. We can chat down this lengthy path at any time you wish.
So the $TIKQ is a ratio of the number of Stocks that are up to down. If I remember correctly, it's really the net difference of the number of NAZ stocks up vs NAZ stocks down. Thus a (+) num indicates more issues are up then down and vice versa for (-). Some time back when I looked closely at this index indicators, I had to ask myself the money question (ie. how can this information be leveraged). After looking closely at many of these indicators, it became somewhat clear that there was clumpiness in the data of the individual stock components. In otherwords, the individual stocks were correlated in some way and at certain times proved not to be independent and identically distrubed (ie. not so random). So I looked closer and checked the corresponding futures, options, and ETF equivalents. After much reasoning, it was apparent that the offset between the various forms of the index is due to arbing where the futures lead the way of the index. This fact of course is a much longer discussion which I am also happy to go down the discussion trail.
After a detailed study of these indicators, perhaps not so surprisingly, was the finding of the $UVOLQ and $DVOLQ indicators which measure the amount of UP VOLUME and DOWN VOLUME of the Nasdaq. If you do some comparative analysis between the OC of the price bars and the OC of the $UVOLQ and $DVOLQ indicators, you will find a very nice and exploitable directionably tradeble characteristic. The detail that's not wasn't so obvious for me, was that these indicators are better suited to doing CONTINUOUS analysis as opposed to more of a snapshot based sample analysis. In other words, personally, I would measure the duration above and below the threshold between $TIKQ and similarly for the NASDAQ. I would only expect your current output to show an above/below imbalance if the day proceeded with higher bar after higher bar...
Kind Regards,
MAK
