Those familiar with my work may know my predilection for classical yet less kown indicators and techniques.
The below chart is an example of a breadth indicator normally used for stocks: the Bullish Percentage Index. At FXstreet.com we build the same indicator for the Forex market based on a proprietary formula. The below EUR-BPI measures the percentage of euro-based pairs which are printing a bullish signal on Point and Figure charts. A rising line means that more euro-based pairs are bullish, and conversely, a falling line means that less euro-based pairs are bullish.
The above image is a construction with Teletrader a daily EUR/USD chart and the FXStreet.com's Bullish Percentage Index, which can be found at FXstudies under breadth indicators.
If you have any questions or comments about its use, just drop a message below.