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'Hindenburg Omen' Tracking Chart
The ominous sounding name of this signal comes from the late Kennedy Gammage, who passed away Jan. 3, 2006, just a few months after he retired from writing The Richland Report newsletter. Ken was one of the great proponents of the McClellan Oscillator and Summation Index, and was a big reason why they came to be so well known. The McClellan Oscillator being positive or negative is one of the criteria for a Hindenburg Omen, so it was probably out of working with that indicator that Miekka came into contact with Ken Gammage. I suspect that the idea for the name 'Hindenburg' was related to a similar signal using NH and NL called the 'Titanic Syndrome' which was developed by the late Bill Ohama.
The Wikipedia article contains an early set of criteria for the HO:
1. Both New Highs (NH) and New Lows (NL) must exceed 2.2% of total NYSE issues on the same day.
2. The smaller of these must be greater than or equal to 69 (note: the Wikipedia rules used to say 79, which was more than 2.2% of total NYSE issues for most of history).
3. The 10-week MA of the NYSE Comp (NYA) is rising (i.e. market is in an uptrend, which is important since you don't need an omen that a downtrend might be coming if you are already in a downtrend).
4. McClellan Oscillator is negative.
5. NH cannot be more than 2x NL.
The ominous sounding name of this signal comes from the late Kennedy Gammage, who passed away Jan. 3, 2006, just a few months after he retired from writing The Richland Report newsletter. Ken was one of the great proponents of the McClellan Oscillator and Summation Index, and was a big reason why they came to be so well known. The McClellan Oscillator being positive or negative is one of the criteria for a Hindenburg Omen, so it was probably out of working with that indicator that Miekka came into contact with Ken Gammage. I suspect that the idea for the name 'Hindenburg' was related to a similar signal using NH and NL called the 'Titanic Syndrome' which was developed by the late Bill Ohama.
The Wikipedia article contains an early set of criteria for the HO:
1. Both New Highs (NH) and New Lows (NL) must exceed 2.2% of total NYSE issues on the same day.
2. The smaller of these must be greater than or equal to 69 (note: the Wikipedia rules used to say 79, which was more than 2.2% of total NYSE issues for most of history).
3. The 10-week MA of the NYSE Comp (NYA) is rising (i.e. market is in an uptrend, which is important since you don't need an omen that a downtrend might be coming if you are already in a downtrend).
4. McClellan Oscillator is negative.
5. NH cannot be more than 2x NL.
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