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Alternate ZBT formula does not match original method, Tom McClellan notes
Tom McClellan points out an important distinction in calculating the Zweig Breadth Thrust (ZBT) indicator, emphasizing that the traditional method requires a 10-day EMA of A/(A+D). He adds that while an alternate calculation approach might serve as a valid signal, it should not be presented as Zweig's original formula since it differs from the established methodology.
McClellan also explains that NYSE Total Issues consist of advancing, declining, and unchanged stocks, clarifying how the calculation components fit together.
McClellan's emphasis on methodological precision aligns with his prior observations on broader market dynamics, including the persistent gap from the Fed's zero inflation mandate as outlined in the Humphrey-Hawkins Act. His recent commentary also resonates with earlier findings about how fund managers strategically delay large trades until the market opening to capitalize on optimal liquidity conditions.
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