For clarity, long does not indicate buying or selling, just that some for the day was either buying-to-open or selling-to-close.
Similar but opposite, short indicates that some for the day was either selling-to-open or buying-to-close.
The decimal value indicates the proportion of Long to Short . Example, 0. 40 green / 0.60 red would indicate 40% long / 60% short for that day.
We can take that information as well as the overall outcome of the days session to get an idea for who was drove the market direction for the day.
The four clear outcomes that we can look for are:
If the was mostly long (a mostly green bar in the indicator) than an up day would indicate position holders added to long positions.
If the was mostly long (a mostly green bar in the indicator) than a down day would indicate position holders reduced from long positions.
If the was mostly short (a mostly red bar in the indicator) than a down day would indicate position holders sold short and added to short positions.
If the was mostly short (a mostly red bar in the indicator) than an up day would indicate position holders bought to cover long positions.
Those are the clearest possible cases but far more likely the will be muddled between short and long making interpreting the net outcome of the day far more difficult.
Unfortunately this data is only published at a by FINRA and is usually available at the end of the trading day approximately 3-4 hours following market close.
Please reach out with any questions, suggestions, or recommendations on how to improve this indicator.
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