Note: The acronyms ETF (exchange traded fund) and CEF (closed end fund) are used interchangeably in this guide in the sense that they can both be bought and sold throughout the trading day like a regular stock. However there are important differences between the two. I’ve listed a few links here to articles that discuss the differences:


The ETF Tracking system here provides a series of screens to help keep you on top of ETF’s moving with volume, leading in price performance and finding support at key levels (specifically the 50 and 200 day moving averages).

Let’s take a look at the data provided in each column.

1. Each ticker symbol is linked directly to which is a great site for further ETF or CEF (Closed End Fund) research.

2. Clicking on the chart symbol takes you directly to a chart of the ETF at

3.The name of the ETF/CEF

4. Hover your mouse over the notepad image to see asset allocations – sector allocations and top holdings in specific companies

5. Current Price/Price % Change (updated every 15 min): price % change is the change in price from the closing price of the previous trading day

6. This is the % Vol change from the daily average volume over 50 days and is recalculated every 15 minutes. For example, if an ETF normally trades 100K shares after the first hour of trading, but today is trading 200K shares after the first hour of trading, the Volume % Change column will display 100% (the number of shares changing hands is double the average in the first hour.. if the price is up too that’s bullish action! If a price decline is accompanied with heavy volume that’s bearish action! If today it is trading 50K shares after the first hour of trading, then the Vol % Change = -50%.. 50% fewer shares changed hands in the first hour today than it would on average.

The following is the first screen on the page and allows you to quickly see ETFs showing significant price appreciation with volume (Big Buying). You want to pay particular attention to these funds if playing the long side because this kind of price and volume action can often indicate furhter upward momentum. On the other hand, the Heavy Selling link provides a quick glimpse of ETFs selling off with volume and can often indicate further price erosion. You may want to pay attention to these funds if playing short side.

7,8. DI 20,40 Scores: The Demand Indicators (over 20 and 40 days) measure price and volume movements to gauge institutional demand. Points are awarded for high volume moves up (institutional buying) as well as light volume selling (indicating healthy consolidation). The score decreases with low volume buying (indicating demand is waning) as well as high volume selling (institutions dumping shares). The higher the overall score, the greater demand for the stock. These scores combined with where the price is in relation to its 50 and 200 day moving average provide a quick way to gauge the health of an ETF/CEF without having to consult a chart. These scores are updated at the end of each trading day.

A screen which returns the Top 10 ETF’s with the highest Demand Indicator score over the past 20 days is provided as shown in the screenshot below. These are ETF’s showing sustained buy interest from institutions. By clicking on the Distribution Over 20 Days link, you’ll see a list of 10 ETF’s with the lowest DI score over the past 20 days. These are ETF’s showing a lack of buy interest/heavy selling over the past 20 days. Notice how the Telecom industry is showing great demand over the past 20 days with 2 Telecom ETF’s in the top 10.

9. Relative Strength (RS Rating): The relative strength rating (from 1 -100, 100 outperforming all ETFs) compares the performance of an ETF to the performance of all other ETFs. Studies have shown that stocks as well as ETFs that have outperformed in the past will typically outperform in the future (of course there are no guarantees!). If you’re familiar with the RS rating for individual stocks, you’ll see that the RS rating I’m using for ETF’s has a much wider scale because the comparison pool is much smaller.

In a screenshot of the Relative Strength screen below, it’s clear that the Turkish Fund (TKF) has been far and away outperforming all ETF’s. However, notice the divergence in the DI 20 and 40 scores? Despite the continued rise in the price of the (in this case CEF), demand is clearly weakening (high volume selling, low volume buying). This could indicate that TKF is ready for a significant correction.

10. % From 50 and 200 day moving averages: these columns are fairly self explanatory. It’s the just the price % difference from the major support lines of the 50 and 200 day moving averages. Purchasing on a bounce off support can be a profitable strategy. The following screen provides a list of ETFs that are near support of the 50 or 200 day moving average.

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