Breadth riskUpdated daily after close · as of 2026-10-19

Hindenburg Omen Tracker

Today's signal, McClellan Oscillator and cluster history

Free Hindenburg Omen tracker — a breadth-based crash-risk indicator that fires when both new 52-week highs AND new 52-week lows are elevated simultaneously, with McClellan Oscillator confirmation. This is a broad-universe variant computed daily from roughly 4,750 eligible US common stocks in a typical session with SPY as the trend filter, not the classic NYSE-only specification — see the methodology comparison for the differences.

The answer · Hindenburg Omen2026-10-19market close

INACTIVE

2 of 4 daily conditions are met; there is no confirmed cluster.

Both extremes elevatedFAIL

NH and NL each ≥ 2.2%1.05% / 7.53%

Uptrend filterFAIL

SPY above 50-day SMA$766 / $768

Breadth momentum weakPASS

McClellan below zero-14.39

Highs not dominantPASS

New highs ≤ 2× new lows46 / max 660

Triggers in last 30d: 0
Last trigger: 2026-08-17
Warning window: Not active
Valid universe: 4,385 issues

Broad-universe variant. A trigger is a risk alert. On its own it is not a sell signal.

Today's reading

As of market close on October 19, 2026, the Hindenburg Omen is INACTIVE. 46 stocks made new 52-week highs (1.05% of 4,385 issues) and 330 made new 52-week lows (7.53%). The McClellan Oscillator closed at -14.39 (bearish breadth). SPY closed at $766.48, below its 50-day moving average of $768.37. There have been no triggers in the last 30 trading days.

Last trigger: 2026-08-17Since prior session: McClellan -11.6 → -14.4 (deteriorating).

Sources, methodology & freshnessDaily OHLCV for eligible US common stocks (roughly 4,750 in a typical session; own price database) · Daily after market close (~1pm PT)Data as of 2026-10-19 · Open ↓

Source

Daily OHLCV for eligible US common stocks (roughly 4,750 in a typical session; own price database)

Methodology

All four Omen conditions evaluated daily; clusters within a 30-trading-day window tracked separately

Updates

Daily after market close (~1pm PT)Data as of 2026-10-19

Maintained & reviewed by Yuriy Matso — methodology shown on the page.

Signal history and trigger components

Range:

SPY and Omen cluster history

Red lines mark daily triggers; pale red bands mark periods with at least two triggers in the rolling 30-session window.

2024-10-21 → 2026-10-19

SPY close 50-day SMA Trigger day Confirmed-cluster window

New highs and new lows

The defining breadth fracture: both series must be at least 2.2% of the eligible universe on the same day.

New highs % New lows % 2.2% threshold

McClellan Oscillator

Breadth momentum must be below zero for a trigger; green readings fail that condition.

Positive Negative Zero

What happened after confirmed clusters

We measured SPY from the first day each rolling window reached two triggers—one observation per distinct cluster period. Across 22 cluster starts from 2016 through 2026-10-19, downside was more common than on an average day, but the median forward return remained positive.

The practical answer: this variant identifies a more fragile tape. It does not reliably forecast a crash. Over six months, SPY traded at least 10% below the cluster-start close in 33.3% of completed samples versus 23.9% from all dates; median SPY return was still +5.4%.

After cluster start All-day baseline

Chance SPY traded 10% below its starting close

At any point inside each forward window.

1 month

n=22

Median return

+0.3%

vs +1.8%

Finished positive

55%

vs 69%

Traded 10% lower

vs 4%

3 months

n=22

Median return

+4.3%

vs +4.2%

Finished positive

64%

vs 76%

Traded 10% lower

14%

vs 13%

6 months

n=21

Median return

+5.4%

vs +7.7%

Finished positive

67%

vs 79%

Traded 10% lower

33%

vs 24%

“vs” shows the all-day baseline.

Forward window	Cluster samples	Median return cluster / baseline	Finished positive cluster / baseline	Traded 10% lower cluster / baseline
1 month	22	+0.3% / +1.8%	55% / 69%	0% / 4%
3 months	22	+4.3% / +4.2%	64% / 76%	14% / 13%
6 months	21	+5.4% / +7.7%	67% / 79%	33% / 24%

Close-price returns; dividends excluded. “Traded 10% lower” means SPY touched a close at least 10% below the cluster-start close during the window. Baseline uses every eligible trading day, so its forward windows overlap. Recent clusters without a complete horizon are excluded. This is descriptive history and forecasts nothing.

Methodology — classic spec vs our variant

We implement a variant of the Hindenburg Omen that departs from the literal classic specification. The differences are explicit and material. If you compare trigger dates between this page and another tracker that uses the NYSE-only methodology (e.g., the StockCharts implementation), you should expect them to differ — sometimes by weeks. This table documents every choice we make.

Compare all 8 conditions, classic spec against ours

Universe

Classic: NYSE-listed issues only (~3,000 stocks; the original 1995 specification)

Ours: Eligible US common stocks across exchanges (roughly 4,750 in a typical session; exact count varies by date)

Different universes produce different daily highs/lows and different trigger dates.

New highs / new lows threshold

Classic: ≥ 2.2% of total NYSE issues (some modern variants use 2.8%)

Ours: ≥ 2.2% of valid issues in our universe

Same percentage, different denominator.

Minimum-issue floor

Classic: The smaller of new highs / new lows must be ≥ 75 issues

Ours: Not enforced

A few historical triggers in our data had a smaller side below 75. Classic Omen would not have flagged them.

Trend filter

Classic: NYSE Composite 10-week MA rising (or NYSE Composite > level 50 trading days ago)

Ours: SPY closing price > SPY 50-day SMA

A meaningful difference. SPY can be above its 50d while a rising-NYSE-Composite-MA test would fail, and vice versa.

McClellan Oscillator

Classic: Negative McClellan Oscillator (some variants use ratio-adjusted)

Ours: Negative ratio-adjusted McClellan = EMA19(RANA) − EMA39(RANA), where RANA = 1000 × (advances − declines) ÷ (advances + declines)

Ratio adjustment keeps the oscillator on one scale as the universe changes size; unchanged issues are left out of the denominator.

≤ ratio constraint

Classic: New highs ≤ 2× new lows

Ours: New highs ≤ 2× new lows

Implemented identically. The asymmetry (lows can exceed 2× highs but not the reverse) is intentional in the classic spec.

Cluster window

Classic: ~36 days (originally 36 calendar days; some modern variants use 30 trading days)

Ours: 30 trading days (matches one of the modern variants)

Pick a window — both definitions exist in the literature. Our chart shading and "in cluster" status both use this window.

Universe stability & survivorship

Classic: Not relevant — NYSE issue count is reasonably stable and includes delisted issues as of each date

Ours: The high/low component retains its existing stock filter. The McClellan input uses corrected dated common-share breadth, including available archived histories. Signals are suppressed when valid high/low issues fall below 2,000.

The two inputs have different eligible populations. The high/low history omits archived listings; the corrected A–D history remains incomplete. These limits can affect signal dates and historical outcomes.

Condition	Classic NYSE Omen	The Trading Tools implementation	Practical effect
Universe	NYSE-listed issues only (~3,000 stocks; the original 1995 specification)	Eligible US common stocks across exchanges (roughly 4,750 in a typical session; exact count varies by date)	Different universes produce different daily highs/lows and different trigger dates.
New highs / new lows threshold	≥ 2.2% of total NYSE issues (some modern variants use 2.8%)	≥ 2.2% of valid issues in our universe	Same percentage, different denominator.
Minimum-issue floor	The smaller of new highs / new lows must be ≥ 75 issues	Not enforced	A few historical triggers in our data had a smaller side below 75. Classic Omen would not have flagged them.
Trend filter	NYSE Composite 10-week MA rising (or NYSE Composite > level 50 trading days ago)	SPY closing price > SPY 50-day SMA	A meaningful difference. SPY can be above its 50d while a rising-NYSE-Composite-MA test would fail, and vice versa.
McClellan Oscillator	Negative McClellan Oscillator (some variants use ratio-adjusted)	Negative ratio-adjusted McClellan = EMA19(RANA) − EMA39(RANA), where RANA = 1000 × (advances − declines) ÷ (advances + declines)	Ratio adjustment keeps the oscillator on one scale as the universe changes size; unchanged issues are left out of the denominator.
≤ ratio constraint	New highs ≤ 2× new lows	New highs ≤ 2× new lows	Implemented identically. The asymmetry (lows can exceed 2× highs but not the reverse) is intentional in the classic spec.
Cluster window	~36 days (originally 36 calendar days; some modern variants use 30 trading days)	30 trading days (matches one of the modern variants)	Pick a window — both definitions exist in the literature. Our chart shading and "in cluster" status both use this window.
Universe stability & survivorship	Not relevant — NYSE issue count is reasonably stable and includes delisted issues as of each date	The high/low component retains its existing stock filter. The McClellan input uses corrected dated common-share breadth, including available archived histories. Signals are suppressed when valid high/low issues fall below 2,000.	The two inputs have different eligible populations. The high/low history omits archived listings; the corrected A–D history remains incomplete. These limits can affect signal dates and historical outcomes.

Classic-spec sources: Jim Miekka's 1995 work as documented and refined by Robert McHugh; the StockCharts/ChartSchool reference; independent technical-analysis publishers; and the McClellan Financial Publications methodology.

Trigger history

Hindenburg Omen in 2026

The Hindenburg Omen has triggered 19 times in 2026, most recently on 2026-08-17. No triggers sit in the trailing 30-trading-day window; the cluster count is zero.

2026 trigger dates: 2026-01-29 · 2026-01-30 · 2026-02-02 · 2026-02-03 · 2026-02-04 · 2026-04-29 · 2026-05-11 · 2026-05-13 · 2026-05-14 · 2026-05-18 · 2026-05-20 · 2026-06-03 · 2026-06-05 · 2026-06-08 · 2026-06-09 · 2026-06-17 · 2026-06-22 · 2026-06-23 · 2026-08-17

Recent single-day triggers

Date	SPY	McClellan	New highs	New lows
2026-08-17	$773	-0.4	2.98%	2.39%
2026-06-23	$734	-0.1	3.27%	3.15%
2026-06-22	$744	-3.5	4.96%	4.26%
2026-06-17	$741	-11.0	3.65%	2.75%
2026-06-09	$737	-4.7	5.51%	2.91%
2026-06-08	$739	-17.4	3.56%	2.92%
2026-06-05	$738	-21.4	3.24%	2.83%
2026-06-03	$754	-24.1	3.28%	3.03%
2026-05-20	$741	-12.9	2.88%	2.97%
2026-05-18	$739	-32.1	2.92%	3.13%

Cluster periods (2+ triggers in 30 trading days)

Cluster start	Cluster end	Peak count
2026-05-11	2026-08-04	12
2026-01-30	2026-03-18	5
2025-10-13	2025-12-19	9
2025-08-06	2025-09-18	3
2025-02-11	2025-03-27	4

The Omen was reportedly active in the months before COVID. Correct call in retrospect, though no one could have known the trigger.

Sustained reported cluster activity · McClellan Pubs

2021

Reported

Continued bull through year-end 2021

False positives during melt-up phase.

Several reported single triggers · McHugh (reported)

Period	Trigger pattern	SPY outcome	Read	Source	Confidence
Aug 1987 (pre-Black Monday)	Reported cluster activity	–22% on Oct 19, 1987 (Black Monday)	Widely cited as a successful call — Omen reportedly flagged the regime weeks before the crash.	McClellan Pubs	Widely cited
Oct 1999 – Mar 2000 (dot-com top)	Multiple reported clusters	S&P –49% over the next 2.5 years	Persistent breadth divergence as mega-cap tech pulled the index higher while many stocks made new lows.	StockCharts	Widely cited
Jun – Aug 2007 (pre-GFC)	Reported cluster in June, more in August	S&P –56% peak-to-trough by Mar 2009	Among the most-cited successful calls — reportedly fired well before the credit crisis became visible in equities.	McHugh (reported)	Widely cited
Jul – Aug 2010	Reported cluster	No major drawdown — market resumed uptrend	A widely-discussed false positive. The cluster appeared during a mid-bull-market chop; markets rallied through 2011.	StockCharts	Widely cited
Aug 2013	Reported single triggers	Brief –4% pullback then continued uptrend	Apparent false positive during a normal correction.	McHugh (reported)	Reported
Jul 2014	Reported cluster	No major drawdown	False positive in an extended bull market.	McHugh (reported)	Reported
Aug 2015	Reported cluster around the China-devaluation drop	S&P –12% (sharp but brief)	Concurrent with rather than clearly leading the move. Coincident signal.	StockCharts	Reported
Aug 2017	Reported cluster	No major drawdown	False positive.	McHugh (reported)	Reported
Sep 2018 – Dec 2018	Multiple reported clusters	S&P –19% peak-to-trough	Reportedly fired through the Q4 selloff — partial credit (no crash, but a meaningful correction).	StockCharts	Reported
Sep 2019 – Feb 2020 (pre-COVID)	Sustained reported cluster activity	S&P –34% in 33 days starting Feb 19, 2020	The Omen was reportedly active in the months before COVID. Correct call in retrospect, though no one could have known the trigger.	McClellan Pubs	Widely cited
2021	Several reported single triggers	Continued bull through year-end 2021	False positives during melt-up phase.	McHugh (reported)	Reported

Episodes from December 2016 onward can be checked against our own computed trigger record (the broad-universe variant, which departs from the literal NYSE spec); earlier episodes come from published accounts that we have not re-computed from raw NYSE data. The Omen has been reportedly most predictive when triggers appear alongside other deteriorating conditions — credit spreads widening, VIX rising, sector rotation accelerating. False positives tend to cluster in the middle of bull markets when other risk indicators are calm.

The answer · Hindenburg Omen2026-10-19market close

INACTIVE

2 of 4 daily conditions are met; there is no confirmed cluster.

Both extremes elevatedFAIL

NH and NL each ≥ 2.2%1.05% / 7.53%

Uptrend filterFAIL

SPY above 50-day SMA$766 / $768

Breadth momentum weakPASS

McClellan below zero-14.39

Highs not dominantPASS

New highs ≤ 2× new lows46 / max 660

Triggers in last 30d: 0
Last trigger: 2026-08-17
Warning window: Not active
Valid universe: 4,385 issues

Broad-universe variant. A trigger is a risk alert. On its own it is not a sell signal.

The Manual — the Hindenburg Omen

Since 2016, our variant has produced 126 signal days. SPY averaged -0.1% in the quarter after a signal against a +3.4% baseline — a real drag — yet 62% of those windows still finished positive. The first-party study above uses one observation per confirmed cluster; the full owner's guide covers the recipe behind the name, the famous fires and fizzles with charts, and why we demoted the Omen to an alert in our own scoring.

Read The Hindenburg Omen Manual →

How Hindenburg Omen Tracker Works

1
Evaluate Hindenburg Omen conditions daily across eligible US common stocks
Each trading day after the close we check whether all conditions are simultaneously true: (1) both new 52-week highs and new 52-week lows are at least 2.2% of valid issues; (2) the SPY closing price is above its 50-day simple moving average (our trend filter — the classic Omen uses the NYSE Composite's 10-week MA rising); (3) the ratio-adjusted McClellan Oscillator is negative; (4) new highs do not exceed 2× new lows. The universe contains roughly 4,750 eligible US common stocks in a typical session, which is broader than the literal NYSE listing.
2
Flag single-day triggers and clusters
A single day meeting the conditions is a "trigger". Our implementation uses a 30-trading-day window to count clusters; the page chart highlights periods where 2+ triggers fall within that window. Clusters historically carry more interpretive weight than isolated single-day triggers, though both have a high false-positive rate.
3
Surface the signal alongside SPY and McClellan context, with universe filtering
The page shows SPY with its 50-day average, the percentage of stocks making new highs and new lows against the 2.2% threshold, and the McClellan Oscillator against zero. Vertical red lines mark triggers and shaded regions mark cluster windows. To keep the thresholds meaningful, signals are suppressed when the valid-issue count is below 2,000.
4
Measure every confirmed cluster instead of cherry-picking famous episodes
The forward study starts one observation when the rolling 30-session count first reaches two triggers, then measures SPY over the next 1, 3 and 6 months. It compares median return, positive outcomes and the frequency of SPY trading 10% below the cluster-start close with the all-day baseline.

Who Uses Hindenburg Omen Tracker

Long-Term Investors

Use the Omen as a regime warning. It is not a sell signal. Confirmed Omen clusters historically have appeared during transitional regimes when breadth is mixed and risk is rising — a signal to review portfolio risk, not necessarily to liquidate.

Risk Managers

One input among several in a multi-factor risk dashboard. The Omen is most useful when it confirms what credit spreads, VIX, and other breadth indicators are already saying. Standalone Omen signals are noisy.

Tactical Traders

Watch for confirmed clusters as one of multiple signals before reducing equity exposure. Combining an Omen cluster with rising VIX and widening credit spreads has historically been a stronger combined signal than any one alone.

Researchers and Educators

The Omen is a textbook example of a breadth-based market indicator. Its historical track record (mix of correct calls and false positives) makes it a useful case study for teaching the limits of single-indicator forecasting.

Pro Tips

Confirmed clusters matter more than single-day triggers

A single Omen trigger is statistically noisy and easily produced by a few news-driven days where new highs and new lows both expand. Two or more triggers within a few weeks (a "cluster") is the version most analysts treat as the real signal.

False positives are common — don't sell on the Omen alone

The Omen has fired multiple times during extended bull markets (notably 2010, 2014, 2017, 2021) without a major drawdown following. Acting only on the Omen would have meant missing many continuing rallies.

The signal is most interpretable in transitional regimes

The Omen is designed to detect internal disagreement: many stocks at new highs while many others make new lows. That makes it a market-fragility alert. The forward study on this page shows more downside tail risk after clusters, but also shows why a cluster is not itself a bearish forecast.

Cross-confirm with VIX, credit, and other breadth

VIX term structure, credit spreads and moving-average breadth answer different questions from the Omen. Check them independently: agreement across unrelated measures provides broader context, while a lone Omen trigger remains a noisy alert.

McClellan Oscillator below zero is a regime cue

Even without the full Omen trigger, a sustained negative McClellan Oscillator (the chart on this page) signals weakening internals. Watch for the Oscillator to flip back positive as a sign the deterioration may be ending.

The cluster window matters

Some implementations use 30 days, others 36. Triggers within roughly six trading weeks indicate persistent rather than fleeting deterioration. Single-trigger noise versus persistent regime change is the central question; our implementation uses 30 trading days.

Predefine a confirmation ladder

Decide in advance what would make an alert worth investigating: a second trigger, VIX backwardation, widening credit spreads or weakening broad-market participation. The page presents context; any portfolio response should reflect the user's own horizon, constraints and risk process.

Watch for the Omen during melt-ups

Counterintuitively, the Omen often fires near euphoric tops because some stocks are still making new highs while sector rotation is producing new lows in lagging names. The 1999 dot-com top and 2007 cycle peak both showed Omen activity in advance.

Common Issues & Solutions

I see no Omen triggers in the data window▾

Stretches without triggers are normal because all four daily tests must align. Activity also bunches: our broad-universe variant can produce several signal episodes in one year and then remain quiet for months. Use the ALL range and trigger-history table to distinguish a quiet window from missing data.

A trigger fired but nothing happened — was it wrong?▾

Yes, this happens often. The Omen has a high false-positive rate: several of the episodes in the history table on this page, including bull-market triggers, were followed by continued gains. The forward study counts how often SPY fell 10% after each confirmed cluster in our record. The signal is more useful when triggers cluster (2+ within a few weeks) and when it confirms what other indicators are saying.

Why is the McClellan Oscillator near zero?▾

The McClellan Oscillator is the difference between 19-day and 39-day EMAs of ratio-adjusted net advances, 1000 × (advances − declines) ÷ (advances + declines). It's designed to oscillate around zero, so most days it's near zero. Sustained excursions away from zero (especially below zero, which is one of the four Omen conditions) are the signal.

Why do your trigger dates differ from other Omen trackers?▾

Universe and trend filter. The original 1995 specification used NYSE-listed issues and the NYSE Composite trend filter; our variant uses eligible cross-exchange US common stocks — roughly 4,750 in a typical session — and SPY vs its 50-day SMA. Different universes produce different trigger dates, so compare methodology before comparing signals.

Frequently Asked Questions

What is the Hindenburg Omen?▾

The Hindenburg Omen is a technical-analysis indicator developed by Jim Miekka that attempts to flag elevated crash risk by identifying simultaneous expansion of both new 52-week highs AND new 52-week lows. Named after the 1937 Hindenburg airship disaster, the Omen reflects the idea that when stocks are pulling apart into both extremes at the same time, the market is showing signs of internal disagreement. The signal has a high false-positive rate — it has flagged some major events (1987, 2000, 2007, 2019–20) but also fired during many extended bull markets without a major drawdown following.

How is the classic Hindenburg Omen calculated?▾

The classic definition (as popularized by Jim Miekka and Robert McHugh) has five conditions, all on the same trading day: (1) both new 52-week highs and new 52-week lows are at least 2.2% of total NYSE-listed issues; (2) the smaller of the two counts is at least 75 issues; (3) the NYSE Composite 10-week moving average is rising; (4) the McClellan Oscillator is negative; (5) new highs do not exceed 2× new lows. Our variant checks four of them daily (all but the 75-issue floor). A "confirmed" Omen requires 2+ triggers within roughly 36 days.

How does The Trading Tools implementation differ from the classic Omen?▾

Our implementation is a variant. (1) Our universe is eligible US common stocks across exchanges — roughly 4,750 in a typical session — not the NYSE-listed subset. (2) Our trend filter is SPY > 50-day SMA, not NYSE Composite 10-week MA rising. (3) We do not enforce the 75-issue minimum. (4) Our cluster window is 30 trading days. (5) Our McClellan Oscillator is ratio-adjusted: the 19- and 39-day EMAs run on 1000 × (advances − declines) ÷ (advances + declines), so its scale does not drift as the universe grows. The new-highs ≤ 2× new-lows rule is applied exactly as in the classic spec. The full comparison table explains why trigger dates can differ.

Who created the Hindenburg Omen?▾

The indicator was developed in the 1990s by Jim Miekka, a blind market technician. It was popularized by Robert McHugh, who refined the definition and tracked its triggers publicly. The name was suggested by Miekka's friend Kennedy Gammage and is intended to evoke the disaster's sudden, catastrophic nature.

How accurate is the Hindenburg Omen?▾

Its track record is mixed and depends on the exact recipe and definition of a crash. The first-party study on this page evaluates every completed confirmed cluster in our broad-universe record: downside events occurred more often than from an average date, but median forward SPY returns remained positive. That supports treating the Omen as a fragility alert. It makes no deterministic crash prediction.

When was the last time the Hindenburg Omen triggered?▾

The signal status card at the top of this page shows whether today is currently in an active trigger or cluster state, and the plain-English daily reading below it summarizes the current conditions. Each red vertical line on the chart marks a trigger day in our data window; confirmed clusters (shaded red regions) are rarer than single-day triggers and historically more meaningful.

Should I sell stocks if the Hindenburg Omen triggers?▾

Probably not on the Omen alone. The historical false-positive rate is high enough that selling on every trigger would have meant missing many continuing rallies. A more nuanced approach: a confirmed Omen cluster should make you more attentive to other risk signals — VIX, credit spreads, breadth divergences, news flow. If multiple risk signals align with the Omen, that combined message is much stronger than the Omen alone.

What is a "confirmed" Hindenburg Omen cluster?▾

A cluster is when 2 or more single-day triggers occur within a defined window — the classic Omen uses ~36 days; our implementation uses 30 trading days. A single trigger is often noise (one news-driven day where both highs and lows expanded), but multiple triggers within a few weeks indicate persistent breadth deterioration rather than a one-off event. The "Cluster Status" indicator at the top of this page shows whether the current period contains a cluster.

What is the McClellan Oscillator?▾

The McClellan Oscillator is a market-breadth indicator built from the difference between 19-day and 39-day exponential moving averages of ratio-adjusted net advances: 1000 × (advances − declines) ÷ (advances + declines). Our implementation uses this ratio-adjusted form, so readings stay comparable as the number of issues changes. It oscillates around zero. Positive values indicate broadly improving breadth; negative values indicate deteriorating breadth. The Hindenburg Omen requires the McClellan Oscillator to be negative as one of its four trigger conditions, ensuring the broader breadth tape is weakening when the Omen fires.

Why does the Hindenburg Omen require both new highs AND new lows?▾

The simultaneous expansion of both is unusual and signals internal disagreement. In a normal bull market, you see lots of new highs and few new lows. In a normal bear market, the reverse. When you see both simultaneously, sectors and individual stocks are diverging — some are still trending up while others are breaking down. This kind of fragmented market is historically associated with regime instability and elevated risk.

How long does a Hindenburg Omen warning last?▾

The standard interpretation is that a confirmed Omen cluster signals elevated crash risk for approximately 30 days from the most recent trigger date. After that window, the warning is considered "expired". In practice, multiple analysts extend the watch period through any continuing breadth deterioration, since the underlying conditions often persist beyond a strict 30-day window.

What is the difference between the Hindenburg Omen and the Titanic Syndrome?▾

Both are breadth-based crash indicators. The Titanic Syndrome (developed by Bill Ohama) fires when an index makes a new 52-week high and within 7 trading days has more new 52-week lows than new highs — a much narrower trigger. The Hindenburg Omen is broader and requires simultaneous extreme breadth conditions. Both signals have similar underlying logic (breadth disagreement) but different specific triggers.

Does the Hindenburg Omen work on Nasdaq or just NYSE?▾

The classic 1995 specification was developed using NYSE-listed issues. Some modern implementations use the S&P 500 or combined NYSE + Nasdaq universes. Our implementation uses eligible US common stocks across exchanges — roughly 4,750 in a typical session. If another tracker prints different dates, the universe and trend filter are usually the reasons.

How often does the Hindenburg Omen trigger?▾

Frequency depends heavily on the universe, trend filter and cluster definition. In our broad-universe variant, triggers bunch into episodes: multiple confirmed windows can appear in one year, followed by long quiet stretches. The current-year log and ALL-range chart on this page provide the exact live count rather than relying on a generic historical average.

Is the Hindenburg Omen a leading or lagging indicator?▾

When it works, the Omen is a leading indicator — its forward window is intended to anticipate drawdowns rather than confirm them. When it produces false positives, of course, it leads nothing. Treat it as a leading indicator candidate that requires confirmation from other signals before being acted on.

Can I combine the Hindenburg Omen with other indicators?▾

Yes. VIX term structure, high-yield credit spreads and moving-average breadth measure different parts of market stress, so they can provide independent context. Agreement across them is more informative than repeatedly checking indicators built from the same inputs, but the combined picture remains descriptive, and no combination of them guarantees a trading signal.

Explore Other Tools

New Highs / New Lows

Inspect the two breadth extremes that form the Omen's core condition

McClellan Oscillator

Track the breadth-momentum input independently

Titanic Syndrome

The older, simpler cousin: more new lows than new highs at an index high

Credit Spreads

Cross-check whether corporate credit is also deteriorating