A helping hand from the Arms Index by James Alphier and Bill Kuhn
It was just about 20 years ago when Richard W. Arms, Jr. published in the pages of Barron's his new
index number which combined upside and downside volume with the traditionally watched statistics on
the number of advancing and declining issues. Arms' method of combining the "raw head count" of the
advances and declines with the total number of shares these stocks were trading was simple.