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Quantal Breadth Index (QBI) is a calculation of the minimum amount of the
relevant index you would have to buy in order to get the index return, assuming
that you can't hold a bigger fraction of any security than its index weight.
A QBI of 100 means the index movement is most broadly spread across stocks,
while a very low QBI means that the index movement is concentrated in a
few stocks. A QBI of zero means that there was no consistent movement across
stocks. In the historical series, a 40-day moving average of the raw index
is reported.
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