//@version = 5
indicator("NYSE Cumulative New Highs New Lows", overlay = false)

var cumulativeNewHighsLows = float(na)

newHighs = request.security("HIGN", "D", close)
newLows = request.security("LOWN", "D", close)

newHighsLows = nz(cumulativeNewHighsLows) + (newHighs - newLows)
cumulativeNewHighsLows := newHighsLows

mean = ta.sma(cumulativeNewHighsLows, 252)
stdev = ta.stdev(cumulativeNewHighsLows, 252)
zScore = (cumulativeNewHighsLows - mean) / stdev
plot(zScore)

regimeColor = zScore > 0 ? color.green : color.red
bgcolor(color.new(regimeColor, transp = 75))