Pascal,

Many thanks for your elaborated answer

I still do not get it 100%. Please excuse me for insistence.

My example stock is ATVI. I own this stock for the moment but I’m thinking of selling it because of the drop of LEV.
In the graph of LEV/SEV of this stock, the LEV is dropping and currently -1072.

According to your definition of LER (Large Effective Ratio) this is “LEV divided by the total volume exchanged during an analysis period”.

How is it possible that in the repository file PascalA_List.xlxs the value of LER for ATVI is at +125 and the LEV is negative?