Bullish Bearish Indicator shows the relation between bullish and bearish indicators. Higher readings shows that the market is too bullish hence shall be market top and not a sign for buy. Similarly lower readings shows the market is too bearish hence shall be market bottom which will provide opportunity to buy.
The Indicator shows the percentage of Bullish and Bearish market components within a particular security or index.
If there is a large difference ( >30%) between the percentage of Bullish and Bearish components then this implies that there is an unwarranted amount of Bullishness in the market and this usually occurs during a nearing top. The reverse is true for Bearishness in the market and typically depicts a nearing bottom.
(BBI = a weighted sum of the other indicators that have a bullish trend)