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Advance Decline Index

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In index investment, the USI:ADD is the Advance Decline Index that can be plotted in most charting platforms. Just like there is a volatility index for most major indeces ( VIX , VOLQ ) and even for Apple (CBOE:VXAPL), USI:ADD also has variations specific for the index you are analyzing (SPX: ADD, NASDAQ: ADDQ).

The USI:ADD index is a measurement of stocks in the index that are advancing ( bullish ) minus those that are declining ( bearish ), the exact formula being $ADV minus $DECL.

The basic idea of how to use the ADD index is that when the value is above 1000 it is considered overbought. Conversely, when the value is below -1000 it is considered oversold. When the value is near the medium line, it is not a good idea to trade as it is considered to be in a choppy market.

This script attempts to identify the correct Advance Decline Index for the index you are analyzing. It will plot the overbought and oversold levels that are applicable to the ADD line. If you are analyzing a stock, it will use the most appropriate ADD line for that stock sector or exchange.
Notes de version: Added workaround for data issue with daily USI:ADD candlesticks.
Notes de version: Added two optional moving averages that can be customized for length, type (EMA or SMA), etc.
Script open-source

Dans le véritable esprit de TradingView, l'auteur de ce script l'a publié en open-source, afin que les traders puissent le comprendre et le vérifier. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais la réutilisation de ce code dans une publication est régie par le règlement. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.

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