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This Advance Decline Volume Ratio indicator is created by the composite plug-in. The plug-in first calculates the total advance and decline volume by summing the volume data, that you have previously downloaded using Advancing-Declining-Unchanged volume for NYSE, AMEX and NASDAQ, of three exchanges, which are the NYSE, AMEX and NASDAQ. It then divides, for each trading bar, the advance volume result by the decline volume result and finally creates a symbol (_ADVANCE_DECLINE_VOLUME_RATIO) that will contain the Advance Decline Volume Ratio data.
The time-series is better smoothed using a moving average: (In the above example, the ratio is smoothed with a 30-bar simple moving average)
volume_ratio = sma(30);
Plot(volume_ratio, "Advance_Decline_Volume_Ratio", colorBlack, chartLine, styleOwnScale);
A value higher than one indicates that for a given day, the traded volume for advancing stocks is higher than the traded volume for declining stocks. While a value lower than one, indicates that the traded volume for advancing stocks is lower than traded volume for declining stocks. In the first case, when the advance decline volume ratio is higher than two, investors generally see this as a bullish sign, while in the second case, where ratio is lower than one, investors see this as a bearish sign.
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