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Published:

2018.10.25 15:31

Modified_Advance_Decline_Line.mq5 (8.27 KB) view

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Modified Advance Decline line indicator is a modified ADL (Advances/Declines Line) trend indicator. It compares the difference between symbol chart increase and decrease moments within a certain time period. The indicator determines a trend strength for detecting market reversals as well. The calculation is performed considering tick volumes.

It has one configurable parameter:

Period - calculation period

Calculation:

MADL = PrevMADL + (2.0*Close-High-Low) / (High-Low) * (Volume+MA)

where

MA - SMA(Volume, Period)

If a trading instrument price goes up, while the indicator line moves down, this means a divergence and a possible market reversal signal. At the same time, this is only a warning about a possible reversal, since, due to some features of the indicator, the divergence of the directions of its line and the price chart may continue for a long time. But when the indicator line confirms the movement of the price chart with its direction, this indicates a strong current trend.

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/22082

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