The latest version of the !RL_AD_ALL indicator includes the zero 2:1 and –2:1 lines as well as text annotation of the a/d line.
This indicator is used to visually plot the Advance/Decline line of several indexes for intraday monitoring of strength both relative to other indexes as well as to watch for market turning points.
The indicator comes packaged with a worksheet setup for several indexes. It is a bit tricky to setup as TradesStation requires a symbol to be displayed in order to annotate a chart, so Data Stream one needs to be “Scaled” out of the chart and the chart expanded and scaled using background scaling in order to be used properly.
Understanding how the symbols are setup is important to understanding how to use the indicator. You can have up to 8 a/d lines and each a/d line must have an advance/decline pair. Here is the example for the provided worksheet.
Data Stream 3 in this example is the NYSE advances and Data Stream 4 is the NYSE declines. (odd even datastream = one a/d line).
The first input on the Format Analysis box tells the indicator how many data stream pairs you have setup, in this example we use the first 7 (data stream 1 – 14). Although we have setup AMEX as a data stream, we find it of little use so we have excluded it from the indicator by picking 7 a/d lines to show (1-7).
The next inputs are the tag names that will float with the latest A/D values to help you identify the A/D lines.
The indicator runs in several modes of which we find the modeDiff the most useful which is simply (A-D)/(A+D).
The final chart should look something like this:
This latest version includes the A/D ratio as part of the annotation, allowing you to see a more traditional value for the A/D line.
The !RL_AD_ALL indicator is for premium members only and is one of our most used trading tools. If you would like to see the indicator in action and how we use it to help us trade you can visit us in the https://tradechat.me trading room.