Accumulation/Distribution Level (ADL) [Cyrus c|:D]

This indicator shows Accumulation/Distribution level which can be used for confirming trends or reversals (via divergence). It is an alternative to Chaikin's Accumulation/Distribution Line (ADL) and On Balance Volume (OBV) indicators. It can also replicate PVT and OBV via options in the input menu.

Here is a comparison of four related indicators:

OBV is too simple and has serious flaws as explained in PVT's wiki.

Chaikin's ADL is a broken indicator as can be seen in the chart below:

A/D Level addresses the flaws in these two indicators. It simply sums up portions of the volume that contributes to price change. These portions are visualized in dark green and red on "Accumulation/Distribution Volume (ADV)" indicator. This can also be achieved by ADV indicator if you are nerd enough.

PS: There is Williams A/D as well which is also a broken indicator.

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Added price factor.

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Replaced PVT replication by an improvement on PVT.

PS: a hybrid ticker might be better than single exchange ticker for volume based indicators e.g (BITFINEX:BTCUSD+COINBASE:BTCUSD+BITSTAMP:BTCUSD)/3

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- optimized the code
- minor change to the way price is factored

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- minor change in input settings
- minor change in the way price is factored in

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here is a TL;DR list of my indicators
Ultimate Money Flow inlcudes ADL together with loads of other useful features. ADL will not be updated anymore.

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fixed a bug caused by a stupid Pine Script update

here is the original graphics

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correct link to the original grahpic