Advance-Decline Indicator

[eSignal]

File Name: AdvDecAvg.efs

Description:
Advance-Decline Indicator

Formula Parameters:
Length : 10
BuyBand : -1500
SellBand : 1500
Symbol : $ADD


Notes:
The Advance-Decline Indicator is a market breadth indicator
based on the smoothed difference between advancing and declining issues.
The indicator shows when the stock market is overbought (and a correction
is due) and when it is oversold (and a rally is due).
The Advance-Decline Indicator is a 10-period exponential moving average of
the difference between the number of advancing and declining issues:



Download File:
AdvDecAvg.efs



EFS Code:

/*********************************
Provided By:  
    eSignal (Copyright c eSignal), a division of Interactive Data 
    Corporation. 2009. All rights reserved. This sample eSignal 
    Formula Script (EFS) is for educational purposes only and may be 
    modified and saved under a new file name.  eSignal is not responsible
    for the functionality once modified.  eSignal reserves the right 
    to modify and overwrite this EFS file with each new release.

Description:        
    Advance-Decline Indicator  
    
Version:            1.0  04/22/2009
    
Formula Parameters:                     Default:
    Length                              10
    BuyBand                             -1500
    SellBand                            1500
    Symbol                              $ADD
    
Notes:
    The Advance-Decline Indicator is a market breadth indicator 
    based on the smoothed difference between advancing and declining issues.
    The indicator shows when the stock market is overbought (and a correction 
    is due) and when it is oversold (and a rally is due).
    The Advance-Decline Indicator is a 10-period exponential moving average of 
    the difference between the number of advancing and declining issues:

**********************************/
var fpArray = new Array();
var bInit = false;

function preMain() {
    setStudyTitle("Advance-Decline Indicator");
    setCursorLabelName("Advance-Decline", 0);
    setDefaultBarFgColor(Color.red, 0);    
    setPriceStudy(false);
    setStudyMax(2000);
    setStudyMin(-2000);
    var x = 0;
    fpArray[x] = new FunctionParameter("Length", FunctionParameter.NUMBER);
    with(fpArray[x++]) {
        setLowerLimit(1);
        setDefault(10);
    }
    fpArray[x] = new FunctionParameter("BuyBand", FunctionParameter.NUMBER);
    with(fpArray[x++]) {
        setLowerLimit(-2000);
        setDefault(-1500);
    }
    fpArray[x] = new FunctionParameter("SellBand", FunctionParameter.NUMBER);
    with(fpArray[x++]) {
        setLowerLimit(-2000);
        setDefault(1500);
    }
    fpArray[x] = new FunctionParameter("Symbol", FunctionParameter.STRING);
    with(fpArray[x++]) {
        addOption("$ADDQ");
        addOption("$ADD");
        setDefault("$ADD");
    }   
}

var xOvbOvs = null;

function main(Length, Symbol, BuyBand, SellBand) {
var nBarState = getBarState();
var nOvbOvs = 0;
    if (nBarState == BARSTATE_ALLBARS) {
        if (Length == null) Length = 10;
        if (BuyBand == null) BuyBand = -1500;
        if (SellBand == null) SellBand = 1500;        
        if (Symbol == null) Symbol = "$ADD";
    }
    if (bInit == false) {
        addBand(BuyBand, PS_SOLID, 1, Color.blue, "Buy");
        addBand(SellBand, PS_SOLID, 1, Color.blue, "Sell");        
        xOvbOvs = ema(Length, sym(Symbol));
        bInit = true;
    }
    nOvbOvs = xOvbOvs.getValue(0);
    if (nOvbOvs == null) return;
    if (nOvbOvs > SellBand) {
        setBarBgColor(Color.green);
    }
    if (nOvbOvs < BuyBand) {
        setBarBgColor(Color.red);
    }
    
    return nOvbOvs;
}