V.8:7 (281-284): The Advance/Decline Line by Mike Burk

V.8:7 (281-284): The Advance/Decline Line by Mike Burk
Item# \V08\C07\ADVDEC.PDF
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The Advance/Decline Line by Mike Burk

The advance/decline line, used with the volume percentage ratio and the new high/new low indicator, two indicators I've developed, helps me distinguish cycles in the Dow Jones Industrial Average (DJIA) and other indices. The advance/decline line (ADL) is simply a plot of the running total of the number of issues that advanced in price minus the number of issues that declined in price. I tried improving on this traditional formula by calculating percentages, by factoring in the number of unchanged issues, by considering each datum separately and by calculating oscillators, both exponential and arithmetical, of all lengths without success. Advance/decline lines can be drawn using either weekly or daily data, but in this article I will use only daily data.

Both graphic and numerical study of the ADL have merit. Graphically, I plot the ADL in the same frame with the DJIA, with both highs and lows for the period at the top and bottom of their scales, respectively. When either hits a new high or new low for the period, its scale is redrawn to accommodate the new value.

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