PROTECTED SOURCE SCRIPT
On Balance Volume Mod
A/D doesnt take into account the opening price, it just sees the difference in high to close wik vs close to low wik and adds volume
however if the closing price is above the opening price then arguably there was more buying action than selling
so adjusting A/D formula so that if close > open then it adds to volume not subtract
Effectively this becomes something in bw OBV and A/D
also we need not worry about gaps, since no tradding happens in gaps, so just a gap up / gap down doesnt have any accumulation / distribution effect
however if the closing price is above the opening price then arguably there was more buying action than selling
so adjusting A/D formula so that if close > open then it adds to volume not subtract
Effectively this becomes something in bw OBV and A/D
also we need not worry about gaps, since no tradding happens in gaps, so just a gap up / gap down doesnt have any accumulation / distribution effect
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Protected script
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.