Advance Decline Index

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In index investment, the USI:ADD is the Advance Decline Index that can be plotted in most charting platforms. Just like there is a volatility index for most major indeces (VIX, VOLQ) and even for Apple (CBOE:VXAPL), USI:ADD also has variations specific for the index you are analyzing (SPX: ADD, NASDAQ: ADDQ).

The USI:ADD index is a measurement of stocks in the index that are advancing (bullish) minus those that are declining (bearish), the exact formula being $ADV minus $DECL.

The basic idea of how to use the ADD index is that when the value is above 1000 it is considered overbought. Conversely, when the value is below -1000 it is considered oversold. When the value is near the medium line, it is not a good idea to trade as it is considered to be in a choppy market.

This script attempts to identify the correct Advance Decline Index for the index you are analyzing. It will plot the overbought and oversold levels that are applicable to the ADD line. If you are analyzing a stock, it will use the most appropriate ADD line for that stock sector or exchange.
Added workaround for data issue with daily USI:ADD candlesticks.
Added two optional moving averages that can be customized for length, type (EMA or SMA), etc.
Added checkbox to enable/disable moving averages. Also made the checkbox false by default. Minor bug fix.
Fixed some bugs kindly pointed out by other users. Thank you all for your positive feedback!
Simplified the indicator to display exactly what you need:
  1. the raw ADD data with +/- 2000 threshold
  2. the ADD ratio

Also added some tooltips to better explain what the indicator settings do. Now you can just switch the mode to 'ratio' and the indicator will automatically remove the threshold lines used for the raw data. Please keep your feedback coming!

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