FTX Index Advance Decline Line

As of publishing, all the tickers from FTX with the word "index" in it, plus bitcoin.

This is your regular ADL except instead of hundreds in the basket you've got them condensed into 7 (for now) and in open/close candle form instead of a line.

I'm a bit disappointed because I thought I'd lever more utility from indexes. It may just need some tweaking.

Doesn't it look like Renko?


Some notes:


Reason why it expands:

Total number of constituents is a static 7, to fix that use time to change the total variable based on dates of introduction.


Reallly looks like Renko:


Renko with ATR, length 14, hourly chart.