Modified_Advance_Decline_Line - MetaTrader 5 script

The Modified Ascending/Declining Line indicator is a modified ADL (Ascending/Declining Line) trend indicator. It compares the difference between rising and falling moments on a symbol's chart within a specific time period. This indicator also determines trend strength to detect market reversals. The calculation takes into account the quoted volume.

It has a configurable parameter:

 MADL = previous MADL + (2.0*closing price-highest price-lowest price) / (highest price-lowest price) * (trading volume+MA)
MA - SMA (volume, period)
If the price of a trading instrument increases while the indicator line moves downwards, it signals a divergence and a possible market reversal. At the same time, this is just a warning about a possible reversal, since due to certain characteristics of this indicator, the directional divergence of its lines and the price chart can persist for a long time. However, when the indicator line confirms a movement in the price chart with its direction, it indicates that the current trend is strong.
 Attachment download
 📎 modified_advance_decline_line.mq5 (8.27 KB)
 Source: MQL5 #22082