The Advancing-Declining Issues indicator is the simplest of the advance/decline indicators. It is simple the difference between the number of advancing issues and the number of declining issues. The values oscillate around zero. Extreme highs indicate overbought conditions, and extreme lows indicate oversold conditions. It is often smoothed with a moving average that can also act as a signal line.
The Advancing-Declining Issues indicator is also known as the Advance/Decline Spread.
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