Here is a comparison of four related indicators:
OBV is too simple and has serious flaws as explained in PVT's wiki.
Chaikin's ADL is a broken indicator as can be seen in the chart below:
A/D Level addresses the flaws in these two indicators. It simply sums up portions of the that contributes to price change. These portions are visualized in dark green and red on "Accumulation/Distribution ( ADV )" indicator. This can also be achieved by ADV indicator if you are nerd enough.
PS: There is Williams A/D as well which is also a broken indicator.
PS: a hybrid ticker might be better than single exchange ticker for volume based indicators e.g (BITFINEX:BTCUSD+COINBASE:BTCUSD+BITSTAMP:BTCUSD)/3
- minor change to the way price is factored
- minor change in the way price is factored in
here is the original graphics
I have experimented with that idea. When I backtested it with a strategy version of some of these indicators, it didn't give better accuracy. I will try it on other indicators again.