$ADD Levels

28 May

This Pine Script is designed to track and visualize the NYSE Advance-Decline Line (ADD). The Advance-Decline Line is a popular market breadth indicator, showing the difference between advancing and declining stocks on the NYSE. It’s often used to gauge overall market sentiment and strength.
1. //version=5

This line tells TradingView to use Pine Script v5, the latest and most powerful version of Pine.

2. indicator("ADD Levels", overlay=false)
• This creates a new indicator called ”ADD Levels”.
• overlay=false means it will appear in a separate pane, not on the main price chart.

3. add = request.security(...)

This fetches real-time data from the symbol ADD (Advance-Decline Line) using a 1-minute timeframe. You can change the timeframe if needed.

add_symbol = input.symbol("ADD", "Market Breadth Symbol")
add = request.security(add_symbol, "1", close)

4. Key Thresholds

These define the market sentiment zones:

Zone. Value. Meaning

Overbought +1500 Extremely bullish
Bullish +1000 Generally bullish trend
Neutral ±500 Choppy, unclear market
Bearish -1000 Generally bearish trend
Oversold -1500 Extremely bearish

5. Plot the ADD Line hline(...)
Draws static lines at +1500, +1000, +500, -500, -1000, -1500 for reference so you can visually assess where ADD stands.

6. Horizontal Threshold Lines bgcolor(...)
• Green background if ADD > +1500 → extremely bullish.
• Red background if ADD < -1500 → extremely bearish.

7. Background Highlights alertcondition(...)
• Green background if ADD > +1500 → extremely bullish.
• Red background if ADD < -1500 → extremely bearish.

8. Alert Conditions. alertcondition(...)
Lets you create automatic alerts for:
• ADD being very high or low.
• Crosses above +1000 (bullish trigger).
• Crosses below -1000 (bearish trigger).

You can use these to trigger trades or monitor sentiment shifts.


Summary: When to Use It
• Use this script in a market breadth dashboard.
• Combine it with price action and volume analysis.
• Monitor for ADD crosses to signal potential market reversals or momentum.

28 May

Sürüm Notları

Removed $

28 May

Sürüm Notları

Added a note below the code

17 saat önce

Sürüm Notları

Updated to Ver6
Removed drawings