This indicator seeks to mimic the conditions for Investors Business Daily's (IBD) Distribution Days that are tracked against the major indexes.
A distribution day is when the market index is down 0.2% or greater and the current day's volume is greater than yesterday's. By default, when a distribution day occurs a red arrow above the bar will appear.
The distribution days are only relevant for up to 25 trading days. This is represented by the gray bar that is shown. Therefore the count of distribution days is valid only to the right of the gray bar.
Distribution days can also be removed if the indexes move up more than 5% from the day of the distribution day.
This indicator must have a volume indicator in order for it to calculate properly.
IXIC
will not work without having a data subscription to the Nasdaq Index.
You are able to change the shape, shape color, and location of the shape in the menu. You are also free to change the color of the gray bar.
I welcome your feedback and any enhancements you may suggest.
A distribution day is when the market index is down 0.2% or greater and the current day's volume is greater than yesterday's. By default, when a distribution day occurs a red arrow above the bar will appear.
The distribution days are only relevant for up to 25 trading days. This is represented by the gray bar that is shown. Therefore the count of distribution days is valid only to the right of the gray bar.
Distribution days can also be removed if the indexes move up more than 5% from the day of the distribution day.
This indicator must have a volume indicator in order for it to calculate properly.
IXIC
will not work without having a data subscription to the Nasdaq Index. You are able to change the shape, shape color, and location of the shape in the menu. You are also free to change the color of the gray bar.
I welcome your feedback and any enhancements you may suggest.
Versionsinformation:
Fixed code in scenarios where the market has gain more than 5%, but a down day on volume which did not trigger a distribution day.