sekedar menambahkan :)

http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:accumulation_distribution_line

   1.
      The close is on the low and the CLV = -1. Volume, however, was
relatively light, so the Accumulation/Distribution Value for that
period is only moderately negative.
   2.
      The close is very near the high and the CLV = +.9273. Volume is
relatively high, so the resulting Accumulation/Distribution Value is high.
   3.
      The close is near the low and the CLV = -.75. Volume is
moderately high, so the resulting Accumulation/Distribution Value is
moderately high as well.
   4.
      The close is about half way between the mid-point of the
high-low range and the high, and the CLV = +.51. Volume is very heavy,
so the Accumulation/Distribution Value is also very high.







--- In obrolan-bandar@yahoogroups.com, "adjies2000" <ad2...@...> wrote:
>
> 
>
http://www.marketvolume.com/technicalanalysis/accumulation_distribution.asp
> 
> 
> Technical Analysis, Studies, Indicators:
> Accumulation/Distribution Line
> 
>
--------------------------------------------------------------------------------
> 
> Back to the List of Studies
> 
> 
>  Bookmark this 
>  
> Buzz up! You may find the number of indicators in technical analysis
> to measure volume and the flow of money for an index or a particular
> security. The Accumulation/Distribution Line is one of the most
> popular technical indicators to analyze volume. One of the technical
> analysis statements that "volume precedes price" implies that in many
> cases after decline and just before the reversal we may see increase
> in the volume (volume surge). Majority of the money flow (volume)
> indicators are developed to identify these volume surges in order to
> predict price trend reversals.
> 
> The Accumulation/Distribution Line was developed by Marc Chaikin to
> measure the cumulative flow of money into and out of an index or
> security. The Accumulation/Distribution Line could be compared to the
> OBV (On Balance Volume) which adds or subtracts volume depending on
> the close price. Marc Chaikin chooses different approach and instead
> of relying on the close price he used CLV (Close Location Value) that
> is calculated by the following formula:
> 
> CLV =  (Close - Low) - (High -Close)  
> 
>
--------------------------------------------------------------------------------
>  
> (High - Low) 
> 
> or 
> 
> CLV =  2 * Close - Low - High  
> 
>
--------------------------------------------------------------------------------
>  
> High - Low 
> 
> Basically the CLV formula defines where the close is in relation to
> the high and low:
> 
> If close = high (the bar close price is at the bar's high) then CLV =
> 1. The CLV = 1 reveals that the price advanced and it is at it's
> highest point;
> If close = Low (the bar close price is at the bar's high) then CLV =
> -1 which reveals that the price declined and it is at it's lowest point;
> When CLV = 0 it tells us that we had price decline and price advance
> within the analyzed period, yet, at the end the price stuck in the
> middle: close = Low + (High - Low) / 2 or close = High - (High -
Low) / 2;
> The positive CLV shows that the price is closer to its High;
> The negative CLV shows that the price is closer to its Low.
> After defining CLV its value is multiplied by volume in the analyzed
> period and the cumulative total forms the Accumulation/Distribution
Line. 
> 
> Opposite to the OBV the Accumulation/Distribution Line is considered
> more accurate. For instance: the OBV will consider volume as positive
> money flow when price opens with swing up and then declines during the
> whole analyzed period, yet closes above the previous period close (the
> bar is up in relation to the previous bar close, yet it declined
> during the whole period). Because of the price decline during the
> analyzed period the Accumulation/Distribution line in this example
> will consider volume as negative money flow. This situation could be
> very often seen on intraday charts at the market open. The OBV is
> still a very accurate indicator on the daily chart, yet, on the
> intraday level the Accumulation/Distribution line is considered as
> more precisely reflecting in and out money flow.
> 
> The Accumulation/Distribution Line could be used in similar to the OBV
> way: as confirmation indicator and to predict trend reversal.
> 
> If the Accumulation/Distribution Line moves up and the price MA
> (Moving Average) rising then technical analysis tells that this
> indicator confirms the up-trend. When Accumulation/Distribution Line
> declines during the price slide it confirms a down-trend. 
> 
> The divergence of the Accumulation/Distribution Line movement and
> price trend could be used to anticipate possible changes in the market
> trend. The declining Accumulation/Distribution Line during the price
> advance may indicate possible developing of a new down-trend, while
> advancing Accumulation/Distribution Line during the price decline
> could indicate a possibility of begging a new up-trend.
> 
> Chart 1: S&P 500 index - Accumulation/Distribution Line
> 
> 
> 
> The same as with other volume based indicators the
> Accumulation/Distribution Line provides best results when it is
> applied to analyze indexes (Nasdaq 100, S&P 500, DJI, NYSE and other).
> The index analysis could be used to trade index derivatives, such as
> QQQQ, DIA and SPY, options on indexes, index e-mini futures, options
> on index derivatives as well as it could be used to trade stocks from
> the index basket that move along with their index.
> 
> 
> 
> 
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