THE HAndbook oF TEcHnIcAl AnAlySISChaikin Oscillator. In Figure 6.39, we see the OBV indicating bullish divergence on
the daily chart of Citigroup Inc. Prices rebound strongly thereafter.
In Figure 6.40 we observe the OBV indicating bearish divergence on the daily
chart of Copper. Prices fell strongly thereafter.
price‐based Volume Indicators: the accumulation
Distribution line (aDl)
The accumulation distribution line, or ADL, is calculated as follows. Simply
calculate the value of the multiplying factor [[(C − L) − (H − C)]/(H − L) × current
fIgure 6.39 OBV Indicating Bullish Divergence on the Daily Chart of Citigroup Inc.
Courtesy of Stockcharts.com
fIgure 6.40 OBV Indicating Bearish Divergence on the Daily Chart of Copper.
Courtesy of Stockcharts.com