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If I'm not mistaken the Worden Brother's ADL is calculated as follows:
The daily number is = 100*(Advances-Declines)/(Advances +Declines)
Therefore if every stock advances the daily number =+100 and if every stock
declines the daily number = -100. The daily number is added to yesterdays
advance/decline number.
If you compare Worden's ADL with Investor's Business Daily's traditional ADL,
they are practically identical, however Worden's is currently making a new
(?all-time) low whereas IBD's is not. The significance of it being an ?all-
time low is questionable since the ADL (especially Worden's) has a strong
downward bias.
Best Regards,
Jerry Rehert (grehert@xxxxxxx)
Atlanta, GA
@ 04:47 pm, February 10th, 1999
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