FTX Index Advance Decline Line

As of publishing, all the tickers from FTX with the word "index" in it, plus bitcoin .

This is your regular ADL except instead of hundreds in the basket you've got them condensed into 7 (for now) and in open/close candle form instead of a line.

I'm a bit disappointed because I thought I'd lever more utility from indexes. It may just need some tweaking.

Doesn't it look like Renko?

Some notes:

Reason why it expands:

Total number of constituents is a static 7, to fix that use time to change the total variable based on dates of introduction.

Reallly looks like Renko:

Renko with ATR, length 14, hourly chart.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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