An extension of TradingView's new ADR and bull-bear power indicators, this indicator is helpful for spotting abnormal bullish and bearish activity to get good contrarian entry points.
How to interpret the indicator When the white columns cross over the red line, it's a bearish indicator since the asset has been overbought. When the white columns cross under the green line, it's a bullish indicator since the asset has been oversold.
How it's calculated The adjusted bull-bear power oscillator is calculated by multiplying the bull-bear power indicator by my NDO indicator, to adjust the bull-bear power for volume. The upper green line and lower red line are calculated as the product of a multiplier input and the average daily range indicator.