However, if the opening price had been $10.4 and the closing price
$10.2, there would have been a loss of −$0.2, and we would have seen the
same number of shares (28,571 shares), but on the distribution side.
We can note two potential problems with this formula:
The first problem is shown in Figure 1.3. Because the spread and the
gain shown in Figure 1.3 are identical to the spread and the gain shown in
Figure 1.2, the result of the accumulation/distribution calculation is identical:
28,571 shares in both cases.
However, some traders will tell you that the close of Figure 1.2 is
stronger than the close of Figure 1.3, because the price in Figure 1.2 closed
higher. Therefore, the share accumulation shown in Figure 1.2 is maybe
more important than the share accumulation shown in Figure 1.3. This is
why traders who calculate the accumulation/distribution of shares on the