OPEN-SOURCE SCRIPT
Overnight inventory
Updated
The indicator is dedicated for market / volume profile traders. It presents overnight inventory as a yellow number next to the indicator name on your charts. It does not plot anything.
If the number is positive then the inventory is net long and vice versa.
It is calibrated for US indicies, so it makes sense to use it only on US futures.
If the number is positive then the inventory is net long and vice versa.
It is calibrated for US indicies, so it makes sense to use it only on US futures.
Release Notes
Update: - added an option to switch between:
1) just "ON inventory net long / short"; AND
2) "ON inventory long" (as a positive green color label) + "On inventory short" (as a negative red color label)
- improved how close is calculated
Release Notes
just code cleaningRelease Notes
- changed how data are presented - it is table now instead of just numbers next to indicator name.
- added information about overnight range in a relation to previous period. It is 20 days by default. You can increase it, but watch out as Tradingview might not load the needed data if you go too far in the past and you end up with incorrect results. The lower the TF, the less in the past you can go. Anyway, the number presents standard devations (sigma) from the mode.
Release Notes
I decided to change how overnight inventory is calculated. Instead on calculating a range above & below a previous close, now the script calculates volume traded above & below a close. Release Notes
- some bug fixing
- added information about contracts traded during overnight session - expressed as absolute value and as a standard deviation from a mean
Release Notes
Small refinementsOpen-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 publication is governed by House rules. You can favorite it to use it on a chart.
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