OPEN-SOURCE SCRIPT
Volume Pressure
Updated
This script modified from @the_akechi's VolumePressure
The sum of buying and selling volume is NOT always equal to the total volume using the original script because the 2 columns are overlaid, not stacked
The sum of buying and selling volume is NOT always equal to the total volume using the original script because the 2 columns are overlaid, not stacked
Release Notes
add buying/selling ratioRelease Notes
Based on SpinTrades' feedback, added a scale accordingly to a Stack Overflow answer to fit the Candlestick Charts.Release Notes
1) Add moving average of buying/selling volume. You'll need to go to the setting to enable it. You have an option to show both, or MA, or default volume only.a) I wonder if there is any useful insight by showing the VMA, crossover, or something. Please share your thoughts.
2) Make the vol limit optional as its sole purpose is to scale the histogram to fit the main chart. This displays better the volume pressure on a separate pane.
3) Side note: if you want to display the volume pressure together with the candlesticks, you'll need to enable the scale from the settings. To put the indicator to the bottom, the best way I can think of is to set the chart's bottom margin to 0.
Release Notes
adjusted some default settings to look more like the build-in volume indicator, e.g., to fit the candlestick pane with any timeframes.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 publication is governed by House rules. You can favorite it to use it on a chart.
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