HPotter

TFS: Volume Oscillator

This is the second part of TFS trading strategy. The concept of this
indicator is similar to that of On-Balance Volume indicator (OBV). It
is calculated according to these rules:
If Close > Open, Volume is positive
If Close < Open, Volume is negative
If Close = Open, Volume is neutral
Then you take the 7-day MA of the results.
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////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 16/06/2014
// This is the second part of TFS trading strategy. The concept of this 
// indicator is similar to that of On-Balance Volume indicator (OBV). It 
// is calculated according to these rules:
// If Close > Open, Volume is positive
// If Close < Open, Volume is negative
// If Close = Open, Volume is neutral
// Then you take the 7-day MA of the results. 
////////////////////////////////////////////////////////////
study(title="TFS: Volume Oscillator", shorttitle="TFS: Volume Oscillator")
AvgLen = input(7, minval=1)
hline(0, color=red, linestyle=line)
xClose = close
xOpen = open
xVolume = volume
nVolAccum = sum(iff(xClose > xOpen, xVolume, iff(xClose < xOpen, -xVolume, 0))  ,AvgLen)
nRes = nVolAccum / AvgLen
plot(nRes, color=blue, title="TFS", style = histogram)
DONATE/TIP

BTC: 3FKWwtaYrf5NHZzaCi1fyAfQj7XSgtyCqe
This is a great Indicator. I have used it to confirm trades on a different indicator that I use by inserting buy and sell levels, this has removed many of the low volume trades that ended in a break even or a negative. The only downside to doing this is that during higher volume months it works perfect but when volume drops off (October 2018) I ended up with just 4 trades. Is is possible to code this to auto add the Buy and sell lines (i.e my other indicator will only buy at a certain volume threshold and will only allow a sell at a certain volume threshold but make this a percentage of the daily/weekly/monthly average volume so that it is fluid ? Looking forwards to your reply and happy to answer any questions if I have not explained this correctly
+3 Resposta
looks good
+1 Resposta
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