An interesting implementation of mine to measure an asset changes based on asset price velocity and volume velocity. The indicator acts as asset value calculator. Long and Short.
==Points System Rules==
UPTRENDING If Current Close is higher than previous Close and Current Volume is bigger than previous Volume: Adds Close Points and Volume Points Otherwise check If Current Close is higher than previous Close: Adds Only Close Points
DOWNTRENDING If Current Close is lower than previous Close and Current Volume is bigger than previous Volume: Reduces Close Points and Volume Points Otherwise check If Current Close is lower than previous Close: Reduces Only Close Points
==Plotting== Result of the values are summed up to a histogram. Obviously on increasing prices and volume the histogram will be above zero line and on the Bullish side (green color), otherwise, on the Bearish side (red color).
You can't cheat the price movement, it's just what it is. Optional to smooth it by EMA (set to true by default).
Like if you Like and Enjoy! Follow for upcoming indicators.
Notas de Lançamento
⋅
Updated description.
Notas de Lançamento
⋅
Added volume percentage factor - higher the value the less volume will affect histogram (0- normal, 100 - disable volume effect) Fixed bug when high volume would cause an histogram peek.
I really liked this script so much I made a strategy for it:
script/oHqV01m7-UpandDownVolume/
andywhiteffc
⋅
wonderful indicator. My favorite! Thank you.
cresceregroup
⋅
Thank you for making this. I keep coming back to it and find it useful across time frames. I have found it most useful along with the 20 ema. When the momentum in PV is growing above the 20 ema (i use histogram along side) or PV is to the downside and also below 20 ema. I am going back to using this again lately and will test it on Replay more. Thanks again.
Mkr21b
⋅
Hello.. Do you have same indicator for thinkorswim platform?
@L0r3ns, Appreciate your words, it's indeed original script with innovating concept. There might new script based on it, hench, follow to be updated.
RedKTrader
⋅
interesting script - thank you for sharing.
but i wonder why you needed to use arrays here.
dman103
⋅
@RedKTrader, Hey, Glad you like it, you are right, it can be done without arrays, but using arrays here can give more flexibility later in case i'll expand it.
benjaminwlm
⋅
Hi, do you mean that if current candle close is above previous candle close and the indicator volume bar is higher than previous bar = uptrend?
If so, downtrend means current close is below previous candle close and indicator volume bar closes below the previous indicator volume bar?
A bit confused by instructions and some clarification would be appreciated
script/oHqV01m7-UpandDownVolume/