The indicator calculates buy and sell volume values for different look-back periods, based on the high, low, close, and tick volume data of the chart.
The calculated buy and sell volume values are stored in separate variables, which represent cumulative volume values over the respective look-back periods. It's important to note that the code provided calculates the buy and sell volume values individually for each look-back period and after sum them.
It can be useful to understand who is in control of the market based on the look-back period. For example if the price is decreasing but the volume in the past candle are bullish it means that the trend probably will turn.
Please note that this indicator is for educational purposes only and should not be used for trading without further testing and analysis.
Notas de Lançamento
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UPDATES • Improved the look-back period calculation - now max 100 bars back (previous 30) • Added alert conditions when volume accumulation and and close vs look-back close are bullish or bearish
@The_Bear1, Thank you so much! Working as well on some improvement thank you to some TW users suggestions and more volume based indicators!
bachnt
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Pleased consider the volume of Day and above timeframe is differrent with real volume despite i choose different any lower timeframe?
zendrer
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@bachnt, Hello! I just checked and the accumulation even on the day time frame looks correct. please consider that the indicator sum in separate way, the bullish and bearish volume of the selected period! If I can help in any ways let me know!