BUY & SELL PRESSURE Oscillator
Ver. 2.0 XelMod
WHAT'S THIS?
This is an UPDATED version of a previous script already posted.
List of changes from previous script:
This is an excelent momentum indicator very similar to ADX but in a candle weighting distribution rather than ranges.
For additional reference:
Karthik Marar BUY AND SELL PRESSURE INDICATORS.
Cheers!
Any feedback will be welcome...
@XeL_Arjona
Ver. 2.0 XelMod
WHAT'S THIS?
This is an UPDATED version of a previous script already posted.
List of changes from previous script:
- Separated as Column Histogram just the Regressive (Rate-Of-Change) Force of the indicator which gives a faster response of the trend.
- Default period is now set to 81, as better Oscillator swing lagging.
This is an excelent momentum indicator very similar to ADX but in a candle weighting distribution rather than ranges.
For additional reference:
Karthik Marar BUY AND SELL PRESSURE INDICATORS.
Cheers!
Any feedback will be welcome...
@XeL_Arjona
//@version=2 study("BUY & SELL PRESSURE by Regression", shorttitle="BSPbR",overlay=false,precision=2) so = input(title="Buy&Sell Pressure Oscillator:", defval=true) p = input(title="Lookback Window:", defval=81) tev = input(title="Use External Volume?:", defval=false) evt = input(title="External Volume Ticker:", type=symbol, defval="TVOL") // Fixed Variables volsym = tev ? evt : tickerid vol = nz(security(volsym,period,volume),security(volsym,period,close)) V = vol == 0 ? 1 : nz(vol,1) C = close H = high L = low Hi = max(H,C[1]) Lo = min(L,C[1]) // XeL Rate Of Change MoD (Regressional) SProc = abs((Hi-C)/Hi) BProc = abs((C-Lo)/Lo) SPprc = Hi-C BPprc = C-Lo BPs = sum(BProc,p) SPs = sum(SProc,p) BPa = sma(BProc,p) BPap = sma(BPprc,p) SPa = sma(SProc,p) SPap = sma(SPprc,p) BPn = (BProc/BPa)*12 SPn = (SProc/SPa)*12 BPnp = (BPprc/BPap)*12 SPnp = (SPprc/SPap)*12 Va = sma(V,55) Vn = V/Va BPo = linreg(BPn * Vn,9,0) SPo = linreg(SPn * Vn,9,0) nbf = sma(BPnp * Vn,9) nsf = sma(SPnp * Vn,9) regH = (BPo-SPo) // Plot Directives OCol = BPo > SPo ? blue : fuchsia _1hs = BPs > SPs ? BPs : -BPs _2hs = SPs > BPs ? SPs : -SPs plot(so?regH:na,color=OCol,style=columns,transp=81,title="RegForce") plot(so?na:_1hs,color=green,style=columns,transp=72,title="BProc") plot(so?na:_2hs,color=red,style=columns,transp=72,title="SProc") plot(so?nbf:na,color=green,style=line,transp=0,title="BPprice") plot(so?nsf:na,color=red,style=line,transp=0,title="SPprice")