BUY & SELL PRICE TO VOLUME PRESSURE By Ricardo M Arjona @xel_arjona
DISCLAIMER:
The Following indicator/code IS NOT intended to be a formal investment advice or recommendation by the author, nor should be construed as such. Users will be fully responsible by their use regarding their own trading vehicles/assets.
The embedded code and ideas within this work are FREELY AND PUBLICLY available on the Web for NON LUCRATIVE ACTIVITIES and must remain as is.
Pine Script code MOD's and adaptations by @xel_arjona with special mention in regard of:
Buy (Bull) and Sell (Bear) "Power Balance Algorithm" by: Stocks & Commodities V. 21:10 (68-72): "Bull And Bear Balance Indicator by Vadim Gimelfarb"
Buy to Sell Convergence / Divergence and Volume Pressure Counterforce Histogram Ideas by: @xel_arjona
WHAT IS THIS? The following indicators try to acknowledge in a K-I-S-S approach to the eye (Keep-It-Simple-Stupid), the two most important aspects of nearly every trading vehicle: -- PRICE ACTION IN RELATION BY IT'S VOLUME --
Volume Pressure Histogram: Columns plotted in positive are considered the dominant Volume Force for the given period. All "negative" columns represents the counterforce Vol.Press against the dominant.
Buy to Sell Convergence / Divergence: It's a simple adaptation of the popular "Price Percentage Oscillator" or MACD but taking Buying Pressure against Selling Pressure Averages, so given a Positive oscillator reading (>0) represents Bullish dominant Trend and a Negative reading (<0) a Bearish dominant Trend. Histogram is the diff between RAW Volume Pressures Convergence/Divergence minus Normalised ones (Signal) which helps as a confirmation.
Volume bars are by default plotted from RAW Volume Pressure algorithms, but they can be as well filtered with Karthik Marar's approach against a "Total Volume Average" in favor to clean day to day noise like HFT.
ALL NEW IDEAS OR MODIFICATIONS to these indicators are Welcome in favor to deploy a better and more accurate readings. I will be very glad to be notified at Twitter: @xel_arjona
Any important addition to this work MUST REMAIN PUBLIC by means of CreativeCommons CC & TradingView. -- 2015
HELP- HELP_HELP; I like and I believe I get the general idea of buy and sell signals generated by this indicator. However, how do you interpret the position (above or below), angle and color of the thin line versus the bold line? thin line seems to be the leading signal between the two lines.
@bevoxy, HI,i use this for 1 minute chart but its not working.Your alarm still working?
cipher_phinx1988
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@mert1173, have you figured it out? i tried it as well but it's not working.
Sebrox
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There are 3 indicators in the chart above. It appears this one is the top indicator. How do I get the bottom indicator? What is that called? Thanks!
cb1399
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@Sebrox, you simply need to apply this indicator, then hit settings and all 3 variations are available to choose from. I don't notice any changes with the normalisation one applied but you can get what you want by checking the box on the divergence/convergence input setting.
hillab
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Thank you. very interesting. I have a Q if you don't mind
I get a compile error in TV pine script at line 77 (your line 74) :-
line 77: syntax error at input 'end of line without line continuation'
code is exactly as per your code.
I tried both @versions 3 & 4 (not sure if there is a diff ?). Would appreciate your thoughts !!! and suggestions.
kind regards
kurtsmock
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This is really great thanks for writing it =)
elbedry
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hi there, I don't see the columns, is there a way to display them? in addition, what does VPH stand for? Volume Pressure _____? thank you