Attributable Volume

A volume indicator which calculates "Attributable Volume”, the portion of volume which contributed to the direction in which the candle moved.

Attributable Volume is calculated as: Total volume excluding the "counter wick" volume .
Where for a green (up) candle, the "counter wick" volume is the top wick volume .

In theory, Attributable Volume should better represent the effort of directional thrust of each candle.

By default, this indicator displays “Attributable RVOL”, but can be set to:

Note: RVOL = Relative Volume , the current volume divided by the Volume moving average. RVOL can be used to identify major moves, and potential starts/ends to trends.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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This is a fantastic idea. Thank you for sharing!
Fun modification : instead of using a static threshold, maybe plot a 2 and 4 deviation Bollinger band and see which volume candles shoot past them.
+7 Ответить
You said ROVL can be used to spot major moves. When should Attributable RVOL be used?
Thanks in advance for reply.
+1 Ответить
Extremely helpful for momentum and swing trade analytics. Thank you sir!
good job
Hello, how to use this strategy
yizhifei yizhifei
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Good job mate
yizhifei Ereginabrantley
@Ereginabrantley, Hello, how to use this strategy
Awesome work!
Great work as always!
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