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
+XEL_Arjona , I'd like to thank you very much for The Buy Sell Volume Indicator . I tweaked it a bit from your default settings & It's working great for me . I'm a positional trader & I use you Indicator in all of my charts ! You have amazing mathematical & programming skills .
xel_arjona
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@Harsha_Kumar, Thank you very much for kind words @Harsha_Kumar Have lot of time not coding around TradingView's pine given Im tired of adjust (new)ideas to closed frameworks (and DATA). Now my focus is to port this ideas and new ones to python and work with tick level feed's. ;)
Wahabsanadi19
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@xel_arjona, hello sir , i love your work it is helping me alot. can i get the volume pressure script please i want to tweak it a bit thank you in advance
IdeasSJ
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@Harsha_Kumar, Need a help. If you don't mind, can you please share the change you made to be useful for positional trade. Thanks to @xel_arjona for the great efforts and sharing it.
HarshaB_Kumar
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@IdeasSJ, I use 3,30 ie Fast MA= 3 & Conv/Div = 30. I also tick the Buy/Sell Cumulative Option. These Settings gives the least False signals & great Divergences.