The "Bias of Volume Share inside STD Deviation Channel" indicator is a powerful tool for traders aiming to assess market sentiment within a standard deviation (STD) price channel. This indicator calculates the bullish or bearish bias by analysing the share of volume within the standard deviation channel and provides valuable insights for decision-making.
Usage: This indicator is a valuable tool for traders seeking to gain in-depth insights into market sentiment within a specified price channel. By focusing on price movements that fall within the standard distribution range and filtering out noise and market manipulations, it provides a clear view of prevailing bullish or bearish biases. Traders can leverage this information to make well-informed trading decisions that align with current market conditions, enhancing their trading strategies and potential for success.
Please ensure you review and adhere to the terms of the Mozilla Public License 2.0, as outlined in the indicator's source code.
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I have reviewed it and made some changes to default values
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Adjusted the maximum value of "Number of Bars"
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Updated the color scheme to enhance the indicator's intuitiveness.
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Changed the default source variable to 'close'.
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Conducted code refactoring to enhance code structure and readability.
Incorporated an indicator description as comments within the code to provide better context and understanding.