OPEN-SOURCE SCRIPT

Combined Up down with volume

898
Indicator Description: "Combined Up/Down with Volume"
This Pine Script indicator combines price momentum and volume spikes to identify potential trend reversals or breakouts. It checks two key conditions:

Price Movement – A minimum percentage change (% check) in closing price.
Volume Spike – Trading volume exceeding a user-defined threshold (Volume above).

How It Works
1. Price Momentum Check
Calculates the 1-period Rate of Change (ROC) of the closing price.
Triggers when the absolute ROC ≥ % check (e.g., 5%).
2. Volume Spike Check
Compares current volume against a threshold (e.g., 1,000,000).
Triggers when volume exceeds this level.

3. Signal Plotting
If use = true:
Plots a purple circle below the bar when both conditions are met.
If use = false:
Plots a circle below the bar for price momentum alone.
Plots a circle (default position) for high volume alone.

면책사항

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