Simple Volume with Pocket Pivots
This is a minimalistic indicator that, instead of introducing more bells & whistles, strips away the conventional volume indicator from a lot of “noise”, and displays only 3 type of volume bars prominently:
All other volumes are “noise” & need not be kept into any actionable consideration. All these bars are dark grey.
While initiating a long entry, we need to look out for only these 3 volume bars in this way:
RRV (recent red volumes) are indicative of unconsumed supply. Either the highs of those red days be taken out, or these RRVs be suceeded later by higher RGV (recent green volumes). Pocket Pivot Volumes (PPV) are the best indicator of institutional accumulation. Multiple PPVs in a consolidation base, & in a breakout candle are very bullish signals.
Please also note that moving average of the volume is also purposely hidden, as the dark grey bars themselves are indication of a below-average volume. Rather than looking at each bar & comparing it to the overlying moving average line, the color scheme itself is self-explanatory, & devoid of distractions.
- Blue bars: Pocket Pivot Volumes (PPV), that is an up-day volume which is greater than the highest down-day volume of the last 10 down-days.
- Red bars: Down-day volumes that are greater than 50-period moving average of the volume.
- Green bars: Up-day volumes that are greater than 50-period moving average of the volume.
All other volumes are “noise” & need not be kept into any actionable consideration. All these bars are dark grey.
While initiating a long entry, we need to look out for only these 3 volume bars in this way:
RRV (recent red volumes) are indicative of unconsumed supply. Either the highs of those red days be taken out, or these RRVs be suceeded later by higher RGV (recent green volumes). Pocket Pivot Volumes (PPV) are the best indicator of institutional accumulation. Multiple PPVs in a consolidation base, & in a breakout candle are very bullish signals.
Please also note that moving average of the volume is also purposely hidden, as the dark grey bars themselves are indication of a below-average volume. Rather than looking at each bar & comparing it to the overlying moving average line, the color scheme itself is self-explanatory, & devoid of distractions.
릴리즈 노트:
Updates:
- Added orange color bars to depict very low “dry” volumes. By default, these are visible the volume has fallen to at least 1/5 from the 50-period moving average of the volume. You have the choice to alter this period to one of your choosing by changing the number used as "Low volume fraction”.
Added Relative volume label in percent. If today's volume is twice as compared to the instrument’s average volume, then the relative volume label will show a "200%” value.
The 50-period average volume is now visible on the price scale.
Users can now change the colors of the various volume bars.
Please also note that Pocket Pivot Volume (PPV) is an up-day volume which is greater than any down-day volume of the last 10 “trading” days (it was wrongly written as last 10 “down” days in the initial description).
릴리즈 노트:
- Bull Snort candles are now depicted by a purple background color & a dot (you can use both or one, or can turn them off if you don’t wish to use this). Bull Snort candles are a concept from Oliver Kell. For a bull snort, you need a candle with 3 times the volume of its 50 day average, along with the price closing in 35% of its highs, & above the previous close.
- Daily & fifty day turnover (in Crores) are now presented in a table along with the relative volume.
- The volume moving average length, as well the Relative volume length, can now be changed (from the default 50) to a number of your choice.
- Daily & fifty day turnover (in Crores) are now presented in a table along with the relative volume.
- The volume moving average length, as well the Relative volume length, can now be changed (from the default 50) to a number of your choice.
릴리즈 노트:
Minor update to show daily turnover value upto 2 decimal places.
릴리즈 노트:
Updated to show blank cells in the turnover table where the value is not yet populated. Earlier it used to display as NaN.
릴리즈 노트:
Updated the table to provide options for change its colors
릴리즈 노트:
Now includes labels for Highest Volume (HV) edge (popularised by Rai) which is used to gauge institutional accumulation & highest probabilities of the stock turning into a big winner.:
⦿ Highest Volume Ever (HVE)
⦿ Highest Volume in Over a Year (HVY)
⦿ Highest Volume in a quarter (HVQ)
Includes options to display either the latest HVs, or all the HVs.
Includes options to display verbose data or just the HV.
Bull Snort volumes are shown as an up-arrow (customisable) on the bottom of the volume bar.
Cleaned up some redundant code.
⦿ Highest Volume Ever (HVE)
⦿ Highest Volume in Over a Year (HVY)
⦿ Highest Volume in a quarter (HVQ)
Includes options to display either the latest HVs, or all the HVs.
Includes options to display verbose data or just the HV.
Bull Snort volumes are shown as an up-arrow (customisable) on the bottom of the volume bar.
Cleaned up some redundant code.
릴리즈 노트:
Updated the code to not display the volume % where the volume moving average has not yet been populated. e.g. in IPO stocks
릴리즈 노트:
Updated the script to label the IPO day & its volume separately.
Made the HVE calculation accurate by including the IPO day volume too.
Made the HVE calculation accurate by including the IPO day volume too.
릴리즈 노트:
- Updated to display the highest volume labels only on daily & above timeframes
- Removed a portion of code that made the script load slower
- Removed a portion of code that made the script load slower
릴리즈 노트:
Updated the script to calculate the highest volumes only for timeframes of daily or above.
릴리즈 노트:
Changed the code for calculating the HVE (Highest Volume ever), as the study was not loading on some charts due to referencing too many candles. Now, as per the limitation of TradingView's lookback period, HVE is actually the highest volume in the past 10 years.
Changed the default to displaying only the latest Highest Volumes. Past values can be turned on by selecting the option for the same in the settings.
Changed the default to displaying only the latest Highest Volumes. Past values can be turned on by selecting the option for the same in the settings.
릴리즈 노트:
Updated the code for calculating the HVE.
- Script is now working fine on very small timeframes (5minutes, 1 minute)
- Script labels now works fine on stocks with very long bar history
- HV labels work fine on stocks where the bar history is smaller than the lookback (e.g. Bharatwire)
- Script is now working fine on very small timeframes (5minutes, 1 minute)
- Script labels now works fine on stocks with very long bar history
- HV labels work fine on stocks where the bar history is smaller than the lookback (e.g. Bharatwire)
릴리즈 노트:
Lowest volume in a quarter (LVQ) or in an year (LVY) is now indicated by an orange "Q" or "Y" label above the respective volume bars.
The table is updated with the following additions:
- Average dollar volume. This is the average volume multiplied by the average price of the stock. It be at least 50 times your desired quantity.
- Volume RR (run rate) or volume buzz is the percentage by which the latest volume is above or below its average volume.
- Up/Down volume ratio is the sum of the volume on up days divided by the sum of the volume on down days. U/D > 1 is bullish.
- There is now an option in the settings to display the Average dollar volume in millions (default is crores).
The table is updated with the following additions:
- Average dollar volume. This is the average volume multiplied by the average price of the stock. It be at least 50 times your desired quantity.
- Volume RR (run rate) or volume buzz is the percentage by which the latest volume is above or below its average volume.
- Up/Down volume ratio is the sum of the volume on up days divided by the sum of the volume on down days. U/D > 1 is bullish.
- There is now an option in the settings to display the Average dollar volume in millions (default is crores).
릴리즈 노트:
- Lowest volumes now also color the volume bars orange
- Latest lowest volumes are now only displayed when the bar state is confirmed
- Improved HVE code so as to not depend on lookback
- Removed redundant option for turnover volumes
- Latest lowest volumes are now only displayed when the bar state is confirmed
- Improved HVE code so as to not depend on lookback
- Removed redundant option for turnover volumes
릴리즈 노트:
⦿ Option to change the table's location, size & layout (horizontal or vertical). You can choose to display either all the columns, or only the ones of your choice. Background color can be turned off.
⦿ Option to display Power volumes via background headlight. Power Volumes are volumes beyond a certain number (default is half million) where price moves a minimum of 5%.
⦿ Option to change pocket pivot length from 10 to either 5 or 20.
⦿ Lots of tooltips in the settings (& also on hover)
⦿ 1-click dark mode
⦿ Updated code to v5
⦿ Improved IPO volume colors for dark mode.
⦿ Option to display Power volumes via background headlight. Power Volumes are volumes beyond a certain number (default is half million) where price moves a minimum of 5%.
⦿ Option to change pocket pivot length from 10 to either 5 or 20.
⦿ Lots of tooltips in the settings (& also on hover)
⦿ 1-click dark mode
⦿ Updated code to v5
⦿ Improved IPO volume colors for dark mode.
릴리즈 노트:
Rolled back the separate lookback for the weekly Pocket pivot volumes. All timeframes to have the same lookback as earlier.
릴리즈 노트:
- Fixed the code to let the table resize properly as per the settings
- Improved the table appearance
- Added option to not choose the colors as per previous close
- Made horizontal mode as the default
릴리즈 노트:
Updated the code to improve the calculation of Relative Volume
릴리즈 노트:
- Provides an option to display the Volume Buzz in place of the Relative Volume (Rvol).
- Provides an option to include the current day volume while calculating the volume average for Rvol.