Volume Pressure Composite Average with Bands by @XeL_Arjona

VOLUME PRESSURE COMPOSITE AVERAGE WITH BANDS
Ver. 1.0.beta.10.08.2015
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"
  
• Adjusted Exponential Adaptation from original Volume Weighted Moving Average (VEMA) by xel_arjona with help given at the PineScript chat room with special mention to RicardoSantos
• Color Cloud Fill Condition algorithm by ChrisMoody

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 --

• A) My approach is to make this indicator both as a "Trend Follower" as well as a Volatility expressed in the Bands which are the weighting basis of the trend given their "Cross Signal" given by the Buy & Sell Volume Pressures algorithm. >
• B) Please experiment with lookback periods against different timeframes. Given the nature of the Volume Mathematical Monster this kind of study is and in concordance with Price Action; at first glance I've noted that both in short as in long term periods, the indicator tends to adapt quite well to general price action conditions. BE ADVICED THIS IS EXPERIMENTAL!
  
  
• C) ALL NEW IDEAS OR MODIFICATIONS to these indicator(s) are Welcome in favor to deploy a better and more accurate readings. I will be very glad to be notified at Twitter or TradingVew accounts at: xel_arjona

Any important addition to this work MUST REMAIN PUBLIC by means of CreativeCommons CC & TradingView. --- All Authorship Rights RESERVED 2015 ---