PROTECTED SOURCE SCRIPT

Total Volume Percentage (intraday)

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This script tracks the percentage of up vs down volume intraday. The intention is to get an idea throughout the day on sentiment changes regardless of how many handles are traded. This indicator should paint a clear picture on trend days by displaying an area with the same color (green for bullish and red for bearish). Please note that the default value uses the ticker for NYSE volume and not the security displayed on your chart. In other words, if you plot this on a chart with Amazon (AMZN) or Crude Oil or BITCOIN, it will still track the market's behavior. You can change the input on the indicator.

The coloring, up/down, are based on a moving average, which is also customizable. If you are doing intraday and you plot this on a 3-minute chart, you may want to set this at a relatively small timeframe.

Enjoy!

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A couple of changes:
- New Option to show the Percentage value (default) or to show the net value (in millions). See how I use it below.
- Changed to use high low/2 instead of close. When analyzing periods larger than 15 minutes this may have an impact on how data is calculated and hl2 presents a better picture of the trend.

How I use the net? I track the net by 30-minute increments. I have downloaded this data for over 10 years and have analyzed how this data behaves in trend and balancing days. So if I notice that by noon I see XXXX on the Net Volume, I can paint a picture of what to expect to happen around closing of the session.

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Updating Chart for visual purposes

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This new version includes:

update to version 4 of PineScript
gives you the option of showing a label with the total percentage and net volume
uses Exponential Moving Average instead of Simple Moving Average when calculating the color of area (red vs green)

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fixed label

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Changed the way coloring works from a Moving Average to a change in one percentage point from previous bar.