Find out if Bulls (buys) or Bears (sells) are moving the price. This gives a clear view of activity, even if you are using a higher time period. The lookback is in minutes, I believe. This is a superior volume indicator. Bars are recolored to show the underlying activity per the look back (minutes).
릴리즈 노트
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In this version I fixed the average volume (grey background). If volume eclipses the grey area, its above average by 30 periods.
릴리즈 노트
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Automatic lookback. Bar re-color option. Wow! Really shows whats going on.
릴리즈 노트
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I got rid of the old way displayed. This is much more useful and looks totally different. I added Standard deviation bands. Now you know if the volume is really on. I used a hard coded lookback of 30 because its supposed to be significant (?) Now you can really see a summary of the underlying minute to minute activity on higher bands.
릴리즈 노트
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I added a resolution dropdown box and a lookback period. I think this is closer to my original idea. You can view longer periods on a small timeframe. I think you can do vice versa like I originally intended. Not sure, but this is likely final update for this one. I realize now this is like an On Balance Volume indicator with some extras. I think this version is more useful.
릴리즈 노트
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Changed some unnecessary code and default settings.
You are absolutely mistaken here, as you take the "whole" volume for indicating of bullish of bearish pressing the market. But in order to indicate what you write in your description, you should take 2 different volumes - "BIDS" and "ASKS" volumes. It's much more difficult to script, but it works almost perfectly.
stealthy7
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@klavagmail, We don't have that type of volume data do we...
I'm measuring whats been actually traded.
stealthy7
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@klavagmail, No soliciting on my charts.
stealthy7
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I don't think there is anything to be made out of this indicator really.
stealthy7
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@stealthy7, To clarify, I'm not sure volume has an edge. BUT, I think its useful for 1min or 5min scalping / day trading. I'll keep working on it.
CryptoNigeria
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Please can you explain more...
Altcoinsmart
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not getting it! can you explain more how to understand this?
stealthy7
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Example: You see bitcoin's price rising but the volume is red on this indicator. Minute-by-minute timeframe, during that 2hr bar, people (or bots) are selling down. So its possible for the price to drift up 2hr even though the majority of 1min candles inside are red. Some small candles may even have large volume that did not move price. So what you are seeing here is a view that isn't expressed by the built in volume bar. You don't necessarily trade this information, but it can give a clue as to supply and demand, or just what bots are doing.
TLDR: It finds hidden volume when you are on a higher timeframe (like 1hr or 2hr)