A label illustrating $/min (dollars traded per minute)

[azakusa]

Hello everyone.

I typically daytrade equities (10$ and under) on the one minute chart. An important part of this is calculating dollars traded per minute in order to determine position sizing and stability of the action.

For instance a 0.50/share stock trading at steady $200,000 minutes is unusually high volume for that price and worth taking a shot at. Whereas if the same stock is only trading $60,000 minutes I will think twice about it and watch for more order flow. (Or if its trading million dollar minutes, betting the house).

In a nutshell I am looking to create a script for a label that shows $/min or (dollars) traded per minute. This way I wont have to calculate it on the fly all the time.

My usual (by eye) calculation is to take the avg vols per minute and multiply it by the current price. However due to lack of programming I have not a clue how to create the code for this. When it comes to ThinkScript I am more of a hack cut and paster, capable of only the simpler things. You know, the high sense low IQ type. ;-)

That said, is there a post or thread that anyone can point me to which can give me some ideas how where to start with the thinkscript for such an indicator? I have looked through many of them and cant find anything relevant.

Lastly, as with the previous 2 indicators you all have helped me with, I am deeply indebted -because they really are amazing pieces of code. Hoping to grind out another super useful one.

Best.

 

[azakusa]

I think I found it!

# Dollar Volume Indicator
# ©2020
# Evan Evans
# evanevans333 (at) gmail

plot DollarVolume = close * volume;
DollarVolume.AssignValueColor(if close>close[1] then color.uptick else color.downtick);

# DollarVolume

AddLabel(yes, AsDollars(DollarVolume), Color.WHITE);