I am not sure if that would work on a lower TF as it would constantly switch from red to green in a lot of cases. This is an interesting find. It is a divergence in volume to candle and it does seem to be pretty consistent. I am not a coder. I had Chat GPT make this by accident. Maybe some of the really good coders here may be able to help. It does appear to be a good strat possibly.
Join useThinkScript to post your question to a community of 21,000+ developers and traders.
What statements here to be changed in order to get it as a scan condition . for example I would like a create a scan for ,y watchlist stocks to displau only when
Would you happen to have the code for this scan? the "Volume pressure scan > 80" code. Updated to Schwab by accident. I can still use codes, just not shared links.# Volume Pressure Scan For Percentage Over 80
shared scanner link: http://tos.mx/sA6ld12 Click here for --> Easiest way to load shared links
Here you go. I also added a cloud and a "Net Buy / Sell" avg line to spot divergences. Both can be turned on/off but most likely need to diable volume histogram for these 2 features to be useful.
One request @MerryDay , the study which you referred for the buying/selling pressure is superb and I intend to use it on a 4 hour aggregation. I Have copied the as attached but I only see the labels, not the contrast of buy/sell on a single volume bar. Please suggest
#Total Volume for Regular Trading Day
AddLabel(yes, "Total Vol: " + volume(period = AggregationPeriod.DAY), Color.white);
#Volume of Current Bar
AddLabel(yes, "CurrentBar Vol: " + volume, Color.LIGHT_GREEN);
#Volume of the Last Bar
AddLabel(yes, "LastBar Vol: " + volume[1], Color.LIGHT_ORANGE);
#PreMarket Volume
input startTime = 0400;
input endTime = 0929;
def startCounter = SecondsFromTime(startTime);
def endCounter = SecondsTillTime(endTime);
def targetPeriod = if startCounter >= 0 and endCounter >= 0 then 1 else 0;
rec volumeTotal = if targetPeriod and !targetPeriod[1] then volume else if targetPeriod then volumeTotal[1] + volume else volumeTotal[1];
AddLabel(yes, Concat("PreMrket Vol: ", volumeTotal), Color.VIOLET);
#Volume color coded by amount of volume on up-tick versus amount of volume on down-tick
declare lower;
def O = open;
def H = high;
def C = close;
def L = low;
def V = volume;
def Buying = V * (C - L) / (H - L);
def Selling = V * (H - C) / (H - L);
# Selling Volume
plot SV = Selling;
SV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
SV.SetDefaultColor(Color.LIGHT_RED);
SV.HideTitle();
SV.HideBubble();
SV.SetLineWeight(5);
# Buying Volume
# Plot BV = Buying;
# Note that Selling + Buying Volume = Volume.
plot BV = volume;
BV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
BV.SetDefaultColor(Color.GREEN);
BV.HideTitle();
BV.HideBubble();
BV.SetLineWeight(5);
#Create an average volume line based on last 50 bars
input length = 20;
plot Vol = volume;
plot VolAvg = Average(volume, length);
Vol.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);declare lower;
input over_bought = 90;
input over_sold = 10;
def O = open;
def H = high;
def C = close;
def L = low;
def V = volume;
def Buying = V * (C - L) / (H - L);
def Selling = V * (H - C) / (H - L);
#last bar
def OL = open[1];
def HL = high[1];
def CL = close[1];
def LL = low[1];
def VL = volume[1];
def LBuying = VL * (CL - LL) / (HL - LL);
def LSelling = VL * (HL - CL) / (HL - LL);
#Buying Selling Ratio
plot BSR = 100 * (Buying) / (Buying + Selling);
plot OverSold = over_sold;
plot OverBought = over_bought;
BSR.SetPaintingStrategy(PaintingStrategy. LINE);
BSR.HideTitle();
BSR.HideBubble();
BSR.SetLineWeight(2);
BSR.DefineColor("OverBought", GetColor(1));
BSR.DefineColor("Normal", GetColor(0));
BSR.DefineColor("OverSold", GetColor(8));
BSR.AssignValueColor(if BSR >= over_bought then BSR.Color("OverBought") else if BSR <= over_sold then BSR.Color("OverSold") else BSR.Color("Normal"));
AddCloud(0, over_sold, Color.liGHT_RED, Color.RED);
AddCloud(100, over_bought, Color.LigHT_GREEN, Color.GREEN);
#################
# Volume % #
#################
def totVol = Round(Buying, 0) + Round(Selling, 0) ;
def buyPercent = ( Round(Buying, 0) / totVol ) * 100;
def sellPercent = ( Round(Selling, 0) / totVol ) * 100;
#######################################Chart Time Frame Buying & Selling Volumes#######################################
input Show_Labels = yes;
AddLabel(Show_Labels, "Total Vol: " + volume(period = AggregationPeriod.DAY), Color.WHITE);
#AddLabel(Show_Labels, "LastBarBuy Vol: " + Round(LBuying, 0), #Color.LIGHT_ORANGE);
#AddLabel(Show_Labels, "LastBarSell Vol: " + Round(LSelling, 0), Color.PINK);
AddLabel(Show_Labels, "CurrentBuy Vol: " + Round(Buying, 0) + " -- " + Round(buyPercent, 0) + "%", if Buying > Selling then Color.LIGHT_GREEN else Color.LIGHT_RED);
AddLabel(Show_Labels, "CurrentSell Vol: " + Round(Selling, 0) + " -- " + Round(sellPercent, 0) + "%", if Selling > Buying then Color.LIGHT_GREEN else Color.LIGHT_RED);declare lower;
input marketOpenTime = 0600;
input marketCloseTime = 1500;
def isMarketOpen = SecondsFromTime(marketOpenTime) >= 0 and SecondsTillTime(marketCloseTime) >= 0;
def totalBuyVolume = if isMarketOpen then
fold i = 1 to BarNumber()
with buyVolSum = 0
do buyVolSum + (if GetValue(close, i) > GetValue(close, i - 1) then GetValue(volume, i) else 0)
else Double.NaN;
def totalSellVolume = if isMarketOpen then
fold j = 1 to BarNumber()
with sellVolSum = 0
do sellVolSum + (if GetValue(close, j) < GetValue(close, j - 1) then GetValue(volume, j) else 0)
else Double.NaN;
def totalVolume = totalBuyVolume + totalSellVolume;
def buyVolumePercent = if totalVolume != 0 then
Min(totalBuyVolume / totalVolume * 100, 100)
else
0;
def sellVolumePercent = if totalVolume != 0 then
Min(totalSellVolume / totalVolume * 100, 100)
else
0;
AddLabel(yes," " + "Total Daily Buy Percent: " + AsPercent(buyVolumePercent / 100) + " ", Color.GREEN);
AddLabel(yes," " + "Total Daily Sell Percent: " + AsPercent(sellVolumePercent / 100) + " ", Color.LIGHT_RED);This is a slight variation on the idea of a bullish candlestick's (close>open) = buying volume pressure.
If you are on the Schwab ToS version, please note that shareable links will be a problem for the short-term future.
# Dap711 - 2024
declare on_volume;
#Chart Bars
input PaintBars = yes;
#Volume Pressure
input Volume_AvgType = AverageType.EXPONENTIAL;
input Volume_Length = 14;
#Moving Average
input MovAvg_AvgType = AverageType.EXPONENTIAL;
input MovAvg_Price = close;
input MovAvg_Length = 20;
def selling = volume * ( high - close ) / ( high - low );
def buying = volume * ( close - low ) / ( high - low );
def vol = volume;
#Plot Histograms
Plot Plot1 = min(selling,buying);
Plot1.setPaintingStrategy(PaintingStrategy.Histogram);
Plot1.AssignValueColor( if selling <= buying then Color.DARK_RED else Color.DARK_GREEN );
Plot1.HideTitle();
Plot1.HideBubble();
Plot1.SetLineWeight(5);
Plot Plot2 = vol;
Plot2.setPaintingStrategy(PaintingStrategy.Histogram);
Plot2.AssignValueColor( if selling <= buying then Color.DARK_GREEN else Color.DARK_RED);
Plot2.HideTitle();
Plot2.HideBubble();
Plot2.SetLineWeight(5);
#Calculate Volume Pressure
def upper_wick = if close>open then high-close else high-open;
def lower_wick = if close>open then open-low else close-low;
def spread = high-low;
def body_length = spread - (upper_wick + lower_wick);
def percent_upper_wick = upper_wick/spread;
def percent_lower_wick = lower_wick/spread;
def percent_body_length = body_length/spread;
def buy_volume = if close>open then
(percent_body_length + (percent_upper_wick + percent_lower_wick)/2)* volume else
((percent_upper_wick + percent_lower_wick)/2) * volume;
def sell_volume = if close<open then
(percent_body_length + (percent_upper_wick + percent_lower_wick)/2)* volume else
((percent_upper_wick + percent_lower_wick)/2) * volume;
def buying_volume = MovingAverage(Volume_AvgType, buy_volume,Volume_Length);
def selling_volume = MovingAverage(Volume_AvgType, sell_volume,Volume_Length);
#Moving Average
def MA = MovingAverage(MovAvg_AvgType,MovAvg_Price,MovAvg_Length);
#Plots
plot Dot_Cyan = if buying_volume > selling_volume and close > MA then 0 else Double.NaN ;
Dot_Cyan.SetPaintingStrategy(PaintingStrategy.SQUARES);
Dot_Cyan.SetLineWeight(5);
Dot_Cyan.AssignValueColor(Color.CYAN);
plot Dot_Red = if buying_volume < selling_volume and close < MA then 0 else Double.NaN ;
Dot_Red.SetPaintingStrategy(PaintingStrategy.SQUARES);
Dot_Red.SetLineWeight(5);
Dot_Red.AssignValueColor(Color.Red);
#Paint Candles
AssignPriceColor( if PaintBars and !IsNan(Dot_Cyan) then Color.Cyan
else if PaintBars and !IsNan(Dot_Red) then Color.Red
else if PaintBars then Color.GRAY
else Color.CURRENT);I like the Upper Buy/Sell Volume Labels but modified it a bit to show ONLY VOLUME. The Label that is GREEN is the label with the most volume.
useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.
We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.
If you are new, or just looking for guidance, here are some helpful links to get you started.
