Buy Sell Volume Pressure - Alternate Indicator For ThinkOrSwim

thebewb

Member
All,

Someone asked this be transcribed from: https://sites.google.com/site/karthikmarar/buying-and-selling-pressure-indicator

See associated blog post: https://karthikmarar.blogspot.com/2012/09/buying-and-selling-pressure-indicator.html

I am not an expert on the underlying language, so I may have lost some things in translation but it plots nicely. Its pretty much the same as @horserider's Hot Volume here: https://usethinkscript.com/threads/...r-with-hot-percent-for-thinkorswim.389/page-5 but it looks slightly different visually.

3FeJU65.png


See code below:

Code:
#Buy Sell Pressure
#Transcribed by TheBewb from: #https://sites.google.com/site/karthikmarar/buying-and-selling-pressure-indicator

declare lower;

def h = high;
def c = close;
def l = low;
def o = open;
def v = volume;
def sp         = H-C;
def bp         = C-L;
def bpavg     = expAverage(bp,80);
def spavg     = expAverage(sp,80);
def nbp     = bp/bpavg;
def nsp     = sp/spavg;
plot diff     = nbp-nsp;
diff.assignValueColor(if diff > 0 then color.green else color.orange);

def Vavg = ExpAverage(V,80);
def nv = V/Vavg;
plot nbfraw = nbp * nv;
nbfraw.setdefaultcolor(color.green);
nbfraw.setPaintingStrategy(paintingStrategy.HISTOGRAM);
plot nsfraw = - nsp * nv;
nsfraw.setDefaultColor(color.red);
nsfraw.setPaintingStrategy(paintingStrategy.HISTOGRAM);
input showPlot = yes;
plot nbf = if showplot then ExpAverage(nbp * nv,20) else no; ### shows net buy pressure * volume as % of average
plot nsf = if showplot then ExpAverage(nsp * nv,20) else no;### shows net sell pressure * volume as % of average
 

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