Buy Sell Volume Pressure - Alternate Indicator For ThinkOrSwim



Someone asked this be transcribed from:

See associated blog post:

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: but it looks slightly different visually.


See code below:

#Buy Sell Pressure
#Transcribed by TheBewb from: #

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 else;

def Vavg = ExpAverage(V,80);
def nv = V/Vavg;
plot nbfraw = nbp * nv;
plot nsfraw = - nsp * nv;
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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