Colored Relative volume chart

[shakib3585]

Colored Relative volume chart based off buy/sell

I would request for a thinkscript that finds the relative volume for any "given" length at any "given" standard deviation. For that study, I would like to have green or, red colored bars on the relative volume chart based off buying and selling. If it’s a buying volume and crossed the "given" standard deviation for the given "length" of volume, then the bar should be light green. If it’s buying volume but did not cross the "given" standard deviation for the "given" length of volume then the color should be dark green. The opposite should go for the selling volume except, light red for crossing the standard deviation and dark red for not crossing the standard deviation. The study should be applicable at any given aggregation. Please help if possible.

Thank you

 

[MerryDay]

Hello All,

I would request for a thinkscript that finds the relative volume for any "given" length at any "given" standard deviation. For that study, I would like to have green or, red colored bars on the relative volume chart based off buying and selling. If it’s a buying volume and crossed the "given" standard deviation for the given "length" of volume, then the bar should be light green. If it’s buying volume but did not cross the "given" standard deviation for the "given" length of volume then the color should be dark green. The opposite should go for the selling volume except, light red for crossing the standard deviation and dark red for not crossing the standard deviation. The study should be applicable at any given aggregation. Please help if possible.

Thank you

The ToS data feeds do not provide buying and selling volume.
You could plot your relative volume
and below it plot a buying and selling volume pressure indicator
https://usethinkscript.com/threads/...ssure-indicators-labels-for-thinkorswim.8466/

Volume pressure indicators make an assumption as to buyers and sellers.
Bullish candlestick patterns == buyers and Bearish == sellers.

 

[shakib3585]

The ToS data feeds do not provide buying and selling volume.
You could plot your relative volume
and below it plot a buying and selling volume pressure indicator
https://usethinkscript.com/threads/...ssure-indicators-labels-for-thinkorswim.8466/

Volume pressure indicators make an assumption as to buyers and sellers.
Bullish candlestick patterns == buyers and Bearish == sellers.

Apologies for the confusion @MerryDay . What I would like is to use the same indicator "RelativeVolumeStDev (RVSD)" from tos except the colors should be as follows:

If the volume category is buying, then=> if the volume crosses the stdev then the bar color of the RVSD will be "light green" and if not then "dark green"

If the volume category is selling, then=> if the volume crosses the stdev then the bar color of the RVSD will be "light red" and if not then "dark red".

Thank you

 

[shakib3585]

solved

declare lower;
declare zerobase;

input length = 60;
input numDev = 2.0;
input allowNegativeValues = no;
def vol = volume;
def rawRelVol = (vol - Average(vol, length)) / StDev(vol, length);
plot RelVol = if allowNegativeValues then rawRelVol else Max(0, rawRelVol);
plot StDevLevel = numDev;


RelVol.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
RelVol.SetLineWeight(3);
Relvol.AssignValueColor(if RelVol>=numdev and close>close[1] then color.green else if RelVol<numdev and close>close[1] then color.dark_green else if RelVol>=numdev and close<close[1] then color.red else color.dark_red);
StDevLevel.SetDefaultColor(GetColor(7));
StDevLevel.SetStyle(Curve.SHORT_DASH);

 

[MatthewA]

If the volume category is buying, then=> if the volume crosses the stdev then the bar color of the RVSD will be "light green" and if not then "dark green"

If the volume category is selling, then=> if the volume crosses the stdev then the bar color of the RVSD will be "light red" and if not then "dark red".

I understand what you are talking about, but it is important to remember that every single completed trade has 1 buyer and 1 seller for every single trade...
It may be interesting to consider how much volume occurs on the Bid or on the Ask in an area. There are several ways to use the data provided by the market.

It is late where I am but later this week I will provide some additional scripts for you to review and share your opinions and feedback on...

 

[shakib3585]

I understand what you are talking about, but it is important to remember that every single completed trade has 1 buyer and 1 seller for every single trade...
It may be interesting to consider how much volume occurs on the Bid or on the Ask in an area. There are several ways to use the data provided by the market.

It is late where I am but later this week I will provide some additional scripts for you to review and share your opinions and feedback on...

Thank you for your reply, @MatthewA . I also use relative volume, but I am more of a pivot trader. I like reference lines drawn before, as they are leading indicators. I would love to see your script and see how it works. I made a script myself and see how you feel about it

declare lower;
declare zerobase;

input length = 60;
input numDev = 2.0;
input allowNegativeValues = no;
def vol = volume;
def rawRelVol = (vol - Average(vol, length)) / StDev(vol, length);
plot RelVol = if allowNegativeValues then rawRelVol else Max(0, rawRelVol);
plot StDevLevel = numDev;


RelVol.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
RelVol.SetLineWeight(3);
Relvol.AssignValueColor(if RelVol>=numdev and close>close[1] then color.green else if RelVol<numdev and close>close[1] then color.dark_green else if RelVol>=numdev and close<close[1] then color.red else color.dark_red);
StDevLevel.SetDefaultColor(GetColor(7));
StDevLevel.SetStyle(Curve.SHORT_DASH);

 

[MatthewA]

I would love to see your script and see how it works

Yes okay my brother.
Tomorrow, I will tidy up a simple workspace and let us see if any ideas grow as we go...

Good evening