Dollar Volume Indicator for ThinkorSwim

  • Thread starter GuitarSlinger81
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GuitarSlinger81

GuitarSlinger81

New member
Is anyone aware of an indicator that displays as bars just like volume, but instead of share volume it's dollar volume? I did some Googling and looked around in TOS, but I couldn't find anything. Perhaps if this doesn't exist it would make a good first project for me, since I'm learning ThinkScript.
 
J

JL356

New member
IS there a watchlist column, to convert shares to millions (37,235,451 to 37M) have one for volume, but not shares. Thanks in advance.

Thanks @GuitarSlinger81, all i want is a way to translate the shares amount, to Millions, to they dont take so much space. (51,125,478 to 51.2M)
 
evanevans

evanevans

Member
How can I get DollarVolume to show up as an addable column in a scan?

I created the following study:

Code:
plot DollarVolume = close * volume;

# DollarVolume

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

But it doesn't show up in the list for columns in the scan tab.

Can anybody help with this? trying to make a custom column study to show the current cumulative dollars traded on the day (volume * price each minute added together). @Welkin my buddy, how are you?

Code:
def RunningDollarVolume = CompoundValue(1, (RunningDollarVolume[1]*Close[1]) + (volume*close), volume*close);

plot TotalDollarVolume = RunningDollarVolume;

Ok, nevermind, I think I got it. Here's the SHARE LINK to the code, for anyone who wants to add it as a column:
http://tos.mx/yaHbUmX

CODE:

Code:
def RunningDollarVolume = CompoundValue(1, (RunningDollarVolume[1]) + (volume*close), volume*close);

plot TotalDollarVolumeMM = Round(RunningDollarVolume/1000000,1);

FYI, because it was putting out some large numbers, I rounded it to the millions.

Does anybody know how to make a DollarVolume lower indicator, so instead of Volume it plots DollarVolume? It would look the same as volume, just the units expressed would not be volume of shares/contracts traded in one bar, but rather in Dollars (Volume*(OHLC/4)) or perhaps it can be reverse engineered from VWAP.
 
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jngy2k

jngy2k

Member
VIP
I've been researching on how to get the most accurate $ Volume on TOS. I can't find a constant that will bring up data of volume for each traded price$.

A formula has to be used.

The simplest way seems to be price(High + Low)/2 * volume. A code from a chart study by @SuryaKiranC uses def DollarVolume = hl2 * Vol; def AvgHL2 = Average(hl2[1], length); def DaysDollarvol = VolDayAvg * AvgHL2;

Even simpler would be use close * volume.

I'm not sure but maybe VWAP * volume would be most accurate but not sure if it can be done?

Does anyone know a good scan or column function for this problem?

My reasoning for using $ volume is if my account gets bigger and I want to use more size for one stock then it is more important to know how much $ Dollar Volume instead of simple Volume of shares traded because $ Volume standardizes all the stocks in the scan by accounting $ per shares traded as a priority instead of only shares. A 100k volume in 1$ stock is different than 10$ at the same volume.
 
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evanevans

evanevans

Member
Excellent for spotting divergences from the actual volume indicator.

The issue with volume, is at lower prices you could get a higher volume bar, than another volume bar which was at a higher price, and actually MORE MONEY was put into the lower volume bar at the higher prices overall. So when you thought you might have bearish divergence, you actually have bullish confirmation.

If you ask me, this is the better way to view volume...in terms of dollars traded, since it normalizes to a unit that is on the price chart (namely price).

Code:
# 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);
 
jngy2k

jngy2k

Member
VIP
nevermind figured it out

plot aaa = round(vwap* volume)/1000000;

let's me know how much size i can use and not price myself out
 

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