Finite Volume Elements (FVE) for ThinkOrSwim

korygill

korygill

Active member
VIP
This study is a thinkorswim version of an indicator posted in a question on this forum. This indicator is the work of Markos Katsanos. I have ported the indicator to thinkorswim.

Here is a chart of the indicator from Markos



Here is a chart from thinkorswim



ThinkScript code for this indicator

Code:
#
# FiniteVolumeElements_FVE
#
# Author: Kory Gill, @korygill
#
# Created from idea on https://usethinkscript.com/threads/finite-volume-elements.593/
# Original idea is from http://mkatsanos.com/FVE.html
#
# VERSION HISTORY (sortable date and time (your local time is fine), and your initials
# 20190907-1200-KG    - Created.
# ...
# ...

declare once_per_bar;
declare lower;

#
# inputs
#
input CutOff = 0.003;
input Samples = 22;

#
# logic
#
def bn = BarNumber();
def nan = double.NaN;

def tp = hlc3;
def mf = (close - (high+low)/2) + tp - tp[1];
def fveFactor = if mf > (CutOff*Close)
                then 1
                else if mf < (-1*CutOff*Close) then -1
                else 0;

def VolumePlusMinus = volume * fveFactor;
def fveSum = Sum(VolumePlusMinus, Samples);
def fve = if bn > Samples
          then (fveSum / (Average(volume,Samples) * Samples)) * 100
          else nan;


#
# plots
#
plot pFVE = fve;

plot pFVE_MA = MovingAverage(AverageType.SIMPLE, fve, 30);
pFVE_MA.SetDefaultColor(Color.Gray);
PFVE_MA.SetPaintingStrategy(PaintingStrategy.DASHES);

plot zeroLine = 0;
zeroLine.SetDefaultColor(Color.White);
Link to a flex grid as shown above

https://tos.mx/PUmEFD

Happy trading,
Kory Gill, @korygill
 
S

SolidChiken

New member
2019 Donor
Shocked. Genius work there @skynetgen. Unbelievable 💎
 
markos

markos

Well-known member
VIP
@korygill and @skynetgen Great job! This will be a good addition to my repertoire. 😁
 
B

ball

New member
Hello, I have serious doubts about this code.

Why are you not using any measurement of price range in the cutoff?
 
markos

markos

Well-known member
VIP
@ball welcome to useThinkScript. The following is from the author's website... "You can find a money flow divergence system using both FVE and VFI here and a comparison between 7 Money Flow Indicators in my article in the July 2011 of S&C. " You may find the answer there.
 
zeek

zeek

Active member
2019 Donor
Can anyone post a screenshot of how the reworked version looks like?
 
BenTen

BenTen

Administrative
Staff
VIP
@zeek Kory already posted it above. You can always add it to your ToS as well.
 
S

SolidChiken

New member
2019 Donor
Hi @korygill @skynetgen... Do you guys facing the missing plot after a period of time? Gotta refresh the chart in order to get it back. Wondering is there a way to fix it?
 
S

SolidChiken

New member
2019 Donor
Solved by take out declare once_per_bar;
 
MerryDay

MerryDay

Member
VIP
I have been using this indicator for about 6 months. I keep noticing more and more correlations with the movement of stock.

This indicator can be used to signal entry as indicated by the 1st rectangle in the photo below. But my favorite use is to identify chop as shown in the 2nd rectangle.

If both the FVE and OBV (On Balance Volume) are below their moving averages (as signified by the red lines), the stock is either descending or in chop.

I use it to filter every scan I run and every arrow that I draw. It removes a lot of false signals.



Here is my chart:
https://tos.mx/6si5qBI
 
Last edited by a moderator:
Pelonsax

Pelonsax

Member
VIP
Found a fix. Make it MTF capable and set it to the higher time frame on the lower time frame chart
 
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