Hersheys Volume Pressure Indicator for ThinkorSwim

BenTen

Administrative
Staff member
Staff
VIP
Lifetime
This indicator helps you identify the beginning and end of a trend using volume and price.

For up bars...
If you have a large price range with low volume , that's very bullish.
If you have a small price range with low volume , that's bullish.

For down bars...
If you have a large price range with low volume , that's very bearish.
If you have a small price range with low volume , that's bearish.

You can set the moving average period, 14 is the default.

This is somewhat similar to the other buy/sell volume pressure indicator.

vuLpr3f.png


thinkScript Code

Code:
# Hersheys Volume Pressure v1
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/sagqjOJG-Hersheys-Volume-Pressure-v1/

declare lower;

input abc = 14;
def upforce = if open < close then (close - open) / volume else 0;
def downforce = if open > close then (open - close) / volume else 0;
def d = expAverage(downforce, abc);
def u = expAverage(upforce, abc);

plot line1 = d;
plot line2 = u;

line1.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
line1.assignValueColor(Color.red);
line2.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
line2.assignValueColor(Color.green);
 

diazlaz

Well-known member
2019 Donor
VIP
I recommend everyone look at this and take it for a test.. early stages, but see some potential value in it, simple but could be very effective. I usually a scalp type trader, and looks like a good fit on the lower timeframes. haven't had a chance to look at it at higher timeframes yet, but you might see some value.

please share any interesting findings and I will do the same.
 

reach40nutz

New member
Hey, so this shows the volume of buyers and sellers? Longer green bar means more buyers and longer red bars means more sellers right?
 

danjoh

Member
VIP
This does not break out pre or post market volume
Hello, nice to hear from you. I am not sure I understand the question. My orginal question was referring to what the blue and white dots do in the chart 5 posts up. If in fact @Neo302 remark is referring to the chart as well.
 

MerryDay

Administrative
Staff member
Staff
VIP
Lifetime
Hello, nice to hear from you. I am not sure I understand the question. My orginal question was referring to what the blue and white dots do in the chart 5 posts up. If in fact @Neo302 remark is referring to the chart as well.
FYI, it is more helpful to reference the actual post that you are referring to.

As to your question: the blue and white dots are a visual representation of the graph. We call them dashboards. They work as a Red Light-Green Light, Stop or Go. Reducing studies to a single line saves real estate.
Here is an example of dashboards in action:
https://usethinkscript.com/threads/csa-trading-dashboard-for-thinkorswim.1047/page-8#post-12201
 

Similar threads

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
Top