Hersheys Volume Pressure Indicator for ThinkorSwim

BenTen

BenTen

Administrative
Staff
VIP
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.



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);
 
D

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.
 
C

Craighaber71

Active member
2019 Donor
VIP
Can someone explain how to use this indicator....?
 
BenTen

BenTen

Administrative
Staff
VIP
@Craighaber71 It's just a simple volume indicator that shows pressure between buyers and sellers.
 

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