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Hersheys Volume Pressure Indicator for ThinkorSwim


Staff member
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

# 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;



  • vuLpr3f.png
    76.9 KB · Views: 331

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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.
@Craighaber71 It's just a simple volume indicator that shows up volume pressure compared to down volume pressure.
Buyers and Sellers is not information available in the data feeds.
When we look at the movement of price in comparison to volume, it is called Volume Pressure.
The scripts discussed here are representative of the PRICE spread compared to the overall volume spread.

Volume Pressure identifies the price movement which when aggregated against volume it is used to define MOMENTUM not actual buyers and sellers.
Longer green is more volume pressure.
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