JAT Buy/Sell Volume Pressure Indicator For ThinkOrSwim

[justAnotherTrader]

Okay, so the most talked about and often most underutilized indicator we have is volume. And I get it, tos gives us beautiful candles and then gives us this boring volume chart underneath as if its an afterthought. So you probably guessed by now, I love pretty volume charts.

Think about all the different types of volume driven price action we get:

• A ton of small orders comes in with above average volume but the price stays flat
• A few large orders come in and push the price up 1-ATR
• A mix of large and small orders come in and the price goes parabolic
• A mix of large and small orders come in and the stock dumps

This is just 4 scenarios (there are so many more), and each one gives us a clue about whats driving the price without ever opening a news article or listening in on a conference call. So what does it tell us?

It could tell us:

• A large institution is buying up shares quietly, because of the large order they have chosen to break it down into smaller sizes to avoid driving up the price
• Some rich retail investor heard their uncle talk about a new product line about to drop an its going to change the industry
• A, executive order comes out of the white house to shift us away from solar and into nuclear tech for "energy security"
• The company misses earnings and not only is everyone piling out but algorithms and stop losses are triggering

Again this is just 4 scenarios. So wouldnt it be nice if our indicators did just that, you know indicate. Thats what this mildly edited version of a volume pressure indicator is attempting to do. I say attempting because it is not up to my standard (I am currently working on a better one as we speak) and also because its impossible to capture everything. Especially because true volume starts at the order book. That being said, this does a good job of giving you a quick idea if volume is trending in one way or another and if it seems buyers are more in control vs sellers. And because I am slow and like to be talked to like im 6 by my indicators there is a bunch of context labels for just that.

Enjoy!

mod note:

The ToS data feeds do not provide true buyers and sellers volume.
read here for how the amazing @Jman831 created the original indicator:
https://usethinkscript.com/threads/...e-pressure-for-thinkorswim.11739/#post-101477

declare lower;
###############################################################################
# CONFIGURABLE PARAMETERS
###############################################################################
input Deviation_Length    = 60;
input Deviate             = 2;
input Show_Labels         = yes;
input Audible_Alert       = yes;
input Show_Arrows         = yes;
input UseVWAPFilter       = yes;

# ---------- Anchored VWAP controls ----------
input UseDateAnchor       = no;        # YES = anchor to a fixed calendar date
input AnchorDate          = 20250102;  # yyyymmdd  (ignored when UseDateAnchor = no)
input AnchorTime          = 0930;      # hhmm bar that starts VWAP
input ResetEachSession    = yes;       # only matters when UseDateAnchor = no

# ---------- Regular-hours window ----------
input RTHOpen             = 0930;      # hhmm   — change if needed
input RTHClose            = 1600;      # hhmm

###############################################################################
# VOLUME CONTEXT
###############################################################################
def volumeStDev = RelativeVolumeStDev(length = Deviation_Length);
def abovedev    = volumeStDev >= Deviate;

def increase    = volume > volume[1];
def decrease    = volume < volume[1];
def devincrease = increase  and abovedev;
def devdecrease = decrease  and abovedev;

###############################################################################
# BUYING vs. SELLING VOLUME
###############################################################################
def O = open;
def H = high;
def C = close;
def L = low;
def V = volume;

def Buying  = if H != L then V * (C - L) / (H - L) else 0;
def Selling = if H != L then V * (H - C) / (H - L) else 0;

###############################################################################
# >>>   ANCHORED VWAP  –  REGULAR-HOURS ONLY   <<<
###############################################################################
def isIntraday = GetAggregationPeriod() < AggregationPeriod.DAY;

# regular-session flag (true for every bar on daily/weekly charts)
def RTH = if isIntraday
          then SecondsFromTime(RTHOpen) >= 0 and SecondsTillTime(RTHClose) > 0
          else 1;

# --- decide which bar(s) restart the VWAP ---
def dateHit      = GetYYYYMMDD() == AnchorDate;
def timeHit      = SecondsFromTime(AnchorTime) == 0;

def barIsAnchor  = (UseDateAnchor and dateHit and timeHit)              # single date/time
                   or (!UseDateAnchor and timeHit);                     # daily open style

def newSession   = GetDay() <> GetDay()[1];

def resetVWAP    = barIsAnchor
                   or ( (!UseDateAnchor) and ResetEachSession and newSession );

# --- running sums advance ONLY in RTH, reset when resetVWAP is true ---
def cumPV = CompoundValue(
             1,
             if resetVWAP               then C * V
             else if RTH                then cumPV[1] + C * V
             else                            cumPV[1],
             C * V);

def cumVol = CompoundValue(
             1,
             if resetVWAP               then V
             else if RTH                then cumVol[1] + V
             else                            cumVol[1],
             V);

def anchoredVWAP = if cumVol != 0 then cumPV / cumVol else Double.NaN;

def aboveVWAP = C > anchoredVWAP;
def belowVWAP = C < anchoredVWAP;

###############################################################################
# VOLUME PLOTS
###############################################################################
plot SV = Selling;
SV.AssignValueColor(if devdecrease then Color.PINK else Color.RED);
SV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
SV.SetLineWeight(5);

plot BV = Buying;
BV.AssignValueColor(if devincrease then Color.LIGHT_GREEN else CreateColor(0,165,0));
BV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
BV.SetLineWeight(5);

###############################################################################
# RELATIVE STRENGTH METRICS
###############################################################################
def buyPct  = if Buying + Selling != 0 then Buying / (Buying + Selling) else 0;
def sellPct = 1 - buyPct;

###############################################################################
# SIGNAL CONDITIONS
###############################################################################
def bigBuy   = devincrease and buyPct  > 0.7;
def bigSell  = devdecrease and sellPct > 0.7;

###############################################################################
# ALERTS
###############################################################################
Alert(bigBuy  and Audible_Alert, "Heavy Buying Surging", Alert.BAR, Sound.Ding);
Alert(bigSell and Audible_Alert, "Heavy Selling Dump",  Alert.BAR, Sound.Bell);

###############################################################################
# ARROW SIGNALS
###############################################################################
plot BuyArrow  = Show_Arrows and bigBuy  and (UseVWAPFilter == no or aboveVWAP);
BuyArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
BuyArrow.SetDefaultColor(Color.GREEN);

plot SellArrow = Show_Arrows and bigSell and (UseVWAPFilter == no or belowVWAP);
SellArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
SellArrow.SetDefaultColor(Color.RED);

###############################################################################
# LABELS
###############################################################################
AddLabel(Show_Labels,
         "Buy Vol = " + Round(Buying, 0) +
         (if devincrease then " 🚀 Big Surge" else ""),
         if Buying > Selling then Color.GREEN else Color.DARK_GRAY);

AddLabel(Show_Labels,
         "Buy %: " + Round(buyPct * 100, 1) + "%" +
         (if buyPct > 0.7 then " | Buyers in Control"
          else if buyPct < 0.3 then " | Sellers Dominating"
          else " | Neutral"),
         if buyPct > 0.7 then Color.LIGHT_GREEN
         else if buyPct < 0.3 then Color.RED
         else Color.GRAY);

AddLabel(Show_Labels,
         "Sell Vol = " + Round(Selling, 0) +
         (if devdecrease then " 🔻 Major Dump" else ""),
         if Selling > Buying then Color.RED else Color.DARK_GRAY);

AddLabel(Show_Labels,
         "Sell %: " + Round(sellPct * 100, 1) + "%" +
         (if sellPct > 0.7 then " | Heavy Selling"
          else if sellPct < 0.3 then " | Light Selling"
          else " | Mixed"),
         if sellPct > 0.7 then Color.PINK
         else if sellPct < 0.3 then Color.GRAY
         else Color.LIGHT_GRAY);

AddLabel(Show_Labels,
         "VWAP " +
         (if UseDateAnchor
          then "(" + AnchorDate + " " + AnchorTime + ")"
          else "(Daily " + AnchorTime + ")")
         + " = " + Round(anchoredVWAP, 2) +
         (if aboveVWAP then " | Above" else " | Below"),
         if aboveVWAP then Color.GREEN else Color.RED);

 

[MarcVUM]

https://usethinkscript.com/threads/jat-buy-sell-volume-pressure-indicator-for-thinkorswim.21084/

Is there any way to utilize this indicator as part of a scan? I was thinking how useful a scan showing which stocks "buyers in control" would be. Thanks for your advice!

 

[justAnotherTrader]

Is there any way to utilize this indicator as part of a scan? I was thinking how useful a scan showing which stocks "buyers in control" would be. Thanks for your advice!

So the buyers in control simply means that by our estimation that there were more buyers than sellers. We "guess" that because the price closed near the top of the candle it must of been more in charge. We then approximate the percentage of buyers in control (which really simply mean the close was near the high).

I say that because this can be misleading, so I am going to give you the code to the scan but its going to have a twist on it. We are going to make sure the candle is of a large enough size to matter. We are also going to make sure the volume is interesting enough for us to look at by normalizing the volume using Z thresholds and make sure the volume is at least 1.5 std larger than normal.

If you want simply buyers in control and I did to much with my edits let me know and I will give that to you but I hope you will allow my artistic liberties here

# === Inputs ===
input atrLength = 14;
input minBodyToATR = 1;
input volumeZLength = 30;
input volumeZThreshold = 1.5;

# === Core Candle Info ===
def O = open;
def H = high;
def L = low;
def C = close;
def V = volume;

# === Buy/Sell Volume Estimate ===
def Buying = if H != L then V * (C - L) / (H - L) else 0;
def Selling = if H != L then V * (H - C) / (H - L) else 0;
def buyPct = if Buying + Selling != 0 then Buying / (Buying + Selling) else 0;

# === ATR Body Filter ===
def bodySize = AbsValue(C - O);
def atr = Average(TrueRange(H, C, L), atrLength);
def strongBody = bodySize > (atr * minBodyToATR);

# === Volume Z-Score Filter ===
def volAvg = Average(V, volumeZLength);
def volStdev = StDev(V, volumeZLength);
def volumeZScore = if volStdev != 0 then (V - volAvg) / volStdev else 0;
def highVolume = volumeZScore > volumeZThreshold;

#Leave the following line uncommented for Buyers in control
plot scan = (buyPct > 0.7 ) and strongBody;


#Leave the following line uncommented for Sellers in control
#plot scan = (buyPct < 0.3) and strongBody;

 

[DeepThinker]

Okay, so the most talked about and often most underutilized indicator we have is volume. And I get it, tos gives us beautiful candles and then gives us this boring volume chart underneath as if its an afterthought. So you probably guessed by now, I love pretty volume charts.

Think about all the different types of volume driven price action we get:

• A ton of small orders comes in with above average volume but the price stays flat
• A few large orders come in and push the price up 1-ATR
• A mix of large and small orders come in and the price goes parabolic
• A mix of large and small orders come in and the stock dumps

This is just 4 scenarios (there are so many more), and each one gives us a clue about whats driving the price without ever opening a news article or listening in on a conference call. So what does it tell us?

It could tell us:

• A large institution is buying up shares quietly, because of the large order they have chosen to break it down into smaller sizes to avoid driving up the price
• Some rich retail investor heard their uncle talk about a new product line about to drop an its going to change the industry
• A, executive order comes out of the white house to shift us away from solar and into nuclear tech for "energy security"
• The company misses earnings and not only is everyone piling out but algorithms and stop losses are triggering

Again this is just 4 scenarios. So wouldnt it be nice if our indicators did just that, you know indicate. Thats what this mildly edited version of a volume pressure indicator is attempting to do. I say attempting because it is not up to my standard (I am currently working on a better one as we speak) and also because its impossible to capture everything. Especially because true volume starts at the order book. That being said, this does a good job of giving you a quick idea if volume is trending in one way or another and if it seems buyers are more in control vs sellers. And because I am slow and like to be talked to like im 6 by my indicators there is a bunch of context labels for just that.

Enjoy!

mod note:

declare lower;
##########################
# Configurable Parameters
##########################
input Deviation_Length = 60;
input Deviate = 2;
input Show_Labels = yes;
input Audible_Alert = yes;
input Show_Arrows = yes;
input UseVWAPFilter = yes;

##########################
# Volume Stats & Context
##########################
def volumeStDev = RelativeVolumeStDev(length = Deviation_Length);
def abovedev = volumeStDev >= Deviate;

def increase = volume > volume[1];
def decrease = volume < volume[1];
def devincrease = increase and abovedev;
def devdecrease = decrease and abovedev;

##########################
# Buying vs. Selling Volume
##########################
def O = open;
def H = high;
def C = close;
def L = low;
def V = volume;

def Buying = if H != L then V * (C - L) / (H - L) else 0;
def Selling = if H != L then V * (H - C) / (H - L) else 0;

##########################
# VWAP Context Filter
##########################
def vwap = VWAP();
def aboveVWAP = close > vwap;
def belowVWAP = close < vwap;

##########################
# Volume Plots
##########################
plot SV = Selling;
SV.AssignValueColor(if devdecrease then Color.PINK else Color.RED);
SV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
SV.SetLineWeight(5);

plot BV = Buying;
BV.AssignValueColor(if devincrease then Color.LIGHT_GREEN else CreateColor(0, 165, 0));
BV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
BV.SetLineWeight(5);

##########################
# Relative Strength Calculation
##########################
def buyStrength = if Average(Buying, Deviation_Length) != 0 then Buying / Average(Buying, Deviation_Length) else 0;
def sellStrength = if Average(Selling, Deviation_Length) != 0 then Selling / Average(Selling, Deviation_Length) else 0;

def buyPct = if Buying + Selling != 0 then Buying / (Buying + Selling) else 0;
def sellPct = 1 - buyPct;

##########################
# Signal Conditions
##########################
def bigBuy = devincrease and buyPct > 0.7;
def bigSell = devdecrease and sellPct > 0.7;

def trendBuy = Buying > Buying[1] and Buying[1] > Buying[2];
def trendSell = Selling > Selling[1] and Selling[1] > Selling[2];

##########################
# Alerts
##########################
Alert(bigBuy and Audible_Alert, "Heavy Buying Surging", Alert.BAR, Sound.Ding);
Alert(bigSell and Audible_Alert, "Heavy Selling Dump", Alert.BAR, Sound.Bell);

##########################
# Arrow Signals
##########################
plot BuyArrow = Show_Arrows and bigBuy and (UseVWAPFilter == no or aboveVWAP);
BuyArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
BuyArrow.SetDefaultColor(Color.GREEN);

plot SellArrow = Show_Arrows and bigSell and (UseVWAPFilter == no or belowVWAP);
SellArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
SellArrow.SetDefaultColor(Color.RED);

##########################
# Custom Labels (Your Voice)
##########################
AddLabel(Show_Labels, "Buy Vol = " + Round(Buying, 0) +
    (if devincrease then " 🚀 Big Surge" else ""),
    if Buying > Selling then Color.GREEN else Color.DARK_GRAY);

AddLabel(Show_Labels, "Buy %: " + Round(buyPct * 100, 1) + "%" +
    (if buyPct > 0.7 then " | Buyers in Control" else if buyPct < 0.3 then " | Sellers Dominating" else " | Meh"),
    if buyPct > 0.7 then Color.LIGHT_GREEN else if buyPct < 0.3 then Color.RED else Color.GRAY);

AddLabel(Show_Labels, "Sell Vol = " + Round(Selling, 0) +
    (if devdecrease then " 🔻 Major Dump" else ""),
    if Selling > Buying then Color.RED else Color.DARK_GRAY);

AddLabel(Show_Labels, "Sell %: " + Round(sellPct * 100, 1) + "%" +
    (if sellPct > 0.7 then " | Nasty Pressure" else if sellPct < 0.3 then " | Soft Sellers" else " | Mixed Bag"),
    if sellPct > 0.7 then Color.PINK else if sellPct < 0.3 then Color.GRAY else Color.LIGHT_GRAY);

AddLabel(Show_Labels and trendBuy, "3-Bar Buy Momentum Building 📈", Color.CYAN);
AddLabel(Show_Labels and trendSell, "3-Bar Sell Pressure Mounting 📉", Color.ORANGE);

AddLabel(Show_Labels, "VWAP: " + Round(vwap, 2) + (if aboveVWAP then " | Above VWAP" else " | Below VWAP"),
    if aboveVWAP then Color.GREEN else Color.RED);

Thank you for sharing
Cannot wait to see the updated version.

 

[PonchoMike]

Your indicator reminds me of something I read several years back, and I'll throw this out for you to consider. I've always heard that when the close exceeds the open, the buyers are in control. I created a very unsophisticated indicator that plots moving averages of the opening price and the closing price, then plots the difference between the two as a histogram. Here is a chart of what it looks like for the SPX.

The dashed lines are the 21 day exponential moving average of the close minus open, and the solid lines are the 8 ema. Sometimes when a stock is basing, you will see the histogram start turning green before you get a reversal.

 

[guthiwari]

Can you please share your indicators?

 

[PonchoMike]

It's really a very simple indicator. I will start a new thread so I won't be hijacking this post.

 

[YotaTech4x4]

Okay, so the most talked about and often most underutilized indicator we have is volume. And I get it, tos gives us beautiful candles and then gives us this boring volume chart underneath as if its an afterthought. So you probably guessed by now, I love pretty volume charts.

Think about all the different types of volume driven price action we get:

• A ton of small orders comes in with above average volume but the price stays flat
• A few large orders come in and push the price up 1-ATR
• A mix of large and small orders come in and the price goes parabolic
• A mix of large and small orders come in and the stock dumps

This is just 4 scenarios (there are so many more), and each one gives us a clue about whats driving the price without ever opening a news article or listening in on a conference call. So what does it tell us?

It could tell us:

• A large institution is buying up shares quietly, because of the large order they have chosen to break it down into smaller sizes to avoid driving up the price
• Some rich retail investor heard their uncle talk about a new product line about to drop an its going to change the industry
• A, executive order comes out of the white house to shift us away from solar and into nuclear tech for "energy security"
• The company misses earnings and not only is everyone piling out but algorithms and stop losses are triggering

Again this is just 4 scenarios. So wouldnt it be nice if our indicators did just that, you know indicate. Thats what this mildly edited version of a volume pressure indicator is attempting to do. I say attempting because it is not up to my standard (I am currently working on a better one as we speak) and also because its impossible to capture everything. Especially because true volume starts at the order book. That being said, this does a good job of giving you a quick idea if volume is trending in one way or another and if it seems buyers are more in control vs sellers. And because I am slow and like to be talked to like im 6 by my indicators there is a bunch of context labels for just that.

Enjoy!

mod note:

declare lower;
##########################
# Configurable Parameters
##########################
input Deviation_Length = 60;
input Deviate = 2;
input Show_Labels = yes;
input Audible_Alert = yes;
input Show_Arrows = yes;
input UseVWAPFilter = yes;

##########################
# Volume Stats & Context
##########################
def volumeStDev = RelativeVolumeStDev(length = Deviation_Length);
def abovedev = volumeStDev >= Deviate;

def increase = volume > volume[1];
def decrease = volume < volume[1];
def devincrease = increase and abovedev;
def devdecrease = decrease and abovedev;

##########################
# Buying vs. Selling Volume
##########################
def O = open;
def H = high;
def C = close;
def L = low;
def V = volume;

def Buying = if H != L then V * (C - L) / (H - L) else 0;
def Selling = if H != L then V * (H - C) / (H - L) else 0;

##########################
# VWAP Context Filter
##########################
def vwap = VWAP();
def aboveVWAP = close > vwap;
def belowVWAP = close < vwap;

##########################
# Volume Plots
##########################
plot SV = Selling;
SV.AssignValueColor(if devdecrease then Color.PINK else Color.RED);
SV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
SV.SetLineWeight(5);

plot BV = Buying;
BV.AssignValueColor(if devincrease then Color.LIGHT_GREEN else CreateColor(0, 165, 0));
BV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
BV.SetLineWeight(5);

##########################
# Relative Strength Calculation
##########################
def buyStrength = if Average(Buying, Deviation_Length) != 0 then Buying / Average(Buying, Deviation_Length) else 0;
def sellStrength = if Average(Selling, Deviation_Length) != 0 then Selling / Average(Selling, Deviation_Length) else 0;

def buyPct = if Buying + Selling != 0 then Buying / (Buying + Selling) else 0;
def sellPct = 1 - buyPct;

##########################
# Signal Conditions
##########################
def bigBuy = devincrease and buyPct > 0.7;
def bigSell = devdecrease and sellPct > 0.7;

def trendBuy = Buying > Buying[1] and Buying[1] > Buying[2];
def trendSell = Selling > Selling[1] and Selling[1] > Selling[2];

##########################
# Alerts
##########################
Alert(bigBuy and Audible_Alert, "Heavy Buying Surging", Alert.BAR, Sound.Ding);
Alert(bigSell and Audible_Alert, "Heavy Selling Dump", Alert.BAR, Sound.Bell);

##########################
# Arrow Signals
##########################
plot BuyArrow = Show_Arrows and bigBuy and (UseVWAPFilter == no or aboveVWAP);
BuyArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
BuyArrow.SetDefaultColor(Color.GREEN);

plot SellArrow = Show_Arrows and bigSell and (UseVWAPFilter == no or belowVWAP);
SellArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
SellArrow.SetDefaultColor(Color.RED);

##########################
# Custom Labels (Your Voice)
##########################
AddLabel(Show_Labels, "Buy Vol = " + Round(Buying, 0) +
    (if devincrease then " 🚀 Big Surge" else ""),
    if Buying > Selling then Color.GREEN else Color.DARK_GRAY);

AddLabel(Show_Labels, "Buy %: " + Round(buyPct * 100, 1) + "%" +
    (if buyPct > 0.7 then " | Buyers in Control" else if buyPct < 0.3 then " | Sellers Dominating" else " | Meh"),
    if buyPct > 0.7 then Color.LIGHT_GREEN else if buyPct < 0.3 then Color.RED else Color.GRAY);

AddLabel(Show_Labels, "Sell Vol = " + Round(Selling, 0) +
    (if devdecrease then " 🔻 Major Dump" else ""),
    if Selling > Buying then Color.RED else Color.DARK_GRAY);

AddLabel(Show_Labels, "Sell %: " + Round(sellPct * 100, 1) + "%" +
    (if sellPct > 0.7 then " | Nasty Pressure" else if sellPct < 0.3 then " | Soft Sellers" else " | Mixed Bag"),
    if sellPct > 0.7 then Color.PINK else if sellPct < 0.3 then Color.GRAY else Color.LIGHT_GRAY);

AddLabel(Show_Labels and trendBuy, "3-Bar Buy Momentum Building 📈", Color.CYAN);
AddLabel(Show_Labels and trendSell, "3-Bar Sell Pressure Mounting 📉", Color.ORANGE);

AddLabel(Show_Labels, "VWAP: " + Round(vwap, 2) + (if aboveVWAP then " | Above VWAP" else " | Below VWAP"),
    if aboveVWAP then Color.GREEN else Color.RED);

Nice volume script.
I took the liberty of adding the following 2 lines of code to the end of the script so that the volume base is moved up just enough so the aarrow alerts can be seen without having to adjust the zeroline each time I change the chart. I keep my charts background black so hence the black background, but this can be changed within the indicator by changing the "Bottom" color option.

plot Bottom = -average(volume)/8;
bottom.setdefaultColor(color.black);

 

[Dynaguy]

Okay, so the most talked about and often most underutilized indicator we have is volume. And I get it, tos gives us beautiful candles and then gives us this boring volume chart underneath as if its an afterthought. So you probably guessed by now, I love pretty volume charts.

Think about all the different types of volume driven price action we get:

• A ton of small orders comes in with above average volume but the price stays flat
• A few large orders come in and push the price up 1-ATR
• A mix of large and small orders come in and the price goes parabolic
• A mix of large and small orders come in and the stock dumps

This is just 4 scenarios (there are so many more), and each one gives us a clue about whats driving the price without ever opening a news article or listening in on a conference call. So what does it tell us?

It could tell us:

• A large institution is buying up shares quietly, because of the large order they have chosen to break it down into smaller sizes to avoid driving up the price
• Some rich retail investor heard their uncle talk about a new product line about to drop an its going to change the industry
• A, executive order comes out of the white house to shift us away from solar and into nuclear tech for "energy security"
• The company misses earnings and not only is everyone piling out but algorithms and stop losses are triggering

Again this is just 4 scenarios. So wouldnt it be nice if our indicators did just that, you know indicate. Thats what this mildly edited version of a volume pressure indicator is attempting to do. I say attempting because it is not up to my standard (I am currently working on a better one as we speak) and also because its impossible to capture everything. Especially because true volume starts at the order book. That being said, this does a good job of giving you a quick idea if volume is trending in one way or another and if it seems buyers are more in control vs sellers. And because I am slow and like to be talked to like im 6 by my indicators there is a bunch of context labels for just that.

Enjoy!

mod note:

declare lower;
##########################
# Configurable Parameters
##########################
input Deviation_Length = 60;
input Deviate = 2;
input Show_Labels = yes;
input Audible_Alert = yes;
input Show_Arrows = yes;
input UseVWAPFilter = yes;

##########################
# Volume Stats & Context
##########################
def volumeStDev = RelativeVolumeStDev(length = Deviation_Length);
def abovedev = volumeStDev >= Deviate;

def increase = volume > volume[1];
def decrease = volume < volume[1];
def devincrease = increase and abovedev;
def devdecrease = decrease and abovedev;

##########################
# Buying vs. Selling Volume
##########################
def O = open;
def H = high;
def C = close;
def L = low;
def V = volume;

def Buying = if H != L then V * (C - L) / (H - L) else 0;
def Selling = if H != L then V * (H - C) / (H - L) else 0;

##########################
# VWAP Context Filter
##########################
def vwap = VWAP();
def aboveVWAP = close > vwap;
def belowVWAP = close < vwap;

##########################
# Volume Plots
##########################
plot SV = Selling;
SV.AssignValueColor(if devdecrease then Color.PINK else Color.RED);
SV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
SV.SetLineWeight(5);

plot BV = Buying;
BV.AssignValueColor(if devincrease then Color.LIGHT_GREEN else CreateColor(0, 165, 0));
BV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
BV.SetLineWeight(5);

##########################
# Relative Strength Calculation
##########################
def buyStrength = if Average(Buying, Deviation_Length) != 0 then Buying / Average(Buying, Deviation_Length) else 0;
def sellStrength = if Average(Selling, Deviation_Length) != 0 then Selling / Average(Selling, Deviation_Length) else 0;

def buyPct = if Buying + Selling != 0 then Buying / (Buying + Selling) else 0;
def sellPct = 1 - buyPct;

##########################
# Signal Conditions
##########################
def bigBuy = devincrease and buyPct > 0.7;
def bigSell = devdecrease and sellPct > 0.7;

def trendBuy = Buying > Buying[1] and Buying[1] > Buying[2];
def trendSell = Selling > Selling[1] and Selling[1] > Selling[2];

##########################
# Alerts
##########################
Alert(bigBuy and Audible_Alert, "Heavy Buying Surging", Alert.BAR, Sound.Ding);
Alert(bigSell and Audible_Alert, "Heavy Selling Dump", Alert.BAR, Sound.Bell);

##########################
# Arrow Signals
##########################
plot BuyArrow = Show_Arrows and bigBuy and (UseVWAPFilter == no or aboveVWAP);
BuyArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
BuyArrow.SetDefaultColor(Color.GREEN);

plot SellArrow = Show_Arrows and bigSell and (UseVWAPFilter == no or belowVWAP);
SellArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
SellArrow.SetDefaultColor(Color.RED);

##########################
# Custom Labels (Your Voice)
##########################
AddLabel(Show_Labels, "Buy Vol = " + Round(Buying, 0) +
    (if devincrease then " 🚀 Big Surge" else ""),
    if Buying > Selling then Color.GREEN else Color.DARK_GRAY);

AddLabel(Show_Labels, "Buy %: " + Round(buyPct * 100, 1) + "%" +
    (if buyPct > 0.7 then " | Buyers in Control" else if buyPct < 0.3 then " | Sellers Dominating" else " | Meh"),
    if buyPct > 0.7 then Color.LIGHT_GREEN else if buyPct < 0.3 then Color.RED else Color.GRAY);

AddLabel(Show_Labels, "Sell Vol = " + Round(Selling, 0) +
    (if devdecrease then " 🔻 Major Dump" else ""),
    if Selling > Buying then Color.RED else Color.DARK_GRAY);

AddLabel(Show_Labels, "Sell %: " + Round(sellPct * 100, 1) + "%" +
    (if sellPct > 0.7 then " | Nasty Pressure" else if sellPct < 0.3 then " | Soft Sellers" else " | Mixed Bag"),
    if sellPct > 0.7 then Color.PINK else if sellPct < 0.3 then Color.GRAY else Color.LIGHT_GRAY);

AddLabel(Show_Labels and trendBuy, "3-Bar Buy Momentum Building 📈", Color.CYAN);
AddLabel(Show_Labels and trendSell, "3-Bar Sell Pressure Mounting 📉", Color.ORANGE);

AddLabel(Show_Labels, "VWAP: " + Round(vwap, 2) + (if aboveVWAP then " | Above VWAP" else " | Below VWAP"),
    if aboveVWAP then Color.GREEN else Color.RED);

Great Tool i realy like it much,,,, would it be possible to add a "average volume line across the bars"?? Thx much

 

[justAnotherTrader]

Great Tool i realy like it much,,,, would it be possible to add a "average volume line across the bars"?? Thx much

Glad you like it. Just add this to the end of the script:

##########################
# Average Volume Line
##########################
plot avgVol = Average(volume, 20);
avgVol.SetDefaultColor(Color.YELLOW);
avgVol.SetLineWeight(2);
avgVol.SetStyle(Curve.SHORT_DASH);

 

[JDS]

Okay, so the most talked about and often most underutilized indicator we have is volume. And I get it, tos gives us beautiful candles and then gives us this boring volume chart underneath as if its an afterthought. So you probably guessed by now, I love pretty volume charts.

Think about all the different types of volume driven price action we get:

• A ton of small orders comes in with above average volume but the price stays flat
• A few large orders come in and push the price up 1-ATR
• A mix of large and small orders come in and the price goes parabolic
• A mix of large and small orders come in and the stock dumps

This is just 4 scenarios (there are so many more), and each one gives us a clue about whats driving the price without ever opening a news article or listening in on a conference call. So what does it tell us?

It could tell us:

• A large institution is buying up shares quietly, because of the large order they have chosen to break it down into smaller sizes to avoid driving up the price
• Some rich retail investor heard their uncle talk about a new product line about to drop an its going to change the industry
• A, executive order comes out of the white house to shift us away from solar and into nuclear tech for "energy security"
• The company misses earnings and not only is everyone piling out but algorithms and stop losses are triggering

Again this is just 4 scenarios. So wouldnt it be nice if our indicators did just that, you know indicate. Thats what this mildly edited version of a volume pressure indicator is attempting to do. I say attempting because it is not up to my standard (I am currently working on a better one as we speak) and also because its impossible to capture everything. Especially because true volume starts at the order book. That being said, this does a good job of giving you a quick idea if volume is trending in one way or another and if it seems buyers are more in control vs sellers. And because I am slow and like to be talked to like im 6 by my indicators there is a bunch of context labels for just that.

Enjoy!

mod note:

declare lower;
##########################
# Configurable Parameters
##########################
input Deviation_Length = 60;
input Deviate = 2;
input Show_Labels = yes;
input Audible_Alert = yes;
input Show_Arrows = yes;
input UseVWAPFilter = yes;

##########################
# Volume Stats & Context
##########################
def volumeStDev = RelativeVolumeStDev(length = Deviation_Length);
def abovedev = volumeStDev >= Deviate;

def increase = volume > volume[1];
def decrease = volume < volume[1];
def devincrease = increase and abovedev;
def devdecrease = decrease and abovedev;

##########################
# Buying vs. Selling Volume
##########################
def O = open;
def H = high;
def C = close;
def L = low;
def V = volume;

def Buying = if H != L then V * (C - L) / (H - L) else 0;
def Selling = if H != L then V * (H - C) / (H - L) else 0;

##########################
# VWAP Context Filter
##########################
def vwap = VWAP();
def aboveVWAP = close > vwap;
def belowVWAP = close < vwap;

##########################
# Volume Plots
##########################
plot SV = Selling;
SV.AssignValueColor(if devdecrease then Color.PINK else Color.RED);
SV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
SV.SetLineWeight(5);

plot BV = Buying;
BV.AssignValueColor(if devincrease then Color.LIGHT_GREEN else CreateColor(0, 165, 0));
BV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
BV.SetLineWeight(5);

##########################
# Relative Strength Calculation
##########################
def buyStrength = if Average(Buying, Deviation_Length) != 0 then Buying / Average(Buying, Deviation_Length) else 0;
def sellStrength = if Average(Selling, Deviation_Length) != 0 then Selling / Average(Selling, Deviation_Length) else 0;

def buyPct = if Buying + Selling != 0 then Buying / (Buying + Selling) else 0;
def sellPct = 1 - buyPct;

##########################
# Signal Conditions
##########################
def bigBuy = devincrease and buyPct > 0.7;
def bigSell = devdecrease and sellPct > 0.7;

def trendBuy = Buying > Buying[1] and Buying[1] > Buying[2];
def trendSell = Selling > Selling[1] and Selling[1] > Selling[2];

##########################
# Alerts
##########################
Alert(bigBuy and Audible_Alert, "Heavy Buying Surging", Alert.BAR, Sound.Ding);
Alert(bigSell and Audible_Alert, "Heavy Selling Dump", Alert.BAR, Sound.Bell);

##########################
# Arrow Signals
##########################
plot BuyArrow = Show_Arrows and bigBuy and (UseVWAPFilter == no or aboveVWAP);
BuyArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
BuyArrow.SetDefaultColor(Color.GREEN);

plot SellArrow = Show_Arrows and bigSell and (UseVWAPFilter == no or belowVWAP);
SellArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
SellArrow.SetDefaultColor(Color.RED);

##########################
# Custom Labels (Your Voice)
##########################
AddLabel(Show_Labels, "Buy Vol = " + Round(Buying, 0) +
    (if devincrease then " 🚀 Big Surge" else ""),
    if Buying > Selling then Color.GREEN else Color.DARK_GRAY);

AddLabel(Show_Labels, "Buy %: " + Round(buyPct * 100, 1) + "%" +
    (if buyPct > 0.7 then " | Buyers in Control" else if buyPct < 0.3 then " | Sellers Dominating" else " | Meh"),
    if buyPct > 0.7 then Color.LIGHT_GREEN else if buyPct < 0.3 then Color.RED else Color.GRAY);

AddLabel(Show_Labels, "Sell Vol = " + Round(Selling, 0) +
    (if devdecrease then " 🔻 Major Dump" else ""),
    if Selling > Buying then Color.RED else Color.DARK_GRAY);

AddLabel(Show_Labels, "Sell %: " + Round(sellPct * 100, 1) + "%" +
    (if sellPct > 0.7 then " | Nasty Pressure" else if sellPct < 0.3 then " | Soft Sellers" else " | Mixed Bag"),
    if sellPct > 0.7 then Color.PINK else if sellPct < 0.3 then Color.GRAY else Color.LIGHT_GRAY);

AddLabel(Show_Labels and trendBuy, "3-Bar Buy Momentum Building 📈", Color.CYAN);
AddLabel(Show_Labels and trendSell, "3-Bar Sell Pressure Mounting 📉", Color.ORANGE);

AddLabel(Show_Labels, "VWAP: " + Round(vwap, 2) + (if aboveVWAP then " | Above VWAP" else " | Below VWAP"),
    if aboveVWAP then Color.GREEN else Color.RED);

Awesome! Can the labels be put in a different location? Like top right or bottom of the chart?

 

[useThinkScript]

Awesome! Can the labels be put in a different location? Like top right or bottom of the chart?

Available Label Locations:
https://toslc.thinkorswim.com/cente...ddLabel#:~:text=location-,Location,-.TOP_LEFT
https://toslc.thinkorswim.com/center/reference/thinkScript/Constants/Location

 

[rv10032]

Okay, so the most talked about and often most underutilized indicator we have is volume. And I get it, tos gives us beautiful candles and then gives us this boring volume chart underneath as if its an afterthought. So you probably guessed by now, I love pretty volume charts.

Think about all the different types of volume driven price action we get:

• A ton of small orders comes in with above average volume but the price stays flat
• A few large orders come in and push the price up 1-ATR
• A mix of large and small orders come in and the price goes parabolic
• A mix of large and small orders come in and the stock dumps

This is just 4 scenarios (there are so many more), and each one gives us a clue about whats driving the price without ever opening a news article or listening in on a conference call. So what does it tell us?

It could tell us:

• A large institution is buying up shares quietly, because of the large order they have chosen to break it down into smaller sizes to avoid driving up the price
• Some rich retail investor heard their uncle talk about a new product line about to drop an its going to change the industry
• A, executive order comes out of the white house to shift us away from solar and into nuclear tech for "energy security"
• The company misses earnings and not only is everyone piling out but algorithms and stop losses are triggering

Again this is just 4 scenarios. So wouldnt it be nice if our indicators did just that, you know indicate. Thats what this mildly edited version of a volume pressure indicator is attempting to do. I say attempting because it is not up to my standard (I am currently working on a better one as we speak) and also because its impossible to capture everything. Especially because true volume starts at the order book. That being said, this does a good job of giving you a quick idea if volume is trending in one way or another and if it seems buyers are more in control vs sellers. And because I am slow and like to be talked to like im 6 by my indicators there is a bunch of context labels for just that.

Enjoy!

mod note:

declare lower;
##########################
# Configurable Parameters
##########################
input Deviation_Length = 60;
input Deviate = 2;
input Show_Labels = yes;
input Audible_Alert = yes;
input Show_Arrows = yes;
input UseVWAPFilter = yes;

##########################
# Volume Stats & Context
##########################
def volumeStDev = RelativeVolumeStDev(length = Deviation_Length);
def abovedev = volumeStDev >= Deviate;

def increase = volume > volume[1];
def decrease = volume < volume[1];
def devincrease = increase and abovedev;
def devdecrease = decrease and abovedev;

##########################
# Buying vs. Selling Volume
##########################
def O = open;
def H = high;
def C = close;
def L = low;
def V = volume;

def Buying = if H != L then V * (C - L) / (H - L) else 0;
def Selling = if H != L then V * (H - C) / (H - L) else 0;

##########################
# VWAP Context Filter
##########################
def vwap = VWAP();
def aboveVWAP = close > vwap;
def belowVWAP = close < vwap;

##########################
# Volume Plots
##########################
plot SV = Selling;
SV.AssignValueColor(if devdecrease then Color.PINK else Color.RED);
SV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
SV.SetLineWeight(5);

plot BV = Buying;
BV.AssignValueColor(if devincrease then Color.LIGHT_GREEN else CreateColor(0, 165, 0));
BV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
BV.SetLineWeight(5);

##########################
# Relative Strength Calculation
##########################
def buyStrength = if Average(Buying, Deviation_Length) != 0 then Buying / Average(Buying, Deviation_Length) else 0;
def sellStrength = if Average(Selling, Deviation_Length) != 0 then Selling / Average(Selling, Deviation_Length) else 0;

def buyPct = if Buying + Selling != 0 then Buying / (Buying + Selling) else 0;
def sellPct = 1 - buyPct;

##########################
# Signal Conditions
##########################
def bigBuy = devincrease and buyPct > 0.7;
def bigSell = devdecrease and sellPct > 0.7;

def trendBuy = Buying > Buying[1] and Buying[1] > Buying[2];
def trendSell = Selling > Selling[1] and Selling[1] > Selling[2];

##########################
# Alerts
##########################
Alert(bigBuy and Audible_Alert, "Heavy Buying Surging", Alert.BAR, Sound.Ding);
Alert(bigSell and Audible_Alert, "Heavy Selling Dump", Alert.BAR, Sound.Bell);

##########################
# Arrow Signals
##########################
plot BuyArrow = Show_Arrows and bigBuy and (UseVWAPFilter == no or aboveVWAP);
BuyArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
BuyArrow.SetDefaultColor(Color.GREEN);

plot SellArrow = Show_Arrows and bigSell and (UseVWAPFilter == no or belowVWAP);
SellArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
SellArrow.SetDefaultColor(Color.RED);

##########################
# Custom Labels (Your Voice)
##########################
AddLabel(Show_Labels, "Buy Vol = " + Round(Buying, 0) +
    (if devincrease then " 🚀 Big Surge" else ""),
    if Buying > Selling then Color.GREEN else Color.DARK_GRAY);

AddLabel(Show_Labels, "Buy %: " + Round(buyPct * 100, 1) + "%" +
    (if buyPct > 0.7 then " | Buyers in Control" else if buyPct < 0.3 then " | Sellers Dominating" else " | Meh"),
    if buyPct > 0.7 then Color.LIGHT_GREEN else if buyPct < 0.3 then Color.RED else Color.GRAY);

AddLabel(Show_Labels, "Sell Vol = " + Round(Selling, 0) +
    (if devdecrease then " 🔻 Major Dump" else ""),
    if Selling > Buying then Color.RED else Color.DARK_GRAY);

AddLabel(Show_Labels, "Sell %: " + Round(sellPct * 100, 1) + "%" +
    (if sellPct > 0.7 then " | Nasty Pressure" else if sellPct < 0.3 then " | Soft Sellers" else " | Mixed Bag"),
    if sellPct > 0.7 then Color.PINK else if sellPct < 0.3 then Color.GRAY else Color.LIGHT_GRAY);

AddLabel(Show_Labels and trendBuy, "3-Bar Buy Momentum Building 📈", Color.CYAN);
AddLabel(Show_Labels and trendSell, "3-Bar Sell Pressure Mounting 📉", Color.ORANGE);

AddLabel(Show_Labels, "VWAP: " + Round(vwap, 2) + (if aboveVWAP then " | Above VWAP" else " | Below VWAP"),
    if aboveVWAP then Color.GREEN else Color.RED);

, can you fix the VWAP label? I was just testing, and the stock I was looking at had the label changing from “Below VWAP” to “Above VWAP” multiple times as the price moved, but the stock has been below VWAP since market open.

 

[justAnotherTrader]

, can you fix the VWAP label? I was just testing, and the stock I was looking at had the label changing from “Below VWAP” to “Above VWAP” multiple times as the price moved, but the stock has been below VWAP since market open.

I am unable to recreate the bug unless there is something going on with the after hours. Note that the VWAP is using tos built in function:

##########################
# VWAP Context Filter
##########################
def vwap = VWAP();
def aboveVWAP = close > vwap;
def belowVWAP = close < vwap;

BUT I did add in an anchor time plus an anchor date option to the code. Try recopying it to see if it fixes the issue youre having. For intraday you can set whatever start and stop time you desire, this could be helpful for some strategies to change it. Also for the daily chart you can set for whatever date you'd like.

Let me know!

 

[Dynaguy]

I am unable to recreate the bug unless there is something going on with the after hours. Note that the VWAP is using tos built in function:

##########################
# VWAP Context Filter
##########################
def vwap = VWAP();
def aboveVWAP = close > vwap;
def belowVWAP = close < vwap;

BUT I did add in an anchor time plus an anchor date option to the code. Try recopying it to see if it fixes the issue youre having. For intraday you can set whatever start and stop time you desire, this could be helpful for some strategies to change it. Also for the daily chart you can set for whatever date you'd like.

Let me know!

below is a code from a label from who knows where, i don't understand the differences .... TIA

input displace = 0;
input timeFrame = AggregationPeriod.DAY;
input price = hlc3;
input showLabel = yes;

def vwap = reference VWAP(price).VWAP[displace];
def today = GetDay() == GetLastDay() - displace;

AddLabel(showLabel, "VWAP: " + AsPrice(vwap), Color.WHITE);

 

[justAnotherTrader]

below is a code from a label from who knows where, i don't understand the differences .... TIA

input displace = 0;
input timeFrame = AggregationPeriod.DAY;
input price = hlc3;
input showLabel = yes;

def vwap = reference VWAP(price).VWAP[displace];
def today = GetDay() == GetLastDay() - displace;

AddLabel(showLabel, "VWAP: " + AsPrice(vwap), Color.WHITE);

The code you provided is leaning on tos built-in function VWAP() which may include after hours. The one provided in the updated code above relies only on vwap determined by rth. The vwap calculations are all done within the code