Mobius Volume Waves found it on JohnnyQuotron's OneNote
Mobius's description:
After much research, I conclude there is no syntax that will give CONSISTENT results when:
The Volume Waves study was created to give a clear visual representation of how volume is driving price action.
To looking for the flip between buying pressure and selling pressure, this is not the correct tool.
These threads provide many variations for determining that:
https://usethinkscript.com/threads/volume-buy-sell-indicator-with-hot-percent-for-thinkorswim.389/
https://usethinkscript.com/threads/...essure-indicator-labels-for-thinkorswim.8466/
Shared Chart Link: http://tos.mx/KwtZ8zY Click here for --> Easiest way to load shared links
Chart:
Mobius's description:
A very simple Volume study based on accumulation or distribution. AKA Volume Waves.
After much research, I conclude there is no syntax that will give CONSISTENT results when:
- creating alerts
- scanning
- painting candles
The Volume Waves study was created to give a clear visual representation of how volume is driving price action.
To looking for the flip between buying pressure and selling pressure, this is not the correct tool.
These threads provide many variations for determining that:
https://usethinkscript.com/threads/volume-buy-sell-indicator-with-hot-percent-for-thinkorswim.389/
https://usethinkscript.com/threads/...essure-indicator-labels-for-thinkorswim.8466/
Shared Chart Link: http://tos.mx/KwtZ8zY Click here for --> Easiest way to load shared links
Chart:
Ruby:
# Mobius Volume Wave
# V01.2020
# Plots Volume Waves based on trend.
declare lower;
input n = 6;
DefineGlobalColor("LabelGreen", CreateColor(0, 165, 0)) ;
def v = volume;
def accumulation = isAscending(HL2, n);
def distribution = isDescending(HL2, n);
def w = if accumulation and !accumulation[1]
then v
else if distribution and !distribution[1]
then v
else w[1] + v;
plot waves = w;
waves.SetPaintingStrategy(PaintingStrategy.Histogram);
waves.AssignValueColor(if accumulation
then GlobalColor("LabelGreen")
else if distribution
then color.red
else color.yellow);
# End Code Mobius Volume Waves
Last edited: