SinkorSwim for this script, it just does one thing, but it does it very well.
Go into code to turn on the zero line. Love this, the vp lenght is adjustable
for just about any types of trading you may do.
I set for eleven, works just fine on the 15 min chart
Go into code to turn on the zero line. Love this, the vp lenght is adjustable
for just about any types of trading you may do.
Code:
declare lower;
# =============================
# Market Regime (Volume Pressure)
# =============================
input vpLength = 11;
def volUp = if close > open then volume else 0;
def volDn = if close < open then volume else 0;
def vp = Sum(volUp - volDn, vpLength);
def regime =
if vp > 0 then 1
else if vp < 0 then -1
else 0;
plot RegimeLine = regime;
RegimeLine.SetLineWeight(3);
RegimeLine.AssignValueColor(
if regime == 1 then Color.GREEN
else if regime == -1 then Color.RED
else Color.GRAY
);
# Optional visual bands
plot ZeroLine = 0;
ZeroLine.SetDefaultColor(Color.white);