Trader Pressure Indicator for ThinkorSwim

[BenTen]

Volume plays an important role in trading. This indicator, created by ucsgears, will help you identify whether there is enough commitment behind a move or not.

Let's say we have a uptrending stock with low commitment (pressure), the bounce on any pullback will not be able carry that any further. So the pressure on the Pullback could drop the stock below and add additional risk. Only for us to wish and think, we checked that previously.

Essentially, If a Trend is being established with a strong pressure ( VOLUME BASED). It is more likely to continue.

How you would use this is upto you. But general ideas in Some of these snapshots.

Note: this indicator does not indicate the direction of the move.

thinkScript Code

# Trader Pressure
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/8LsbxXZC-UCS-Trader-Pressure-Indicator-V1/

def source = volume;
def ema1 = expAverage(source,5);
def ema2 = expAverage(source,20);

def TCI = ema1>ema2;

AssignPriceColor(if TCI then color.cyan else color.gray);

 

[kelbadawi]

what does TCI mean @BenTen ? thank you

 

[BenTen]

@kelbadawi just the variable name in the code.