Volume Buy Sell Indicator with Hot Percent for ThinkorSwim

wtf_dude

wtf_dude

Active member

Hi guys. Is there any code to show the indicator behind the candlestick?
Reason for this is because I have only 2 small monitors to display few charts together.
Trying to google thinkscript but cant find any related solution.
On menu where you add the indicators, just click and drag it from the volume row up to the chart area. Scaling it to not overlap the the prices may be a problem though. Not looking at it atm
 
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abhibach

New member
HI..I am a newbie here and am trying to learn how I can incorporate this study. Is there a place where I can find an explanation of how this study works and how to use it?
 
horserider

horserider

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@abhibach All in post #1
# Show total volume in gray. Buying volume in green. Sell Volume in red.
# Volume average is gray line.
# Specified percent over average volume is cyan triangles.
 
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abhibach

New member
@abhibach All in post #1
# Show total volume in gray. Buying volume in green. Sell Volume in red.
# Volume average is gray line.
# Specified percent over average volume is cyan triangles.
Thank You!
 
M

mansor

Member
@horserider Is there a section of the script that would just show grey volume line from the original script, I want to try to use grey line on regular chart with "volume overlap", please advise, thanks
 
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horserider

horserider

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Not sure what you were seeking. Total volume histogram is first code and volume average the second.

# Total Volume
plot TV = volume;

TV.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
TV.SetDefaultColor(Color.GRAY);
TV.SetLineWeight(1);


or
# Volume average

input length = 20;
plot VolAvg = Average(volume, length);

VolAvg.SetDefaultColor(GetColor(7));
 
M

mansor

Member
@horserider - The volume label works great during regular hours (I am using labels alone and not the volume bars), is there a way to have volume label for pre-market as well? Thanks in advance
 
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K

KKaiser

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Yeah, i think it can be useful in several ways but the main interest for me is to see when there is a switch between supply/demand on intraday trending stocks, let’s say stock ABC is trending upwards in the morning and the buy ratio is 70/30 so 70% of the total buying volume since the open were bought on the offers and the sell ratio is 40/60 so 40% of the selling volume were sold on the bids.

But then there is a change in the ratios and the buy volume goes 50/50 so now we have equal amount of buying volume on bids vs offers and this can be a good indicator for a trend reversal when buyers dry up on the offers & sellers gets more aggresive and starts hitting the bids. So basically, one label for buying volume and one label for selling volume.

And i agree that it would also be very useful to have this data for the last hour or 30min.
Guys, going through this post, it sounds very interesting what you propose, I am not at all a coder, let alone learning how to use TOS like a pro. Hope someone comes up with this script. Thanks for sharing the idea.
 
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astrokjackk1

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hey guys just came across this study and it works really good for detecting high volume breakouts and breakdowns! just a quick question though. i notice the red portion and the green portion of the bar shows me buying vs. selling pressure, but sometimes there is the total volume bar peaks above both colors just showing grey. does the grey portion of the bar show indecisive buying? @horserider
 
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astrokjackk1

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Thanks @horserider! And last question bro, I’m trying to understand the current bar sell percent as well. Sometimes it fluctuates from red to green
 
horserider

horserider

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@astrokjackk1 Study is centered at 50% where buying and selling is equal. Basically selling over 50% and the color is red and selling % will be > 50.
Selling under 50 % the color is green and the selling % will be < 50. A reading of 70% would be 70% of volume is selling(30% buying). A reading of 30% would be 30% of volume is selling (70% buying).

No problem ask all you want. I will try to give a good answer.
 
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astrokjackk1

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Okay so with the study centered at 50%
Essentially for breakouts we would want the amount of sellers to be < 50% where buyers outweigh the sellers. For break downs we would want > 50% where sellers are outweighing buyers, correct?
 
horserider

horserider

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@astrokjackk1 Sounds correct, green/red is a first clue. For breakout or breakdown you might want a cyan triangle. Set hot pct to 75 or 100 or whatever you want. It will paint a triangle when that % over average volume of so many past days is hit.
 
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astrokjackk1

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@horserider @BenTen hey guys, which criteria would i need to set in the scan tab to scan my watch list within the first 5-10 minutes of market open to see which stocks in my watch list have the highest trading volume?
 
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joshua74133

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how would i code a alert when the volume crosses the avg volume line?
 
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joshua74133

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is there a way to get a alert when the buying volume crosses the avg?
 
mckenzieatix

mckenzieatix

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Can we take this down? Or at least modify the comment up top so it doesn't credit 7of9. This is just a slightly modified study thats been available on the web for a while. 7of9 is a known code thief.

The original author is unknown.
AUTHOR
Does anyone know how to add float to this. I'm not even sure TOS has that indicator.

@horserider Thank you for all the edits and upkeep of this code. Much appreciated, I had been using it for a few months as I could never locat the original author, he'd abandoned his discord group. But you seem to have updated it for me hah. I wanted to ask about another volume indicator . Anyone have anything like this or know where to find?
 
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