Volume Buy Sell Pressure with Hot Percent for ThinkorSwim

[horserider]

Do not watch pre-market. Try it and see.

 

[mansor]

Do not watch pre-market. Try it and see.

I tried and failed.

 

[astrokjackk1]

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

 

[horserider]

@astrokjackk1 Gray is total volume.

 

[astrokjackk1]

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]

@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.

 

[astrokjackk1]

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]

@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.

 

[madeinnyc]

@horserider , what would it take to show stop runs and icebergs on the volume plot?

 

[horserider]

@madeinnyc Is that not done with Bookmap software? Does ToS even have the data feeds necessary? Think it may be coming to ToS but need to buy the data.

 

[madeinnyc]

@horserider , YES! After viewing your volume indicator, I wondered if implementing a rithmic datafeed was even possible on TOS. I know it works through an API and yes, it's about $15 a month for the feed. I was intrigued when I saw Bookmap's presentation on volume dots. If it were possible to integrate that feed through TOS, I wouldn't mind paying the datafeed.

 

[convertiblejay]

can someone explain what CUR BAR means ?

 

[horserider]

@convertiblejay I am guessing you mean the labels Cur Bar : 5000 75%

It is the volume of the current bar as it is plotting on the chart and the % compared to the 30 period average. In this case the bar has a volume of 5000 and that is 75% of the 30 bar average.

 

[madeinnyc]

@horserider , does your volume indicator work on a 20 tick renko style chart?

 

[horserider]

@madeinnyc Renko most likely not but never tried it. Try it !! How are the riots?

 

[madeinnyc]

@horserider , it's not working on my Renko 20 tick chart . ...not sure if its the chart itself or maybe a setting?
I'm down in Texas now visiting family.....Denton County....nothing but farmland....it's such a breath of fresh air...with PLENTY of parking!

 

[horserider]

@madeinnyc Ok thought about it. Do not think it will work. Renko bars are price only. I do not think they consider time or volume. On your 20 Renko chart a new bar is drawn when price moves 20 ticks above or below previous bar, nothing else.

Welcome to Texas. I am out east of Dallas in the ranch land. Enjoy your visit.

 

[madeinnyc]

@horserider , yes, you're right on Renko! I ended up applying a Volume Average indicator I found on TOS.
Thanks! I'm enjoying TX so far! Lake Lewisville is wonderful!

 

[MatthewA]

Thanks! I'm enjoying TX so far! Lake Lewisville is wonderful!

RuralLife4ever!!! No judge Dread tower cities
@horserider I started a few snippets to make the average compare to the average of that Bar Count... So that if you leave pre-market on it will not look like every open is ABOVE AVERAGE volume... I also played around with some snippets to see when Price action and Volume are separating in hopes of finding when someone is deliberately overpaying to raise asset price or selling short to relax asset price support.

Would you use Bookmap along TOS? I get everyone like to see volume but does it show HitTheBid or anything that we don't have? I thought the 30 sec standard Lvl2 delay and high frequency trading hit everyone even if TOS doesn't give price to many decimal places???

 

[MatthewA]

@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?

@mckenzieatix I wonder if you could compare volumes by saying marketopen = 0700 blah blah bla market close == blah blah
BarNumber() and then average relative to time of day cause we all expect a surge of buying in the open etc...
Also can the profile function be used to reveal when price will still rise during red bars?