Volume plotted to show buyers and sellers

[trading4life]

I heard a very experienced trader say, "know when selling is drying up and buyers coming in", but what is he seeing? Is there an indicator/label for this? to know when selling is drying up and buyers coming in? this guy said it with so much confidence i was like dang, and dude nailed his trade. anyways hope someone can explain this to me. love you guys

 

[Alfreddy]

Hello all, I've been a member for about 8 months and have been using some of the amazing scripts on this forum. My Idea of a heat label that would show the bias of buyers and sellers with a zero/middle ground that would likely show support for breakouts/reversals. I have zero script writing experience. I think that this Label could be useful. Also, I searched for this, but couldn't find something like this, TIA.

 

[MerryDay]

@trading4life @Alfreddy
The ToS platform does not provide buying and selling volume in its data feeds so technically you cannot achieve your objective.

One possible workaround:
Subscribe to Bookmap. Read more: https://usethinkscript.com/threads/thinkorswim-bookmap-order-flow.2406/

Another idea:
It is not possible to know buying and selling volume for a fact, BUT by combining volume with price action, members have attempted to guess at whether buyers or sellers are driving volume:
https://usethinkscript.com/threads/favorite-volume-indicators-in-thinkorswim.15694/

 

[scott69]

@trading4life , if I may suggest a starting point to understand volume, try charting something (like AAPL) and use a 1 or 2 minute time frame. Then plot in a lower window the TOS study called VolumeAve(). Set the moving average to 20. Watch how volume reacts on red and green candles. See if you can get a feel for what your friend was saying. Scott