UpTwoBucks
EDUCATOR
mod note:
FYI:
The ToS data feeds do not provide buying and selling volume.
This is a volume pressure indicator which make an assumption as to buyers and sellers.
Bullish candlestick patterns == buyers and Bearish == sellers.
To see all volume pressure indicators:
https://usethinkscript.com/search/1...1&c[nodes][0]=3&c[title_only]=1&o=replies&g=1
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I took the Volume Pressure bars and converted them to lines. This script essentially creates a visual representation of the cumulative buying and selling volumes, allowing traders to analyze the dominance of buyers or sellers over time in line formation. Green represents cumulative buying volume, and red represents cumulative selling volume. The script could be useful for identifying trends and potential reversal points based on the balance between buying and selling pressure. Don't miss this one. It's a money maker.
Note: This indicator may have blank spots under low volume conditions. I refer to buyers and sellers as the lines but in reality it is volume with price moving up I refer to as (buyers) and volume with price moving down I refer to as (Sellers). Using these terms makes it easier for the user to understand.
Shared Link: https://tos.mx/iuFYvvZ
FYI:
The ToS data feeds do not provide buying and selling volume.
This is a volume pressure indicator which make an assumption as to buyers and sellers.
Bullish candlestick patterns == buyers and Bearish == sellers.
To see all volume pressure indicators:
https://usethinkscript.com/search/1...1&c[nodes][0]=3&c[title_only]=1&o=replies&g=1
-----------------------------------------------
I took the Volume Pressure bars and converted them to lines. This script essentially creates a visual representation of the cumulative buying and selling volumes, allowing traders to analyze the dominance of buyers or sellers over time in line formation. Green represents cumulative buying volume, and red represents cumulative selling volume. The script could be useful for identifying trends and potential reversal points based on the balance between buying and selling pressure. Don't miss this one. It's a money maker.
Note: This indicator may have blank spots under low volume conditions. I refer to buyers and sellers as the lines but in reality it is volume with price moving up I refer to as (buyers) and volume with price moving down I refer to as (Sellers). Using these terms makes it easier for the user to understand.
Shared Link: https://tos.mx/iuFYvvZ
Code:
# © Coder, Ricky Gaspard, Cumulative Buying and Selling Volume Pressure. This indicator takes total volume pressure and calculates if buying or selling pressure are dominating price direction. 11/12/2023.
declare lower;
input Agg = { default IntraDay, All };
def day = GetDay();
# Calculate buying and selling volume
def Denominator = high - low;
def Buying = if Denominator != 0 then volume * (close - low) / Denominator else 0;
def Selling = if Denominator != 0 then volume * (high - close) / Denominator else 0;
# Calculate cumulative buying and selling volumes
def CumulativeBuying = sum(Buying, 20);
def CumulativeSelling = sum(Selling, 20);
# Plot area chart for cumulative volumes
plot AreaBuying = CumulativeBuying;
AreaBuying.SetDefaultColor(Color.GREEN);
AreaBuying.SetPaintingStrategy(PaintingStrategy.LINE);
AreaBuying.SetLineWeight(2);
plot AreaSelling = CumulativeSelling;
AreaSelling.SetDefaultColor(Color.RED);
AreaSelling.SetPaintingStrategy(PaintingStrategy.LINE);
AreaSelling.SetLineWeight(2);
Last edited:
