Volume Profile minus negative volume = Bagholder Indicator

evanevans

Active member
Is it possible to do a volume profile for a chart which shows the volume as positive volume minus negative volume? I believe this might end up showing "bagholder" support/resistance zones.

@Welkin ? 😃
 

Welkin

Active member
VIP
Is it possible to do a volume profile for a chart which shows the volume as positive volume minus negative volume? I believe this might end up showing "bagholder" support/resistance zones.

@Welkin ? 😃
I played around with this concept a while back and found that I was only able to control the conditions for the start of a new volume profile. I wasn't able to control how the volume at different price levels is tallied based on bullish/bearish candles/OBV/candle buy sell strength/etc.. This is just a limitation in the tool given by ToS. When they finally release BookMap on ToS for observing order flow, I hope that will also provide us with some more toys to play around with script-wise.
 

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