VolumeAvg Arrow

Batman

Member
I have a fairly simple idea. I'd like to have my VolumeAvg indicator show breakout signals like most of the other indicators, by showing a green arrow over each bullish volume bar that crosses the VolAvg line and a red arrow over each bearish volume bar that crosses the VolAvg line. TOS already has a VolumeAvg indicator, of course, but it does not offer the "show breakout signals" tab that many other indicators offer.

My plan is to place low float stocks that are gapping pre-market on a watchlist, then put those stocks on a grid so that I can track them all at once. I'd be looking for the VolumeAvg arrows as potential buy signals, the key word being "potential" because of course not every spike in volume leads to an uptrend. But for low float gappers, I would think this VolumeAvg strategy has some potential, if the goal is getting in early on some exponential growth.
 
Duplicate TOS's VolumeAvg study and add this to the bottom.

Ruby:
plot Buy = if close > open and volume > VolAvg then volume else Double.NaN;
Buy.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
Buy.SetDefaultColor(Color.UPTICK);

plot Sell = if close < open and volume > VolAvg then volume else Double.NaN;
Sell.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
Sell.SetDefaultColor(Color.RED);
 

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Duplicate TOS's VolumeAvg study and add this to the bottom.

Ruby:
plot Buy = if close > open and volume > VolAvg then volume else Double.NaN;
Buy.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
Buy.SetDefaultColor(Color.UPTICK);

plot Sell = if close < open and volume > VolAvg then volume else Double.NaN;
Sell.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
Sell.SetDefaultColor(Color.RED);
Thanks so much! Added it to a scanner at first by accident and it wasn't working, but it's great as a study in the charts section.
 
Last edited:
Thanks so much! Added it to a scanner at first by accident and it wasn't working, but it's great as a study in the charts section.
Duplicate TOS's VolumeAvg study and add this to the bottom.

Ruby:
plot Buy = if close > open and volume > VolAvg then volume else Double.NaN;
Buy.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
Buy.SetDefaultColor(Color.UPTICK);

plot Sell = if close < open and volume > VolAvg then volume else Double.NaN;
Sell.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
Sell.SetDefaultColor(Color.RED);
If it's not a hassle, is it also possible to turn this idea into a strategy? It might be great on the quick charts, but it would have to be an upper study instead of a lower study to show up there. I'm thinking once I pull up a stock, I would check for arrow signals on the main chart (1m), and keep an eye out for VolumeAvg signals on the quick charts as well for confirmation (I have one set at 5m and another at 15m).
 
If it's not a hassle, is it also possible to turn this idea into a strategy? It might be great on the quick charts, but it would have to be an upper study instead of a lower study to show up there. I'm thinking once I pull up a stock, I would check for arrow signals on the main chart (1m), and keep an eye out for VolumeAvg signals on the quick charts as well for confirmation (I have one set at 5m and another at 15m).

To turn that into a strategy, copy the code, switch to the Strategies tab and create it again in there. Use the AddOrder function to buy and sell based on the same conditions:
close > open and volume > VolAvg
close < open and volume > VolAvg

You're going to need to decide what price you're entering at, what will trigger an exit, etc.
 
To turn that into a strategy, copy the code, switch to the Strategies tab and create it again in there. Use the AddOrder function to buy and sell based on the same conditions:
close > open and volume > VolAvg
close < open and volume > VolAvg

You're going to need to decide what price you're entering at, what will trigger an exit, etc.
Thank you! Ok, last question, if you're up for these basic kinds of questions. For the declare_lower line, do I simply replace "lower" with "upper"? Turning "lower" into "upper" seems to replace the price action with the volume bars. Edit: I removed the reference to upper and the main chart has still turned the price action into volume bars, so there's something more I need to do to turn that lower study into an upper study. Sorry, I'm just unfamiliar with coding like this.

I'm thinking of entering anytime a bullish volume bar crosses the volume average and selling anytime the bearish volume bar crosses the volume average. It's an simplistic strategy for now.

My attempted code looks like this (I attempted versions with and without the two declarations, but it's not working):

declare upper;
declare zerobase;

input length = 50;

plot Vol = volume;
plot VolAvg = Average(volume, length);

Vol.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
Vol.SetLineWeight(3);
Vol.DefineColor("Up", Color.UPTICK);
Vol.DefineColor("Down", Color.DOWNTICK);
Vol.AssignValueColor(if close > close[1] then Vol.color("Up") else if close < close[1] then Vol.color("Down") else GetColor(1));
VolAvg.SetDefaultColor(GetColor(8));

plot Buy = if close > open and volume > VolAvg then volume else Double.NaN;
Buy.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
Buy.SetDefaultColor(Color.UPTICK);

plot Sell = if close < open and volume > VolAvg then volume else Double.NaN;
Sell.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
Sell.SetDefaultColor(Color.RED);

addOrder(OrderType.BUY_AUTO, close > open and volume > VolAvg);
addOrder (OrderType.Sell_Auto, close < open and volume > VolAvg);
 
Last edited:
Thank you! Ok, last question, if you're up for these basic kinds of questions. For the declare_lower line, do I simply replace "lower" with "upper"? Turning "lower" into "upper" seems to replace the price action with the volume bars. Edit: I removed the reference to upper and the main chart has still turned the price action into volume bars, so there's something more I need to do to turn that lower study into an upper study. Sorry, I'm just unfamiliar with coding like this.

I'm thinking of entering anytime a bullish volume bar crosses the volume average and selling anytime the bearish volume bar crosses the volume average. It's an simplistic strategy for now.

Actually, for the strategy you need almost none of that. Otherwise you get a bunch of stuff you don't want displaying with the candles. I forgot that was going to render giant volume bars.

Ruby:
input length = 50;

def VolAvg = Average(volume, length);

addOrder(OrderType.BUY_AUTO, close > open and volume > VolAvg);
addOrder (OrderType.Sell_Auto, close < open and volume > VolAvg);
 
Actually, for the strategy you need almost none of that. Otherwise you get a bunch of stuff you don't want displaying with the candles. I forgot that was going to render giant volume bars.

Ruby:
input length = 50;

def VolAvg = Average(volume, length);

addOrder(OrderType.BUY_AUTO, close > open and volume > VolAvg);
addOrder (OrderType.Sell_Auto, close < open and volume > VolAvg);
Thanks! This is so good. Is it possible for it to show just arrows? The bubbles cover up so much of the price action.
 
Thanks! This is so good. Is it possible for it to show just arrows? The bubbles cover up so much of the price action.

No, we have no control over the style of the strategy entries and exits except for their color. If you don't care about TOS's P&L tracking and position reporting that only work for strategies then making a regular script that has just arrows would put less noise on the chart.
 

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