My Latest Open Source Indicator: Stef's Dollar Volume Counter

18 ביולי

Stef's Dollar Volume Counter is my second script that I've worked on and coded. It is free and open source for everyone! Get it here: https://www.tradingview.com/script/YjhuiuEU-Stef-s-Dollar-Volume-Counter/

I am proud of this script because it does something very, very important: it counts the amount of money traded, not just the number of shares or contracts. In this educational post, I want to share why I think it matters and explain some concepts of markets along the way.

1. This is key for understanding where the big and small money is flowing in the market. By focusing on the dollar volume, traders can gain insights into liquidity and significant money movements over time.

2. Watch the money, not the shares. This script is totally different from other volume scripts because it shows the amount of money traded, not just the shares, contracts, or coins. More importantly, it stands out from other volume indicators because it specifically showcases dollar volume amounts either as a table or a label. This focus helps traders track the sheer money movements.

3. Know your perspective! I personally am most pleased with two important features that the indicator offers: it shows the Dollar Volume Counter table that illustrates the highest and lowest and average dollar volumes over a specific period that YOU can customize in the settings menu.

Fun little feature: In the spirit of Doge, I added a text lable that says "Wow! Much Money!" which highlights the top three recent highest dollar volumes within the visible chart area, emphasizing significant trading periods. You can toggle this on or off in the settings menu.

Thanks for reading! I look forward to hearing your feedback.