This is the second part of TFS trading strategy. The concept of this indicator is similar to that of On-Balance Volume indicator (OBV). It is calculated according to these rules: If Close > Open, Volume is positive If Close < Open, Volume is negative If Close = Open, Volume is neutral Then you take the 7-day MA of the results.
This is a great Indicator. I have used it to confirm trades on a different indicator that I use by inserting buy and sell levels, this has removed many of the low volume trades that ended in a break even or a negative. The only downside to doing this is that during higher volume months it works perfect but when volume drops off (October 2018) I ended up with just 4 trades. Is is possible to code this to auto add the Buy and sell lines (i.e my other indicator will only buy at a certain volume threshold and will only allow a sell at a certain volume threshold but make this a percentage of the daily/weekly/monthly average volume so that it is fluid ? Looking forwards to your reply and happy to answer any questions if I have not explained this correctly