This is a intraday indicator. Only to be used on timeframe less than daily charts. This indicator purely uses volume to plot the graph. The indicator helps in conforming a breakout strategy. This indicator is advanced version of my previously developed indicator you can check this link in.tradingview.com/script/nDK8hvBZ-Day-s-Buy-Sell-Volume-label/
Total volume is made up of buying volume and selling volume . Buying volume is the number of shares, contracts, or lots that were associated with green bars, and selling volume is the number that were associated with red bars.
The labels on the right side are the current bar value and that days bulls /bears weightage.
the first value shows the current bar volume.
second value show the bulls weight in %
third value show the bears weightage throughout the day ( %)
The Blue plot in graph keeps the track of bulls movement in intraday( %)
The Red plot in graph keeps the track of bears movement in intraday ( %)
X axis is time. Y axis ranges from 100 to -100 I use 1:2 risk to reward ratio. Do your own research. **not a financial advice** Example of price increasing, volume decreasing this indicator can be used for confirming a breakout strategy with bulls or bears in action. In the current example, the buyer’s volume percentage is reducing and the price is increasing throughout the day. Hence a breakout of the trendline is confirmation of a short trade. Example of Price reducing, volume decreasing
example of price moving down , bears losing the grip
Example of price decreasing volume increasing
Thanks to nizar9599 for giving idea to improve my previous indicator.
DISCLAIMER Any and all liability for risks resulting from investment transactions or other asset dispositions carried out by the user based on information received or a market analysis is expressly excluded by me.
All the information made available here is generally provided to serve as an example only, without obligation and without specific recommendations for action. It does not constitute and cannot replace investment advice. We therefore recommend that you contact your personal financial advisor before carrying out specific transactions and investments. Do your own research, This is not a financial advice.
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i have updated this indicator to see the bulls and bears action on following timeframes -weekly -Monthly -Yearly
Now you can play with timeframe other than intraday you can change it in the settings.
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visual update
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Bug update
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plot names updated in setting
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Bug Removed
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-added Bullish Divergence to the Indicator -added Hidden Bullish Divergence to the Indicator -added Bearish Divergence to the Indicator -added Hidden Bearish Divergence to the Indicator --added ALERTS for Bullish Divergence and Hidden Bearish Divergence --added ALERTS for Bearish Divergence and Hidden Bearish Divergence
thanks to TradingView Built in Divergence indicator thanks to @petemartin95 for suggesting this update in my indicator
@badshah_e_alam
Great Work Really Nice 1 Small Suggestion - can you add Avg Volume so it will help to Understand Current Volume In Better Way
TJalam
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@vikkranntshah, actually i am using %of volume, i cannot add volume because the volume scale can vary from 1 to 1million and i am using scale of -100 to 100. I can use normalization of volume to fit in the scale of 0-100 but than it will not give a correct picture of volume.(if the graph shows 60% blue plot than the bulls in lead for that day by 60% and the remaining 40% are dominated by bears).
let me know if you have any idea to do this, i will Definitely add that in the indicator.
Regards.
Vikkrannt_Shah
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@badshah_e_alam, thanks ur reason is valid, can you please make the panel more visible ? its kinda difficult to view from distance and anyways can use VWAP on this for more accurate & reliable results
TJalam
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@vikkranntshah, you can change color and brightness of the plot in the settings. How to add the VWAP, a screenshot of that will be helpful.
Vikkrannt_Shah
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@badshah_e_alam, na i am talking about the SIZE not the brightness
MayankRathod01
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Brilliant idea 💡👏
TJalam
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@bolbhai0007, thank you :-)
TradingPine
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Nice work , Thanks for this :-)
TJalam
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@SOS_LOL, welcome
paramasivan200567
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thanks sir this wonderful volume indicator, please current price letter display letter very small ,our eye fatigue very quickly, so my request please give the letter size big bond.
Great Work Really Nice 1 Small Suggestion - can you add Avg Volume so it will help to Understand Current Volume In Better Way