Here’s an indicator that calculates the difference between the average distance we need to look back to find the up and down volume equal to the total volume of the last n bars. The further we need to look back to find the up or down volume , the more bearish or bullish its value is.
A not-yet published indicator from the PS-V5 blog!
Release Notes: Updated the chart for better visibility.
Release Notes: Updated the name.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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