True Volume Flow Index

An indicator that studies the price movement with the trading volume in the form of an equation that represents the trading volume in the price range.
It is excellently used to determine buying from support areas, as well as confirming the breach of resistances, see the example in the attached chart,
The best use of it is the DIVERGENCE between the indicator and the price.
Release Notes: - Adjusting the number of candles collected in the calculator so that the calculation is more accurate for the nearest period.
- Modify the arithmetic function so that it gives the adjusted average instead of the sum, thus eliminating the effect of data variance.
Release Notes: Editing a bug in the code .)
Release Notes: Bug FIX : V3
Release Notes: Code Updates .
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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