**THIS VERSION ALLOWS THE USER TO SELECT WHICH MOVING AVERAGE THEY WOULD LIKE TO UTILIZE FOR THE SIGNAL LINE** Chart shows two different options of many. Top option is the default settings and bottom option is a different moving average with no other changes.
Time Segmented Volume was developed by Worden Brothers, Inc to be a leading indicator by comparing various time segments of both price and volume. Essentialy it is designed to measure the amount of money flowing in and out of an instrument.
Time Segmented Volume was originally ported to TradingView by user @liw0 and later corrected by user @vitelot. I never quite understood how to read Time Segmented Volume until I ran across a version by user @Storma where they indicated when price would be long or short, but that code also utilized the incorrect calculation from user @liw0.
In an effort to make Time Segmented Volume more accessible and easier to read, I have re-coded it here. The calculations are based on the code from @vitelot and I have added direction indicators below the chart.
If the histogram (TSV) is greater than zero and greater than the moving average, price should be moving long and there will be a green box below the chart. If TSV falls below the moving average while still being greater than zero, the trend may be exhausting and has been coded to read Price Action Long - FAILURE with a black x below the chart.
If the histogram (TSV) is less than zero and less than the moving average, price should be moving short and there will be a red box below the chart. If TSV rises above the moving average while still being less than zero, the trend may be exhausting and has been coded to read Price Action Short - FAILURE with a black x below the chart.
At times, the moving average may be above zero while TSV is below zero or vice versa. In these situations the chart will indicate long or short based on whether or not TSV is greater or less than zero. It is possible a new trend may be forming as the moving average obviously lags, but also possible price is consolidating with little volume and causing TSV to oscillate close to zero.
Way to overloaded and slows the workspace down ... just to have different averages to choose from and in the end the difference to the "normal" one not worth it at all. Using volume is a good way to get rid of lagging indicators and more focussing on price action and volume. The approach here is into the opposite direction.
The amount of code might impress people but that's not what counts when it comes to a better visualization of price action. I really wonder that this indicator is even allowed to get published.
bennycjonesmusic
⋅
amazing indicator. Using this as my "base" indi, as it's the first thing I've found to nearly consistently raise profit factor across most instruments. Usually I've found that an indicator will help one instrument, but fail another, but this seems pretty versatile. Great job!
Maliac
⋅
@bennycjonesmusic, Sounds too good to be true and the indicator is "across most instruments"? On your three published charts only 2-3 weeks later u are not using that versatile vol indicator anymore. What happened?
Would be glad to see real examples why you prefer this indicator with special averages while the common TSV has almost the same result.
bennycjonesmusic
⋅
@Maliac, hey buddy, I don't actually use TV anymore!
I'll be honest, there are no magic indicators, and no indicator in of itself has an edge.
TV is good for long term investing, but for day trading, IMO, it's too speculative. To find a decent edge in day trading requires a lot of statistical testing, in order to be able to reliably discern wether your strategy has an edge.
In other words, you are absolutely correct.
If you're interested in finding a genuine edge, then I recommend darwinex and learning some basic programming. I personally have taken a break from the trading thing, mainly because I've realised there is no magical get rich quick method, and to reliably make a decent income you need expendable income which thanks to the virus, I do not have.
I believe it's possible, but no indicator is going to give you that. It's how you use said indicator to discern whether or not the data is random, mean reverting or trending... And that data is often going to depend on asset, timeframe e.t.c, so the only way really IMO, is pure stat testing.
Good luck
bennycjonesmusic
⋅
@Maliac, ... But you are already showing a skeptical mind, which IMO, is the most important thing...
The older I get, the more I realise how much fakeness and untruth our world is built upon. When you can see through that crap, then you're halfway there.
Maliac
⋅
@bennycjonesmusic, Benny, thank you for your two very interesting answers. You are speaking some true words. My point was to know more about the benefit from this TSV+ Indicator over the common TSV bc different possible avgs don't give much benefit if at all. Btw. I'm trading full time since years with lots of automated strategy testing long long time ago.
bennycjonesmusic
⋅
@Maliac, well In that case, you are doing FAR better than me, and I have absolutely nothing to say that you don't already know.
And I agree with you, from testing, about the averages.
The amount of code might impress people but that's not what counts when it comes to a better visualization of price action. I really wonder that this indicator is even allowed to get published.