Some notes from his book:
- A buy is indicated when the oscillator is below the green line but greater than yesterday’s value.
A sell is indicated when the oscillator is above the red line but less than yesterday’s value.
- The start of a short term up move is signaled by SVAPO when it turns up from below the lower standard
deviation boundary. The same is valid for a short term down move when SVAPO turns down from above the
upper standard deviation boundary.
- Medium term turning points in an up or downtrend are mostly announced with a divergence between price and
SVAPO. In a medium term uptrend, SVAPO will generally continue to move above the 0-reference line.
Vervroot sometimes uses this with his modified %B oscillator (www.tradingview.com/v/sDPe1PDd/).
List of my other indicators:
- Chart: - GDoc: docs.google.com...ByMEvm5MLo/edit?usp=sharin...
List of my indicators at Appstore: blog.tradingview.com/?p=970
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.
// // @author LazyBear // List of all my indicators: // https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing // study("Short-term Volume And Price Oscillator [LazyBear]", shorttitle="SVAPO_LB") length=input(8, title="SVAPO Period", minval=2, maxval=20) cutoff=input(1, title="Minimum %o price change", maxval=10, minval=0) devH=input(1.5, title="Stdev High", maxval=5, minval=0.1) devL=input(1.3, title="Stdev Low", maxval=5, minval=0.1) stdevper=input(100, title="Stdev Period", maxval=200, minval=1) calc_tema(s, length) => ema1 = ema(s, length) ema2 = ema(ema1, length) ema3 = ema(ema2, length) 3 * (ema1 - ema2) + ema3 calc_linregslope(C, tp) => ((tp*(sum(cum(1)*C,tp)))-(sum(cum(1),tp)*(sum(C,tp))))/((tp*sum(pow(cum(1),2),tp))-pow(sum(cum(1),tp),2)) calc_OR2(x) => y=x // To force expr evaluation (y == true) or (y == true) haOpen=(ohlc4 + nz(haOpen))/2 haCl=(ohlc4+haOpen+max(high, haOpen)+min(low, haOpen))/4 haC=calc_tema(haCl, round(length/1.6)) vma=sma(volume, length*5) vave=vma vmax=2*vave vc=iff(volume<vmax, volume, vmax) vtr=calc_tema(calc_linregslope(volume, length), length) svapo=calc_tema(sum(iff(haC>(nz(haC)*(1+cutoff/1000)) and calc_OR2((vtr>=nz(vtr))), vc, iff(haC<(nz(haC)*(1-cutoff/1000)) and calc_OR2((vtr>nz(vtr))),-vc,0)), length)/(vave+1),length) plot(devH*stdev(svapo,stdevper), color=red, style=3) plot(-devL*stdev(svapo,stdevper), color=green, style=3) plot(0, color=gray, style=3) plot(svapo, color=maroon, linewidth=2)