OPEN-SOURCE SCRIPT
Updated Average Dollar Normalize Volume
//-------------------------------------------------------------------------------
//Brief Explanation
//--Instead of using Volume Indicator that show the volume in quantity
//--this indicator will show the volume in dollar transaction
//Indicator Value:
//-- A B C D E
//-- [ADNV][ADNV Ratio][ADNVMA][VOLUME][VOLUME RATIO]
//Formula
//--Average Dollar Normalize Volume = Average Price x Volume
//--ADNV Ratio = ADNV / ADNV Moving Average
//--Volume Ratio = Volume / Volume Moving Average
//Setting Moving Average (used by ADNV MA & Volume MA)
//--Type: [Default]SMA : [Optional]EMA
//--Length: [Default]20 :[Min]1 : [Max]200
//Setting Minimum Dollar Value
//--Value: [Default]1 : [Min]1 : [Max]900
//--Unit: [Default]Million : [Optional]Thousand
//[Default]Bar Color Setting
//--Grow above ADNVMA : Dark Green
//--Grow but below ADNVMA: Light Green
//--Fall and above ADNVMA: Dark Red
//--Fall but below ADNVMA: Light Red
//--Grow but less than Minimum Dollar Value: Dark Black
//--Fall but less than Minimum Dollar Value: Grey
//-------------------------------------------------------------------------------
//Brief Explanation
//--Instead of using Volume Indicator that show the volume in quantity
//--this indicator will show the volume in dollar transaction
//Indicator Value:
//-- A B C D E
//-- [ADNV][ADNV Ratio][ADNVMA][VOLUME][VOLUME RATIO]
//Formula
//--Average Dollar Normalize Volume = Average Price x Volume
//--ADNV Ratio = ADNV / ADNV Moving Average
//--Volume Ratio = Volume / Volume Moving Average
//Setting Moving Average (used by ADNV MA & Volume MA)
//--Type: [Default]SMA : [Optional]EMA
//--Length: [Default]20 :[Min]1 : [Max]200
//Setting Minimum Dollar Value
//--Value: [Default]1 : [Min]1 : [Max]900
//--Unit: [Default]Million : [Optional]Thousand
//[Default]Bar Color Setting
//--Grow above ADNVMA : Dark Green
//--Grow but below ADNVMA: Light Green
//--Fall and above ADNVMA: Dark Red
//--Fall but below ADNVMA: Light Red
//--Grow but less than Minimum Dollar Value: Dark Black
//--Fall but less than Minimum Dollar Value: Grey
//-------------------------------------------------------------------------------
Release Notes
Interface update to ease the usage.Release Notes
Option for DNV formula reference --> either by 'Average Price' or 'Close Price'Option to set DNV Ratio threshold level (similar concept to RVOL) --> 0.0 to 99.9
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.