OPEN-SOURCE SCRIPT
Updated Volume Dominance (Multi-Timeframe)
Volume dominance is a mathematical concept i invented by separating up volume and down volume, and replacing the opposing elements in the averaging arrays with zeroes.
positive volume dominance is calculated by taking the average of volumes with a positive price direction over a period. for every volume with a negative price direction within the period, a zero is added to the averaging array.
Dpv = sum(upVol + (dnVol * 0)) / length
Dnv = sum(dnVol + (upVol * 0)) / length
Dpv = Dominance of Positive volume
Dnv = Dominance of Negative volume
upVol = total volume of upward filtered candles within length array
dnVol = total volume of downward filtered candles within length array
the user can see positive and negative volume dominance and read the label at the end of the plot to see the breadth of the dominance gap.
the user can select between using EMA and SMA to compute the dominance averages.
when the yellow center line moves with the change of a dominance line, it indicates strong directional force.
positive volume dominance is calculated by taking the average of volumes with a positive price direction over a period. for every volume with a negative price direction within the period, a zero is added to the averaging array.
Dpv = sum(upVol + (dnVol * 0)) / length
Dnv = sum(dnVol + (upVol * 0)) / length
Dpv = Dominance of Positive volume
Dnv = Dominance of Negative volume
upVol = total volume of upward filtered candles within length array
dnVol = total volume of downward filtered candles within length array
the user can see positive and negative volume dominance and read the label at the end of the plot to see the breadth of the dominance gap.
the user can select between using EMA and SMA to compute the dominance averages.
when the yellow center line moves with the change of a dominance line, it indicates strong directional force.
Release Notes
updated chart pictureRelease Notes
fixed so bar progression deletes old labels and does not accumulate labels on the chartOpen-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.