carlpwilliams2

Volume Gain

This indicator shows the amount, in terms of a percentage, that the volume is currently above or below the current volume average.

((Volume - volumeMA) / volume) * 100

Ways to use:

1) We could consider movements in price to be extremely strong when the volumeGain is above the upper limit line
i.e. the current volume is more than 50% higher than the current average volume

2) We could consider movements in price to be extremely weak when the volumeGain is below the lower limit line
i.e. the current volume is less than 50% lower than the current average volume
Release Notes:
Changed the line to indicate when the volume is bullish or bearish.
Added a volume with volume Moving average to the chart to show the correlation.
Made the volume gain line thicker to make it clearer.
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.

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.

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