TheLark

FREE INDICATOR: VOLUME MOMENTUM

For the momentum trader there are plenty of price momentum indicators, here's one that tracks the volume's momentum. Rising momentum in both price and volume is great for any momentum trader.
Add this to your chart, play with the settings, and maybe you'll notice something new!

Grab the source code here: http://pastebin.com/DUw3kyMK
Installation video by @ChrisMoody here : http://vimeopro.com/user14689865/tradingviewcom-how-to-videos


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study(title ="TheLark Volume Momentum",overlay=false)

//•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•//   
//                                             //
//          VOLUME MOMENTUM BY THELARK         //
//                 ~ 2-18-14 ~                 //
//                                             //
//                     •/•                     //
//                                             //
//    https://www.tradingview.com/u/TheLark    //
//     (please do not remove this heading)     //
//                                             //
//•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•//

// 

//inputs
Length = input(14,minval=1)
atype = input(1,minval=1,maxval=3,title="1=sma, 2=ema, 3=wma")
mv = input(false, title="Multiply the volume?")
cc = input(false,title="Change color?")
//calc
avg = atype == 1 ? sma(volume,Length) : atype == 2 ? ema(volume,Length) : wma(volume,Length)
avgm = mv ? (avg - avg[Length]) * volume : (avg - avg[Length])
//plot
col = cc and avgm >= avgm[1] ? #0094FF : #FF006E
plot(avgm,style=histogram,linewidth=5,color=col)
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