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


          ·´¯`·.¸¸.·´¯`· Feel free to follow me to keep up with my latest scripts! ·´¯`·.¸¸.·´¯`·
·´¯`·.¸¸.·´¯`· PLEASE THUMB UP OR STAR IF YOU LIKE THIS INDICATOR! ·´¯`·.¸¸.·´¯`·
                                 I'd like as many people as possible to get it :)
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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)
just checked the code - it is amazing
may your god bless you! :)
Reply
please explain a bit about the formula and how number is defined? Thanks for the indicator )
Reply
@Tsentr, Hello again Tsentr, I'm happy to see you've found interest in some of my scripts :)
This script simply takes the average of volume over X bars (the length variable) and then subtracts that current number from X bars ago (again length). Keeping scripts simple, and limiting variables is often beneficial in the design of both indicators and systems, this is why I chose to use the same number for both.

This particular script also allows for changing of average type, each giving a slightly different result. Not exactly necessary, but written more as an example of what is possible in pinescript.
Reply
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