fract Premium Updated   
NET BSP derived from Buying & Selling Pressure which is a volatility indicator that monitors average metrics of green and red candles separately.
We could navigate more confidently through market with projected market balance.
BSP allowed us to track and analyze the ongoing performance of bullish and bearish impulsive waves and their corrections.

Due to unintuitive way of measuring decline with SP going up, I decided to remake it into more intuitive version with better precision.
When we encounter the fall it's better to have declining values of tool to be able to cover it visually with ease.
One of the solutions was to create a sense of balance of Buying Pressure against Selling Pressure.
Since we are oriented by growth, it'd be more logical to summarize the market balance with BP - SP
When Buying and Selling Pressure are equal, NET BSP would be at 0.

  • NETBSP > 0 and NETBSP > NETBSP = 🟢
  • NETBSP > 0 and NETBSP < NETBSP = 🟡
  • NETBSP < 0 and NETBSP < NETBSP = 🔴
  • NETBSP < 0 and NETBSP > NETBSP = 🟡

Hence, we get visualized stages of uptrends and downtrends which allows to evaluate chances and estimations of upcoming counter-waves.
Also, it is worth to note that output clearly shows how one wave is derived from another in terms of sizing.
Feel free to adjust NET BSP arguments to adapt sensitivity to the timeframe you're working on.
Release Notes:
Added tracking price to refer to history and summarized the formula considering wicks.
Release Notes:
Credits to @ReallyMe for pointing vital issue in the comments.
With this new script we can use different types of MA's. Default is set to HMA because it groups well the NORMAL candlesticks and is reactive even with 24 argument. Change to SMA or EMA when it comes to dealing with HA candles.
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.


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.

Want to use this script on a chart?