OPEN-SOURCE SCRIPT
TFS Volume Oscillator Noise Filtered
INTRODUCTION
This indicator is inspired from "HPotter’s TFS: Volume Oscillator" but I have used Heiken Ashi and Hull Moving Average in calculations in order to reduce noise for better trades.
The concept is similar to that of On-Balance Volume indicator (OBV). It is calculated according to these rules:
BAR COLORS
DEFAULTS SETTINGS
This indicator is inspired from "HPotter’s TFS: Volume Oscillator" but I have used Heiken Ashi and Hull Moving Average in calculations in order to reduce noise for better trades.
The concept is similar to that of On-Balance Volume indicator (OBV). It is calculated according to these rules:
- If Heiken Ashi Close > Heiken Ashi Open, Volume is positive
- If Heiken Ashi Close < Heiken Ashi Open, Volume is negative
- If Heiken Ashi Close = Heiken Ashi Open, Volume is neutral
BAR COLORS
- Green Color:
Strong Uptrend with good volume supported momentum. - Faded Green Color:
Volume is relatively weakening. - Red Color:
Strong Downtrend with volume support. - Gray Color:
Downtrend negative volume is relatively weakening.
DEFAULTS SETTINGS
- Volume length is 30 (Better for timeframes higher than 1H)
- Hull Moving Average length is 14 but Linear Regression Curve can be selected with same length
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.