TFS Volume Oscillator Noise Filtered


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
  • 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.

  • 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 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.


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