I have take and try to improuve the source code of indicator "intra-bar volume" by backtest-rookies.com
This indicator categorized the in lower timeframe, if the candle close up it's a buying , if it close down...
Beware that is not easy to work with different TF on tradingview so you have some limitation on the TF with this indicator. Also in TV we can't have a mutable variable in a security fonction.. so my approche is not clean but it works, if someone find better way, please comment or contact me :)
So by default the indicator can work on the following TF : 5m 15m 30m 60m 120m 240m 480m 720m 1D 1W 12M.
But ... this indicator need a lower timeframe and the number of bar to work correctly, in my code i suppose that the market run 24/7, so you need to adapte it or use intraday TF for other market.
To make sure that the indicator work correctly i have juste add circle, if it's green the buying+selling+balance is equal to the on the last close candle. If it's red theire is a problem.
I hope you enjoy it, feel free to modify the code and comment if you have any sugestion, i have just make it so maybe i will ajust some part of the code.
If the buying value is superior or equal to the selling volume the buying volume gone represente the total volume (buy vol + sell vol + balance vol) and the selling value is (blance + sell vol) and it reverse is selling volue is superior to the buying value.
With this you lose the real value of the volume for each type of volume but you get the better reading beaucause the seeling/buying/blance volume proportional to the area of the columns, and more importante you keep the information of the total volume.
To use it you can check "Use custom value" then the entries bellow will apply. "TF for custom value" is the TF of your chart, by default i have put 1W, and TF to look and Number of candles to "1D" and "5".
So if you are in a weekly chart the indicator will work on 5 daly candles usefull for forex, equities... You can apply only one custom setting for one timeframe, if you switch in a other timeframe the indicator will use hard coded preset.
If you select "Any" that means that the indicator will no longer detect and apply hard coded value but user value all the time.
I have also make a small change in the light check, now it will show "Error" if the total buying, selling and balance volume don't match the volume, keep in mind that it only check le last close candle of you chart and not all the data display. in case of a break of quotation, holiday... the information shown by the indicator can be wrong, but you check manualy by enable "Show classic volume".
- Added 100% buying/ 100% seeling/ balance volume alerts
- New way to define balance volume, it take into consideration a percentage (5% by defaut so 0.05) of the current high low difference of the intrabar tf.
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.
Eagerly waiting for your response
You mention that you have green or red circle to show if the data is correct or there is a problem, but I can't see either of these?
I would assume that the standard volume would be the same as your indicator, but it doesn't appear to always be the same.
I have attached a screenshot to show you what I am seeing. Does this look correct?
How often is the intra-bar volume sampled for 1D and 1W out of interest?
This looks just what I am after, so thanks very much for your effort.