OPEN-SOURCE SCRIPT
Updated Absorption
This script is designed to alert one to the possible presence of hidden walls, or visible, that are absorbing a lot of volume without letting price change. Therefore acting as Support and Resistance.
Release Notes
This new version of absorption measures it using Standard Deviation. You can set a minimum number of Sigma's of Absorption to be displayed. So now it will automatically adjust to the volume of the timeframe of that exchange and symbol. It will show you how much a price is supporting or resisting, by relatively how much volume it absorbs with minimal price change.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.