OPEN-SOURCE SCRIPT
Significant Volume
Significant Volume Indicator for Scalpers
This indicator, designed for scalpers, identifies candles with significant volume pressure, aiding in pinpointing optimal entry points for short or long positions. Unlike traditional trend analysis tools, this indicator focuses specifically on volume dynamics to assist traders in identifying ideal trade setups for quick, short-term trades.
**Key Features:**
1. **Volume Analysis:** Utilizes volume data to highlight candles with significant buying or selling pressure.
2. **Moving Average:** Calculates a simple moving average of volume to provide a reference for determining the significance of current volume levels.
3. **Volume Pressure:** Evaluates volume pressure based on the difference between buy and sell pressures over a specified lookback period.
4. **Customizable Parameters:** Allows users to adjust parameters such as SMA period and lookback period to fine-tune the indicator to their trading preferences and strategies.
**Ideal Usage:**
- **Scalping Strategy:** Tailored for traders employing scalping strategies who seek to capitalize on short-term price movements.
- **Entry Point Identification:** Helps traders identify candles with notable volume activity, indicating potential entry points for short or long positions.
- **Volume Confirmation:** Provides additional confirmation for trade setups by highlighting candles with significant volume pressure.
**Disclaimer:** This indicator is designed specifically for scalping purposes and may not be suitable for other trading styles or purposes.
This indicator, designed for scalpers, identifies candles with significant volume pressure, aiding in pinpointing optimal entry points for short or long positions. Unlike traditional trend analysis tools, this indicator focuses specifically on volume dynamics to assist traders in identifying ideal trade setups for quick, short-term trades.
**Key Features:**
1. **Volume Analysis:** Utilizes volume data to highlight candles with significant buying or selling pressure.
2. **Moving Average:** Calculates a simple moving average of volume to provide a reference for determining the significance of current volume levels.
3. **Volume Pressure:** Evaluates volume pressure based on the difference between buy and sell pressures over a specified lookback period.
4. **Customizable Parameters:** Allows users to adjust parameters such as SMA period and lookback period to fine-tune the indicator to their trading preferences and strategies.
**Ideal Usage:**
- **Scalping Strategy:** Tailored for traders employing scalping strategies who seek to capitalize on short-term price movements.
- **Entry Point Identification:** Helps traders identify candles with notable volume activity, indicating potential entry points for short or long positions.
- **Volume Confirmation:** Provides additional confirmation for trade setups by highlighting candles with significant volume pressure.
**Disclaimer:** This indicator is designed specifically for scalping purposes and may not be suitable for other trading styles or purposes.
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.