Bob-Lablaw

Volume Pressure

Bob-Lablaw Updated   
Breaks down volume into buyers (green part) vs sellers (red part).

It is recommended to set the volume's scale, especially if you switch tickers on the same chart. Follow these steps:
  • Select the Volume Pressure indicator's 3 dots (...)
  • Select Pin To Scale
  • Select a separate scale from the main chart, such as Pin To New Left Scale (Z)
  • Left click and hold the scale on the side of the chart and drag it up/down to bring the volume bars into the desired area

To update to the latest version, just close the indicator and add it again.
Release Notes:
Additional info on the Volume Pressure bars:

On a green candle:
  • The red part represents the upper wick, the volume as the price comes back down from its high
  • The green part represents the rest of the candle, the volume as the price goes up from its low to the close

On a red candle:
  • The green part represents the lower wick, the volume as the price comes back up from its low
  • The red part represents the rest of the candle, the volume as the price goes down from its high to the close
Release Notes:
Added scale property to force it to the left side; this should prevent it from using the chart's main price scale and filling the screen
Release Notes:
Updated screenshot
Release Notes:
Fixed problem with volume bars jumping around when switching between tickers. Added a hidden scale line that keeps them relatively consistent.
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.

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.

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