dman103

Price Trend Meter

Yet another sweet little indicator which measures price pressure over specific period of time. I call it Price Trend Meter ( PTM ),
It's basically similar to the indicator 'Volume Trend Meter' ( VTM ) but this time the calculations are based on price rather than volume .
The indicator sums up all the prices of the green candles and red candles over a specific period of time (source and bars back can be adjusted in indicator settings).

======= Calculation ==========
For Green Column: Total price of green candles is higher than total red candles price for a specific bars back.
For Red Column: Total price of red candles is higher than the total green candles price for a specific bars back.

======= Price Trend Meter Colors =======
Green: Increasing buying pressure.
Red: Increasing selling pressure.

For the Volume Trend Meter indicator go here : https:www.tradingview.com/script/ywEEvEtI-Volume-Trend-Meter/

Stay tuned and Follow as a combination indicator of the two indicators ( VTM + PTM ) will be coming up next: https:www.tradingview.com/u/dman103/#published-scripts
Like if you like and Enjoy.

Appreciation of my work: https://paypal.me/dman103
Premium Pivot Points Algo Indicator: https://www.tradingview.com/script/LFBaHNuA-Pivot-Points-Algo/
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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

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