ahancock

Hancock - RSI Volume

The Volume RSI ( Relative Strength Index ) is quite similar to the price based RSI with difference that up-volume and down-volume are used in the RSI formula instead changes in price. If price RSI shows relation between up-moves and down-moves within an analyzed period of time by revealing which moves are stronger, the Volume RSI indicator shows the relation between volume traded during these price up-moves and down- moves respectfully by revealing whether up-volume ( bullish money flow ) or down-volume ( bearish money flow ) is stronger.

This indicator estimates the buy and sell volume of each candle by using a configurable lower time-frame and uses the buy and sell volume in the calculation of the RSI Volume (VoRSI)

Happy trading
Hancock
Release Notes: Various fixes for NA values breaking the reliability of the volume weighted RSI

Happy trading
Hancock
Release Notes: Updated screen shot
Release Notes: Updated UI to be more visual.

Added threshold values for RSI to indicate trend change.

Happy trading
Hancock
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.

Want to use this script on a chart?

Comments

500 coins
Reply
I tested this indicator and it does repaint.
+2 Reply
@cd1603, does it repaint or is it because you have not waited for the close ? in the inputs check your source. I have combined this with traditional renkos charts and with the right configuration seems to be working well.
Reply
thanks for sharing this indicator
Reply