Volume Divergence • Formula originated from: "Hidden Price Divergence" (circles) by TheLark. I did two things to harness its effectiveness: • Firstly, I developed a unique way to filter out the divergence signals that were appearing on both sides of the midline. This filter will be known as the "Midline Tool". It filters out a lot of the false signals commonly associated with oscillators. • Then, I modified the default format from Price to Volume. • The midline formula "Midline Tool" was developed by me [whvntr]. It adjusts in the thousands since it's volume. Let me know in the comments if you would rater have a smaller step value than 10,000. How does it work? Crossover then Crossunder, the arrows only appear during the first sign of hidden volume divergence once crossing the midline. Normally, these signs appear on both side of the midline both bearish and bullish no matter if it's on an oversold or overbought side of the spectrum... Also, let me know in the comments if you would like for me to release an oscillator version of this indicator for co-witnessing.
@iTibu, I released it. I decided to make it single timeframe. Wasn't sure how the moving averages crossing on different timeframes would look. And without the Midline Tool. Let me know if this was what you were expecting. I'm also pondering ideas on how I want to install the Midline Tool in a future update.
iTibu
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@whvntr, Congratulations! Now, to test it! Thank you very much
I think it would be interesting for you to release it on it's own as a chop/trend filter.