Volume Dominance (Multi-Timeframe)

15 Tem

Volume dominance is a mathematical concept i invented by separating up volume and down volume, and replacing the opposing elements in the averaging arrays with zeroes.

positive volume dominance is calculated by taking the average of volumes with a positive price direction over a period. for every volume with a negative price direction within the period, a zero is added to the averaging array.

Dpv = sum(upVol + (dnVol * 0)) / length

Dnv = sum(dnVol + (upVol * 0)) / length

Dpv = Dominance of Positive volume
Dnv = Dominance of Negative volume
upVol = total volume of upward filtered candles within length array
dnVol = total volume of downward filtered candles within length array

the user can see positive and negative volume dominance and read the label at the end of the plot to see the breadth of the dominance gap.

the user can select between using EMA and SMA to compute the dominance averages.

when the yellow center line moves with the change of a dominance line, it indicates strong directional force.

15 Tem

Sürüm Notları

updated chart picture

17 Tem

Sürüm Notları

fixed so bar progression deletes old labels and does not accumulate labels on the chart