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Volume Strength

The "Volume Strength" indicator
A technical analysis tool that helps traders evaluate the strength of the current market trend by measuring the cumulative volume over a specified period of time. It calculates the cumulative volume of a stock and divides it by the average cumulative volume over a specified period. This ratio is referred to as the "volume strength" and is plotted as a line on a chart. The indicator also provides overbought and oversold levels, which are horizontal lines on the chart that represent predetermined levels of overbought and oversold conditions.
The color of the volume strength line changes based on the current strength level. If the line is above the overbought level, it is colored red. If the line is below the oversold level, it is colored green. If the line is between the overbought and oversold levels, it is colored blue. The indicator also provides alerts for overbought and oversold conditions.
HOW TO USE:
1. Load the indicator onto the chart of the desired market. It works best in markets where volume data is available, such as stocks, futures, indices and cryptocurrencies. But you can also use it in the Forex market, where tick volume data will be used to calculate the indicator.
2. Adjust the length parameter to set the period for which the cumulative volume is calculated and the average cumulative volume is calculated.
3. Adjust the overbought and oversold levels as desired. These levels determine the horizontal lines that represent overbought and oversold conditions on the chart.
4. Observe the volume strength line and the overbought/oversold levels on the chart. If the volume strength line is red, the volume is considered overbought. If the line is green, the volume is considered oversold. If the line is blue, the volume is considered to be between the overbought and oversold levels. The indicator will provide alerts for overbought and oversold conditions. The indicator is an excellent tool for finding price-volume divergences.
SETTINGS:
Length: The period over which the cumulative volume is calculated and the average cumulative volume is calculated. The default is 14.
Overbought Level: The level at which the volume is considered overbought. The default is 1.2.
Oversold Level: The level at which the volume is considered oversold. The default is 0.8.
Please leave a comment & like :)
A technical analysis tool that helps traders evaluate the strength of the current market trend by measuring the cumulative volume over a specified period of time. It calculates the cumulative volume of a stock and divides it by the average cumulative volume over a specified period. This ratio is referred to as the "volume strength" and is plotted as a line on a chart. The indicator also provides overbought and oversold levels, which are horizontal lines on the chart that represent predetermined levels of overbought and oversold conditions.
The color of the volume strength line changes based on the current strength level. If the line is above the overbought level, it is colored red. If the line is below the oversold level, it is colored green. If the line is between the overbought and oversold levels, it is colored blue. The indicator also provides alerts for overbought and oversold conditions.
HOW TO USE:
1. Load the indicator onto the chart of the desired market. It works best in markets where volume data is available, such as stocks, futures, indices and cryptocurrencies. But you can also use it in the Forex market, where tick volume data will be used to calculate the indicator.
2. Adjust the length parameter to set the period for which the cumulative volume is calculated and the average cumulative volume is calculated.
3. Adjust the overbought and oversold levels as desired. These levels determine the horizontal lines that represent overbought and oversold conditions on the chart.
4. Observe the volume strength line and the overbought/oversold levels on the chart. If the volume strength line is red, the volume is considered overbought. If the line is green, the volume is considered oversold. If the line is blue, the volume is considered to be between the overbought and oversold levels. The indicator will provide alerts for overbought and oversold conditions. The indicator is an excellent tool for finding price-volume divergences.
SETTINGS:
Length: The period over which the cumulative volume is calculated and the average cumulative volume is calculated. The default is 14.
Overbought Level: The level at which the volume is considered overbought. The default is 1.2.
Oversold Level: The level at which the volume is considered oversold. The default is 0.8.
Please leave a comment & like :)
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Join our community via discord.gg/FGUTfkmYbW
All content from AngelAlgo is for informational and educational purposes only. Please note that past performance does not guarantee future results.
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。
开源脚本
本着TradingView的真正精神,此脚本的创建者将其开源,以便交易者可以查看和验证其功能。向作者致敬!虽然您可以免费使用它,但请记住,重新发布代码必须遵守我们的网站规则。
Access our exclusive tools at: angelalgo.com
Join our community via discord.gg/FGUTfkmYbW
All content from AngelAlgo is for informational and educational purposes only. Please note that past performance does not guarantee future results.
Join our community via discord.gg/FGUTfkmYbW
All content from AngelAlgo is for informational and educational purposes only. Please note that past performance does not guarantee future results.
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。