OPEN-SOURCE SCRIPT

Delta Oscillator

An advanced technical indicator that helps traders identify buying and selling pressure in the market by analyzing volume-based price movements.
Features

Real-time calculation of buying and selling volume
Cumulative delta conversion into oscillator format (-50 to +50 range)
Color-coded visualization (green for buying pressure, red for selling pressure)
Customizable period length for calculations

How It Works
The indicator:

Calculates buying/selling volume based on price direction
Accumulates delta over time
Normalizes values into oscillator format
Displays results as a colored line chart

Trading Applications

Identify potential trend reversals
Measure buying/selling momentum
Confirm price action signals
Spot divergences with price

Installation

Copy the provided Pine Script code
Open TradingView Chart → Pine Editor
Paste the code and click "Add to Chart"

Settings

Period: Adjustable timeframe for calculations (default: 14)
Visualization: Line width and colors can be customized