Open/Close Volume

Open/Close Volume Indicator

The Open/Close Volume Indicator provides a breakdown of trading volume based on Open Interest (OI) changes. It helps identify whether the trading volume is driven by opening new positions (Open Volume) or closing existing positions (Close Volume).

Key Features:

• Visual Breakdown of Volume:
  Green bars represent Open Volume (new positions being added).
  Red bars represent Close Volume (existing positions being closed).
  
• Dynamic Open Interest Data: Tracks changes in Open Interest to calculate the distribution of Open and Close Volumes.
  Adapts automatically to the current chart's symbol or a custom user-specified symbol.
  
• Error Handling: Displays an alert when Open Interest data is unavailable for the selected symbol.
  
• Zero-Line Reference:
  • Includes a gray dotted line at 0 for easy reference between Open and Close Volumes.
    

Use Case:
This indicator is ideal for futures traders who want to analyze market sentiment and understand whether market activity is being driven by the initiation of new trades or the closing of existing ones.

How It Works:

1. Open Interest Change: Positive OI change → Open Volume.
   Negative OI change → Close Volume.
   No OI change → All trading volume is considered Close Volume.
   
2. Data Representation:
   • Open Volume is plotted above the zero line (positive values).
     
   • Close Volume is plotted below the zero line (negative values).