OPEN-SOURCE SCRIPT
YOYO index
I found this indicator while reading one of my favorite books on volume and didn't see it in the public library, so I thought I would code it up. Pretty simple actually, but I really enjoyed using it.
"Created by Richard Arms Jr. and explained in an article he penned for Barrons's in 1998, it combines the daily spread of a stock or index and divides the daily volume by that number to see how many shares it needs to trade in order to move the issue through one point of its daily spread. This is usually considered a broad market indicator, but is useful for individual issues as well. On a historical basis more volume is required in order to generate a wider price swing at tops, while the opposite is true at bottoms. This is explained by the emotions of greed and fear. At tops there is complacency which requires ever greater volume to get prices to swing in wider ranges, while at bottoms fear can cause greater swings on relatively lower volume."
--The Traders Book of Volume, by Mark Leibovit
This indicator is useful at identifying divergences and trend confirmation. It is also effective in shorter time-frames as well as much longer time frames. The original formula does not use any smoothing, but I have included it as I feel it dulls some of the shorter term sharp turns inherent in this indicator. There is also no adjustment to the length of Richard Arms' original, so I include it in case you feel you need to 'play' with the settings.
Remember, you are responsible for everything you do with any indicator and those results are entirely yours to claim, so by default I am not responsible for any losses nor am I entitled to any gains from the use of this indicator.
Enjoy and as always good trading,
Shiroki
"Created by Richard Arms Jr. and explained in an article he penned for Barrons's in 1998, it combines the daily spread of a stock or index and divides the daily volume by that number to see how many shares it needs to trade in order to move the issue through one point of its daily spread. This is usually considered a broad market indicator, but is useful for individual issues as well. On a historical basis more volume is required in order to generate a wider price swing at tops, while the opposite is true at bottoms. This is explained by the emotions of greed and fear. At tops there is complacency which requires ever greater volume to get prices to swing in wider ranges, while at bottoms fear can cause greater swings on relatively lower volume."
--The Traders Book of Volume, by Mark Leibovit
This indicator is useful at identifying divergences and trend confirmation. It is also effective in shorter time-frames as well as much longer time frames. The original formula does not use any smoothing, but I have included it as I feel it dulls some of the shorter term sharp turns inherent in this indicator. There is also no adjustment to the length of Richard Arms' original, so I include it in case you feel you need to 'play' with the settings.
Remember, you are responsible for everything you do with any indicator and those results are entirely yours to claim, so by default I am not responsible for any losses nor am I entitled to any gains from the use of this indicator.
Enjoy and as always good trading,
Shiroki
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。
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。
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。