• Traditionally the is considered overbought when above 70 and may be primed for a trend reversal or corrective pullback in price, and oversold or undervalued condition when below 30. During strong trends, the may remain in overbought or oversold for extended periods.
• Signals can be generated by looking for divergences and failure swings. If underlying prices make a new high or low that isn't confirmed by the , this divergence can signal a price reversal. If the makes a lower high and then follows with a downside move below a previous low, a Top Swing Failure has occurred. If the makes a higher low and then follows with an upside move above a previous high, a Bottom Swing Failure has occurred
• can also be used to identify the general trend. In an uptrend or bull market, the tends to remain in the 40 to 90 range with the 40-50 zone acting as support. During a downtrend or bear market the tends to stay between the 10 to 60 range with the 50-60 zone acting as resistance
This study aim to implement concept on most common indicators, such as
• Accumulation Distribution is a based indicator designed to measure underlying
• Elder's ( EFI ) measures the power behind a price movement using price and
• Money Flow Index ( ) measures buying and selling pressure through analyzing both price and (used as it is)
• On Balance (OBV), created by Joe Granville, is a that measures positive and negative flow
• Price Trend (PVT) is a momentum based indicator used to measure
Plotting will be performed for regular and of indicator ( ( VOLX )) selected from the dialog box, where the possibility to apply smoothing is provided as option. Additionally, labels can be added optionally to display the value and name of selected indicator
Secondly, ability to present Volume Histogram within the same study along with its Moving Average or Volume Oscillator based on selection
Finally, Volume Based Colored Bars, a study of Kıvanç Özbilgiç is added to emphasis changes on top of the bars
Nothing excessively new, the study combines with;
- concept applied to some of the common indicators presented with a highlighted over/under valued threshold area, optional labeling and smoothing,
- added data with additional information and
- colored bars based on
Thanks @Vishant_Meshram for the inspiration 🙏
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
with this study, a normalization is applied to volume histogram so to be able to plot it meangfully in conjunction with relative strenght index lines. For whom interested with the the actual quantitative value of volume, on specific exchange, a label is added displaying the quantitative value of volume at the time being under investigation
to reverse the histogram, simply setting negative numbers will be enough
thanks @adrianbrevig for your valuable suggestion
volume increases above the moving average will be presented in green and red, and average volume values with back and gray.
hence this updated is adding ability to emphasis notable increases in the volume
thanks for the warning @hardmangames77
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