Buying and Selling Pressure Raw Multi (TG Fork)

13 mar 2023

Visualize raw buying and selling pressure via 3 different calculation methods, all superimposed with dynamic rescaling.
Buying and selling pressure is the concept of quantifying the disproportion between buying and selling. In practice, there is no single definitive way to calculate it.

This indicator is a merge to display three different methods to calculate buying and selling pressure, with automatic visual rescaling to superimpose the three simultaneously, updated to PineScript v5, and with some additional improvements for speed and calculation precisions, and instead of the EMA, other types of moving averages can be used.

I primarily made it for my own needs, but as always, I like sharing with the community, as maybe others may find this useful too.

How to use:
* As often, the goal is to get as many of the 3 signals concur together to get a stronger aggregated signal.
* First signal: If the green bars on the histogram are bigger than the red ones, then there is more buying pressure, and vice versa.
* Second signal: If the background is green, there is more buying pressure, and vice versa if the background is orange. The yellow and green lines define the background color, but they are by default hidden for a less cluttered visual experience.
* Third signal: If the cloud is blue, there is more buying pressure, and the bigger the cloud, the more momentum there is for it to stay (and more difficult it is to reverse to selling pressure). If the cloud is red, there is more selling pressure.

If you like this indicator, please don't give me any credit, instead please show some love to the original authors (in no particular order):

• ceyhun:
  
  
• daytraderph (I could not find the link to the original script, the page is inaccessible?):
  tradingview.com/u/daytraderph/
• fract:
  
  

13 mar 2023

Note di rilascio

* Tweak colors to improve visual contrast.

13 mar 2023

Note di rilascio

* Hide second signal's lines by default to unclutter visual experience.

15 mar 2023

Note di rilascio

* Add optional (but disabled by default) cloud for the daytraderph buy/sell pressure metric (so that the relative strength of the pressure can be quantified, contrary to background highlighting).

16 mar 2023

Note di rilascio

* Add Alternative second signal: instead of background highlighting, there is a green/yellow cloud that uses the same buying-selling pressure calculation method as the background highlighting, but it allows to evaluate not only directional timing but also strength of pressure by the cloud's size, similarly to the third signal.

This alternative second signal is enabled by default, and although the visuals are more busy, it's meant to be "glanced over" more quickly and broadly, to get a bigger picture, which is I think more often more reliable than trying to infer from isolated bars buying-selling pressure metrics. The combination of clouds allows us to see very quickly the general current sentiment. If you liked the previous more uncluttered visuals, you can disable the "Cloud" option in the second group of parameters (daytraderph method).