OPEN-SOURCE SCRIPT
Buy vs Sell Volume
How It Works:
BuyVol: Estimates buying volume by calculating the proportion of volume attributed to the upward price movement within each bar.
SellVol: Estimates selling volume by calculating the proportion of volume attributed to the downward price movement within each bar.
Customization:
length: You can adjust the length input parameter to change the period over which the average is calculated.
Visualization:
The buy trendline is plotted in Green and represents the average net buying vs. selling volume over the specified period.
The sell trendline is plotted in Red and represents the average net selling vs. buying volume over the specified period.
Note: This script provides an approximation and should be used in conjunction with other analysis tools to make informed trading decisions.
BuyVol: Estimates buying volume by calculating the proportion of volume attributed to the upward price movement within each bar.
SellVol: Estimates selling volume by calculating the proportion of volume attributed to the downward price movement within each bar.
Customization:
length: You can adjust the length input parameter to change the period over which the average is calculated.
Visualization:
The buy trendline is plotted in Green and represents the average net buying vs. selling volume over the specified period.
The sell trendline is plotted in Red and represents the average net selling vs. buying volume over the specified period.
Note: This script provides an approximation and should be used in conjunction with other analysis tools to make informed trading decisions.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.