OPEN-SOURCE SCRIPT
TA-Money Flow-Version5
This is the MACD of a stochastic OBV movement indicator, Squeeze Momentum Indicator, and addition coloring for Market Direction Indicator . It is good (right) to work with both price and volume.
In this version we've moved the divergence highlighting to symbols at the ends of the histograms. Same coloring scheme as previous, yellow is divergence of either OBV or SQZ , red is both divergence. In the previous version we added in the "squeeze on - blue" highlighting to show follow through of divergence (or just squeeze/stall). We also added in another old script, but colors so well, Lazybears (Market Direction Indicator, linked below). Also incorporated a 3 color or 5 color scheme from the MDI script as a bool. It works great on any time frame, but you need to have volume data. Not sure where I originally got this (stoch-OBV, somewhere off Tradingview several years ago, thanks to the person who shared), Squeeze/MDI is Lazybear, links below.
Enjoy.
Version 5:
Moved divergence highlighting to symbols on histogram
Added coloring based on MDI
TA-Money-Flow-Version4
TA-Money-Flow-Version3
TA-Money-Flow-Version2
Squeeze-Momentum-Indicator-LazyBear
Market-Direction-Indicator-LazyBear
In this version we've moved the divergence highlighting to symbols at the ends of the histograms. Same coloring scheme as previous, yellow is divergence of either OBV or SQZ , red is both divergence. In the previous version we added in the "squeeze on - blue" highlighting to show follow through of divergence (or just squeeze/stall). We also added in another old script, but colors so well, Lazybears (Market Direction Indicator, linked below). Also incorporated a 3 color or 5 color scheme from the MDI script as a bool. It works great on any time frame, but you need to have volume data. Not sure where I originally got this (stoch-OBV, somewhere off Tradingview several years ago, thanks to the person who shared), Squeeze/MDI is Lazybear, links below.
Enjoy.
Version 5:
Moved divergence highlighting to symbols on histogram
Added coloring based on MDI
TA-Money-Flow-Version4
TA-Money-Flow-Version3
TA-Money-Flow-Version2
Squeeze-Momentum-Indicator-LazyBear
Market-Direction-Indicator-LazyBear
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.