OPEN-SOURCE SCRIPT

Price Volume Strength Comparator

Updated
Bollinger bands says whether price or any source is relatively high or low at any particular point of time. We can apply Bollinger bands on RSI and volume indicator Price Volume Trend to identify if RSI movement or PVT movement is relatively high or low.

By calculating Bollinger %B, we can define the variation in a range between 0 to 1. By applying Bollinger %B on price, volume and strength, we are trying to compare how much they differ relative to each other.

For example, if Bollinger %B of volume is higher than Bollinger %B of price, which may mean, we can still expect continuation of upward movement. If volume %B is lesser, we can interpret this as price has moved more than the volume and may retrace back.

Note: I tried adding multiple volume/strength indicators as input choice. But, if condition did not work with simple string. Have no idea why. I will try adding that later if more people show interest.

Release Notes
Added different volume indicators and strength indicators to chose from input settings
Release Notes
Moved CCI to Strength indicator and ACCDST to volume indicator list in the input parameters
Release Notes
Update parameters. Include instrument with volume for displaying volume comparator.
Bollinger Bands (BB)Price Volume Trend (PVT)Relative Strength Comparison

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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