OPEN-SOURCE SCRIPT
BSP Order Flow Proxy
This indicator is a refined Buy/Sell Pressure (BSP) model designed to approximate order flow dynamics directly from price and volume data.
It estimates the relative dominance of buyers vs. sellers by analyzing candle structure and volume distribution — offering a simple yet powerful proxy for delta-based order flow.
You can toggle between two calculation modes:
• Tick Rule: compares current close vs. previous close (for assets with continuous volume flow).
• Candle Rule: compares close vs. open (for simpler candle-based estimation).
The result is a smoothed delta histogram:
• 🟩 Green bars — buying pressure dominates (demand > supply)
• 🟥 Red bars — selling pressure dominates (supply > demand)
• ⚫ Zero line — neutral or balanced order flow
The built-in HMA and EMA smoothing filters remove short-term noise and emphasize genuine momentum shifts in buyer/seller activity.
This tool is particularly useful for traders who want to:
• Gauge hidden shifts in market control (bullish or bearish pressure)
• Anticipate potential reversals or volume-driven continuations
• Combine volume analytics with technical price action
It estimates the relative dominance of buyers vs. sellers by analyzing candle structure and volume distribution — offering a simple yet powerful proxy for delta-based order flow.
You can toggle between two calculation modes:
• Tick Rule: compares current close vs. previous close (for assets with continuous volume flow).
• Candle Rule: compares close vs. open (for simpler candle-based estimation).
The result is a smoothed delta histogram:
• 🟩 Green bars — buying pressure dominates (demand > supply)
• 🟥 Red bars — selling pressure dominates (supply > demand)
• ⚫ Zero line — neutral or balanced order flow
The built-in HMA and EMA smoothing filters remove short-term noise and emphasize genuine momentum shifts in buyer/seller activity.
This tool is particularly useful for traders who want to:
• Gauge hidden shifts in market control (bullish or bearish pressure)
• Anticipate potential reversals or volume-driven continuations
• Combine volume analytics with technical price action
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.