OPEN-SOURCE SCRIPT
Volume Oscillator + Price Action / Owl of Profit
Volume Oscillator + Price Action Strategy
This strategy combines the Volume Oscillator with a Moving Average (MA) to identify trend-following entry and exit points based on momentum and price action.
Features:
Volume Oscillator:
Measures the difference between short-term and long-term EMA of volume.
Short Length: 14 (default).
Long Length: 28 (default).
Helps identify increasing or decreasing momentum in trading activity.
Price Action Moving Average (MA):
A 50-period Simple Moving Average (default) used to determine the overall price trend.
Entry and Exit Logic:
Long Condition:
Volume Oscillator crosses above zero.
Price is above the Moving Average.
Short Condition:
Volume Oscillator crosses below zero.
Price is below the Moving Average.
Exit Long:
Volume Oscillator crosses below zero.
OR price crosses below the Moving Average.
Exit Short:
Volume Oscillator crosses above zero.
OR price crosses above the Moving Average.
Visualization:
Volume Oscillator:
Plotted as a blue line with a horizontal zero line for reference.
Price Moving Average:
Plotted as an orange line on the price chart to show trend direction.
Zero Line:
A horizontal line at zero to help visualize the Volume Oscillator crossovers.
Customization:
Adjustable lengths for Volume Oscillator and Moving Average to fit different market conditions.
This strategy is perfect for traders looking to combine momentum from volume changes with trend-following price action for precise entries and exits.
Visit my website for more tools and strategies: bybitindicators.com
Happy trading!
This strategy combines the Volume Oscillator with a Moving Average (MA) to identify trend-following entry and exit points based on momentum and price action.
Features:
Volume Oscillator:
Measures the difference between short-term and long-term EMA of volume.
Short Length: 14 (default).
Long Length: 28 (default).
Helps identify increasing or decreasing momentum in trading activity.
Price Action Moving Average (MA):
A 50-period Simple Moving Average (default) used to determine the overall price trend.
Entry and Exit Logic:
Long Condition:
Volume Oscillator crosses above zero.
Price is above the Moving Average.
Short Condition:
Volume Oscillator crosses below zero.
Price is below the Moving Average.
Exit Long:
Volume Oscillator crosses below zero.
OR price crosses below the Moving Average.
Exit Short:
Volume Oscillator crosses above zero.
OR price crosses above the Moving Average.
Visualization:
Volume Oscillator:
Plotted as a blue line with a horizontal zero line for reference.
Price Moving Average:
Plotted as an orange line on the price chart to show trend direction.
Zero Line:
A horizontal line at zero to help visualize the Volume Oscillator crossovers.
Customization:
Adjustable lengths for Volume Oscillator and Moving Average to fit different market conditions.
This strategy is perfect for traders looking to combine momentum from volume changes with trend-following price action for precise entries and exits.
Visit my website for more tools and strategies: bybitindicators.com
Happy trading!
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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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.