Dollar normalized volume — Indicator by LastBattle

volume vol normalize normalise normalised normalized dollar dxy

An indicator that multiply the closing price with the current volume. (close X volume)

This will show the relative interest in the underlying asset regardless of the price change over time. For the case of FXCM, when the price fell from $16 to $1, its volume spiked 16x at the same time given the fact that 16x more shares can now be purchased with the same amount of dollar.

Enjoy! and remember to give a thumbs up.

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

Want to use this script on a chart?

study("dollar normalized volume", shorttitle="dollar normalized volume")

getVolume(closed, volumed) => closed * volumed

val = getVolume(close, volume)

// draw one that's 3x the price, so we can fake that bars to half itself
//plot(val * 1.5, title='Volume (Invisible)', color=black, transp=100, linewidth=0, style=columns)
plot(val, title='Volume', color=gray, transp=0, linewidth=0, style=columns)