This based indicator has High Relative bar Background, Low Relative bar background , Labels of Buying , Selling and Total count with percentage, Highest in Percentage and Highest 5x count and 10x count of bar.Plus I have did column scaling to take Down pan input so you can switch pane or add in existing pane without any major problem And all this works on any time frame. Isn’t it good idea?
This indicator displays the volume of each session in a similar manner of the default volume indicator.However it add on the last bar Green and Red bar colours. Green means buying is more than selling and Red means selling is more than buying.On top of Some bar If number appears That means that’s is highest multiple of 5 and if number appears with label means highest multiple of 10.So simple without label counts means 5x and with label means 10x.
Now some of bars has background colour of Mint green , Pastel red and White.That’s highlight high relative bars with a highly buying activity range in Green and high relative bars with a highly selling activity range in Red And white background is low relative for that timeframe bar.
I am kind of person who don’t keep show indicator value enable all time.So it’s come in mind why not plot this values without enabling it.So I decided to show this values of buying, selling and total volumes on top near middle pane.Interesting thing is that I made a label with the help of pine script Table feature.Thanks a lot to Pine Team to add this new great feature! It’s great alternative for labels feature.Because of this feature I am able to locate buying, selling and total at right place where in most of scenario it will adjust.
Please note that all values are estimate.It’s not accurate.I show volumes in K,M form.Plus with I also try to show Buying And Selling in percentage form to get rough idea about what’s going on in instrument.Idea is to get better view of volume by splitting it into Buying , Selling and Total .This allows you to see are the bulls or bears in-control in relation to the overall Volume.
By default this indicator overlay is false but you can move this indicator pane to existing upper or lower pane.It will help to save space as well.If combine with two indicator at same pane then it will create two value scale at right side.So you will not loose any indicators values.By default I used 50% of vertical space in indicator scale factor.
I tried to make this indicator as accurate as inbuilt indicator with added extra feature.The main aim of indicator to get Idea of role in that symbol with that specific timeframe.Result might not be accurate but I expect somewhat nearby to accurate.
Kept source code open purposely for learners of pine script. Please avoid misuse or selling of this indicator.Remember Sharing Is Caring. If someone has suggestions or any addition then please comment below.Wishing you all abundance of health, wealth, and prosperity.
After all its all about PLAY.
Disclaimer:-This indicator is not meant for buy or sell signals.This post and the script don’t provide any financial advice. This indicator/code IS NOT intended to be a formal investment advice or recommendation by the author, nor should be construed as such. Users will be fully responsible by their use regarding their own trading vehicles/assets.
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.
Sample code to add like.
fut_vol_tickerid = input("" , title="Futures Volume Symbol" , type=input.symbol )
use_fut_vol = input(false , title="Use Future Volume?" )
volume1 = use_fut_vol ? security(fut_vol_tickerid, timeframe.period, volume, lookahead=barmerge.lookahead_on) : volume
About Estimated day volume of whole day for buy,sell and total volume which already displayed at the top of indicator , you just need to see volume at the end of market hours using day time frame of that particular security or script.