OPEN-SOURCE SCRIPT
Volume [Entoryx]
Certainly! Here's a more concise description for the "Entoryx Volume" indicator, with less focus on the specifics of the order block bar detection:
The "Entoryx Volume" is a versatile technical indicator that analyzes the relationship between price ranges and volume over a user-defined number of bars. By calculating a delta between the highest high and lowest low, it offers insights into market momentum and direction.
Key features of this indicator include:
1) Current Value Plotting: A dynamic line plotted on the chart represents the current value, which reflects market trends. The color of the line changes to green for bullish conditions and red for bearish conditions, depending on its relationship with the Exponential Moving Average (EMA) of the close.
2) Color-Coded Regions: The area between the current value plot and a baseline zero line is filled with a corresponding color, providing a visual representation of market sentiment.
3) Boundary Lines: Horizontal lines at +10 and -10 serve as reference points to highlight significant market movements.
4) Order Block Bar Detection (Optional): An optional feature that places visual markers on the chart to signal potential reversals. This can be enabled or disabled by the user, according to preference.
The "Entoryx Volume" indicator is tailored for traders aiming to understand market momentum with a clear and visually intuitive display. It is suitable across various trading strategies and market conditions, with customization options to fit individual needs.
The source code for this indicator is subject to the terms of the Mozilla Public License 2.0.
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.
Disclaimer
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