Sumon Pal Volume Osc

This is a volume oscillator calculated by the volume action on each bar price movement over a period of time.

When the short term volume (green line) is above the long term volume line(red)it indicates volume is coming and buying pressure may be observed.

Similarly when the short term volume is below the long term, volume is getting liquidated and selling pressure may be observed.

This indicator alone can't be used for buying or selling decision. This indicator can be used along with price action break out or break down level to get an idea whether volume is supporting the break out/down or not.

Disclaimer: Backtest this indicator with price action over a period of time and understand how it works before taking any trading decision. Trading in equity is always risky. Asses your risk profile and trade by managing proper risk.

Protected script
This script is published closed-source and you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.

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?