OPEN-SOURCE SCRIPT
Klinger Volume Divergence Indicator
Updated
A remix of the built-in Divergence Indicator that uses a Klinger Volume Oscillator instead of RSI to help spot divergent patterns in volume activity in relation to price.
Additions:
Additions:
- Basic color coding:
Positive volume (above center line) == buying
- Negative volume (below center line) == selling - Alerts for Bullish, Hidden Bullish, Bearish, and Hidden Bearish signals
Release Notes
Fix Alerting and Update DescriptionHow to read:
The klinger volume oscillator is a way of visualizing volume using a centered oscillation. This means that positive values (above zero) signify buying force volume and that conversely negative values signify selling force volume. Values above and below the centerline have been color coded for easier reading of the oscillation. The signal line is a 13-period moving average that could indicate shifts in trends. Bullish/Bearish tags will be displayed if the indicator, based on the look back configuration, detects a divergence between the volume action and price, eg. if price creates a higher high and volume does not. Overall this indicator could help in spotting trend shifts be should not be used solely as a trading strategy.
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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