OPEN-SOURCE SCRIPT
[ElThibZ] - Histogram MA Distance - CVD
This tool offers traders a detailed look at market sentiment through volume analysis, combined with trend indicators.
Features:
CVD Display Modes:
This new CVD indicator with MA overlays and histogram visualization is designed to provide traders with a multifaceted tool for volume analysis, trend confirmation, and strategic decision-making. Whether you're into day trading or looking for swing trade opportunities, this indicator can significantly enhance your market analysis toolkit.
Features:
CVD Display Modes:
- Standard Candles: Displays the Custom Volume Delta in the form of traditional candlesticks.
Heikin-Ashi Candles: Offers a smoother representation of price movements with Heikin-Ashi candles for better trend identification.
Moving Averages (MA) Integration:
You can overlay up to four types of Moving Averages from the following: SMA, EMA, WMA, VWMA, RMA, HMA, ZEMA. This allows for a comprehensive trend analysis alongside volume delta. - Color Coding Based on MA Interaction:
Dark Green or Dark Red Bars: When the price is between two MAs or below/above all MAs, indicating a strong directional move.
Light Green or Light Red Bars: Used when the price is above or below the longest MA, providing insight into the prevailing trend strength.
Gray Bars: Displayed when no specific conditions are met, suggesting neutral or unclear market sentiment.
This new CVD indicator with MA overlays and histogram visualization is designed to provide traders with a multifaceted tool for volume analysis, trend confirmation, and strategic decision-making. Whether you're into day trading or looking for swing trade opportunities, this indicator can significantly enhance your market analysis toolkit.
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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Disclaimer
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