OPEN-SOURCE SCRIPT
Dubshooter v1
Absorption + Exhaustion Volume Divs + Extreme Volume Identifier
Absorption (high volume, low true range): Identifies bar where TR is smaller than ATR of a customized length, with the option to subtract a raw number (shave) to identify tighter ranges. Additionally, volume for bar must be higher than average. EMA length for Volume and ATR is input by user and results may vary for different time frames. Plots an E on the bar, indicating possible entry soon. Direction is discretionary.
Volume/Trend Divergence: Identifies points where volume is decreasing while trend is continuing. Volume Divergence EMA sets the length of bars to include in volume EMA. Volume Divergence Ratio is used to set the sensitivity of divergence, larger values for the volume divergence ratio will show less results, but include points where volume drops more (larger divs). Paints a character above bar when bearish volume div, paints a character under the bar when bullish vol divs.
Volume Spike - Simply identifies a bar which has significantly more volume than average and paints a purple circle under. Length EMA which acts as criteria can be chosen by user. Max Vol Multiplier can be used to filter results. Larger values in max vol multiplier will return bars with even larger comparative volume.
Very tweakable tool, different time frames have their own optimal settings which can be experimented with and found.
Absorption (high volume, low true range): Identifies bar where TR is smaller than ATR of a customized length, with the option to subtract a raw number (shave) to identify tighter ranges. Additionally, volume for bar must be higher than average. EMA length for Volume and ATR is input by user and results may vary for different time frames. Plots an E on the bar, indicating possible entry soon. Direction is discretionary.
Volume/Trend Divergence: Identifies points where volume is decreasing while trend is continuing. Volume Divergence EMA sets the length of bars to include in volume EMA. Volume Divergence Ratio is used to set the sensitivity of divergence, larger values for the volume divergence ratio will show less results, but include points where volume drops more (larger divs). Paints a character above bar when bearish volume div, paints a character under the bar when bullish vol divs.
Volume Spike - Simply identifies a bar which has significantly more volume than average and paints a purple circle under. Length EMA which acts as criteria can be chosen by user. Max Vol Multiplier can be used to filter results. Larger values in max vol multiplier will return bars with even larger comparative volume.
Very tweakable tool, different time frames have their own optimal settings which can be experimented with and found.
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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