capriole_charles

Attributable Volume

A volume indicator which calculates "Attributable Volume”, the portion of volume which contributed to the direction in which the candle moved.

Attributable Volume is calculated as: Total volume excluding the "counter wick" volume .
Where for a green (up) candle, the "counter wick" volume is the top wick volume .

In theory, Attributable Volume should better represent the effort of directional thrust of each candle.

By default, this indicator displays “Attributable RVOL”, but can be set to:

Note: RVOL = Relative Volume , the current volume divided by the Volume moving average. RVOL can be used to identify major moves, and potential starts/ends to trends.
Remove from Favorite Scripts Add to Favorite Scripts
👑 Beat Bitcoin with premium TradingView algos --> http://www.capriole.io/indicators

Comments

This is a fantastic idea. Thank you for sharing!
Fun modification : instead of using a static threshold, maybe plot a 2 and 4 deviation Bollinger band and see which volume candles shoot past them.
Cheers!
+6 Reply
You said ROVL can be used to spot major moves. When should Attributable RVOL be used?
Thanks in advance for reply.
Reply
good job
Reply
Hello, how to use this strategy
Reply
yizhifei yizhifei
@yizhifei, I'm a rookie. I'm a troublemaker. Take me
Reply
Good job mate
Reply
yizhifei Ereginabrantley
@Ereginabrantley, Hello, how to use this strategy
Reply
Awesome work!
Reply
Great work as always!
Reply
capriole_charles blockchain2k
@blockchain2k, thank you!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out