Elledge Volume Balance Estimate

This indicator estimates how much of the volume are buyers vs sellers by looking at the upper candle wick size, the lower candle wick size, and the candle body size to determine a total distance that the price has moved during the given candle. It then assigns a percentage to buyers vs sellers based on the candle being red or green and the size of the wicks. This script currently estimates the buyers vs. sellers at a 1 to 1 ratio. In real life, price typically moves more one selling than it does on buying...but the script can give you an idea of the volume balance between buyers and sellers.

Release Notes

* Updated associated chart image to comply with community guidelines.

Protected script

This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.

warpelican

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Protected script

This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.

warpelican