PROTECTED SOURCE SCRIPT
MBDOM _ Smart Volume Dominance

!!!!! MBDOM_Smart Volume Dominance Indicator !!!!!!
"MBDOM_Smart Volume Dominance", which helps identify buying or selling pressure based on volume and price action.
Key Features:
1. Volume Filtering:
o Only considers candles where volume is above a minimum threshold (relative to a 20-period SMA).
o Helps filter out low-volume, less significant candles.
2. Volume Pressure Calculation:
o Measures buying pressure as the portion of volume attributed to upward movement (based on close position within the candle range).
o Selling pressure is the remaining volume.
3. Smoothed & Lookback Analysis:
o Applies a 3-period EMA to smooth pressure values.
o Compares total buying vs. selling pressure over a user-defined lookback period (default: 5 bars).
4. Signal Conditions:
o Buy Signal:
Total buying pressure exceeds selling pressure by a threshold (default: 1.5x).
Buying pressure is increasing, and the candle closes bullish (close > open).
o Sell Signal:
Total selling pressure exceeds buying pressure by the threshold.
Selling pressure is increasing, and the candle closes bearish (close < open).
o Recommended Settings:
- *Day Trading*: 3-5 lookback, 1.3-1.5 threshold
- *Swing Trading*: 5-10 lookback, 1.5-2.0 threshold
- Adjust min_volume based on market volatility
"MBDOM_Smart Volume Dominance", which helps identify buying or selling pressure based on volume and price action.
Key Features:
1. Volume Filtering:
o Only considers candles where volume is above a minimum threshold (relative to a 20-period SMA).
o Helps filter out low-volume, less significant candles.
2. Volume Pressure Calculation:
o Measures buying pressure as the portion of volume attributed to upward movement (based on close position within the candle range).
o Selling pressure is the remaining volume.
3. Smoothed & Lookback Analysis:
o Applies a 3-period EMA to smooth pressure values.
o Compares total buying vs. selling pressure over a user-defined lookback period (default: 5 bars).
4. Signal Conditions:
o Buy Signal:
Total buying pressure exceeds selling pressure by a threshold (default: 1.5x).
Buying pressure is increasing, and the candle closes bullish (close > open).
o Sell Signal:
Total selling pressure exceeds buying pressure by the threshold.
Selling pressure is increasing, and the candle closes bearish (close < open).
o Recommended Settings:
- *Day Trading*: 3-5 lookback, 1.3-1.5 threshold
- *Swing Trading*: 5-10 lookback, 1.5-2.0 threshold
- Adjust min_volume based on market volatility
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.