This indicator purely uses to plot the graph. The indicator helps in conforming a breakout strategy.
This indicator is advanced version of my previously developed indicator you can check this link
Total is made up of buying and selling . Buying is the number of shares, contracts, or lots that were associated with green bars, and selling is the number that were associated with red bars.
The labels on the right side are the current bar value and that days bulls /bears weightage.
- the first value shows the current bar .
- second value show the bulls weight in %
- third value show the bears weightage throughout the day ( %)
- The Blue plot in graph keeps the track of bulls movement in intraday( %)
- The Red plot in graph keeps the track of bears movement in intraday ( %)
X axis is time.
Y axis ranges from 100 to -100
I use 1:2 risk to reward ratio. Do your own research.
**not a financial advice**
Example of price increasing, decreasing
this indicator can be used for confirming a breakout strategy with bulls or bears in action. In the current example, the buyer’s percentage is reducing and the price is increasing throughout the day. Hence a breakout of the trendline is confirmation of a short trade.
Example of Price reducing, decreasing
example of price moving down , bears losing the grip
Example of price decreasing increasing
Thanks to nizar9599 for giving idea to improve my previous indicator.
Any and all liability for risks resulting from investment transactions or other asset dispositions carried out by the user based on information received or a market analysis is expressly excluded by me.
All the information made available here is generally provided to serve as an example only, without obligation and without specific recommendations for action. It does not constitute and cannot replace investment advice. We therefore recommend that you contact your personal financial advisor before carrying out specific transactions and investments.
Do your own research, This is not a financial advice.
Now you can play with timeframe other than intraday
you can change it in the settings.
-added Hidden Bullish Divergence to the Indicator
-added Bearish Divergence to the Indicator
-added Hidden Bearish Divergence to the Indicator
--added ALERTS for Bullish Divergence and Hidden Bearish Divergence
--added ALERTS for Bearish Divergence and Hidden Bearish Divergence
thanks to TradingView Built in Divergence indicator
thanks to @petemartin95 for suggesting this update in my indicator
BTC : 1PZdTyH2faJn6XTyFK8C8uvS8zba2gCRmw
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 a publication is governed by House Rules. You can favorite it to use it on a chart.