OPEN-SOURCE SCRIPT
Exchange Down / Up Volume Ratio
I attended some workshop yesterday and I noticed that one of the presenters had an indicator titled 'price ratio' and had DVOL and UVOL as the inputs.
From some deduction, I see that it was basically looking at the ratio of down by up volume on the NYSE exchange; he had a few levels marked as well (which I've also marked on this indicator).
Seems like an interesting metric to consider, basically used to get a rough idea of the short term sentiment of the masses; allowing one to see when selling is outpacing buying in pure volume traded on an exchange.
I've added a few other exchanges to allow for quick switch between the majors with this info readily available on TradingView.
Supported inputs are: AMEX, NYSE, NASDAQ, ALL (must be in caps)
All is the sum of the NYSE, AMEX, and NASDAQ exchange volume.
The standard trading view disclaimer applies to this post -- please consult your own investment advisor before making investment decisions. This post is for observation only and has no warranty etc. tradingview.com/disclaimer/
Best,
JM
From some deduction, I see that it was basically looking at the ratio of down by up volume on the NYSE exchange; he had a few levels marked as well (which I've also marked on this indicator).
Seems like an interesting metric to consider, basically used to get a rough idea of the short term sentiment of the masses; allowing one to see when selling is outpacing buying in pure volume traded on an exchange.
I've added a few other exchanges to allow for quick switch between the majors with this info readily available on TradingView.
Supported inputs are: AMEX, NYSE, NASDAQ, ALL (must be in caps)
All is the sum of the NYSE, AMEX, and NASDAQ exchange volume.
The standard trading view disclaimer applies to this post -- please consult your own investment advisor before making investment decisions. This post is for observation only and has no warranty etc. tradingview.com/disclaimer/
Best,
JM
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.
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.