📊Buy and sell volume with average ratio
The best volume indicator!
Last updated
The best volume indicator!
Last updated
The biggest problem with Tradingview's volume indicator is that it displays a color (green or red) based on the close of the price candle, not on bid and ask volume.
I find this illogical, so I created my own tool that will display total volume, like Tradingview, but also buy and sell volume. This is handy for spotting anomalies or even Wyckoff manipulations.
We know that when the market wants to accumulate, it has to absorb the selling pressure and vice versa. This tool allows a more detailed analysis of buying and selling volumes.
As you can see from the previous screenshot, Tradingview's volume indicator is not enough to get a clear view of the actual bid/ask volumes. With the simple ratio, you can see everything that is wrong between the price action and the recorded volumes.
Discrepancies between price and volume can be identified (it is advisable to take into account the wicks of the candlesticks, as volume is not based on closures).
The averaged ratio allows to know the trend between buyers and sellers but also to identify the divergences.
You can choose to display the volume of another time unit, the type of moving average used, the length and the calculation mode.
