Price/Volume Value Histogram

31 Okt 2020

An interesting implementation of mine to measure an asset changes based on asset price velocity and volume velocity. The indicator acts as asset value calculator. Long and Short.

==Points System Rules==

UPTRENDING
If Current Close is higher than previous Close and Current Volume is bigger than previous Volume: Adds Close Points and Volume Points
Otherwise check
If Current Close is higher than previous Close: Adds Only Close Points

DOWNTRENDING
If Current Close is lower than previous Close and Current Volume is bigger than previous Volume: Reduces Close Points and Volume Points
Otherwise check
If Current Close is lower than previous Close: Reduces Only Close Points

==Plotting==
Result of the values are summed up to a histogram.
Obviously on increasing prices and volume the histogram will be above zero line and on the Bullish side (green color), otherwise, on the Bearish side (red color).

You can't cheat the price movement, it's just what it is.
Optional to smooth it by EMA (set to true by default).

Like if you Like and Enjoy!
Follow for upcoming indicators.

1 Nov 2020

Nota Keluaran

Updated description.

20 Dis 2020

Nota Keluaran

Added volume percentage factor - higher the value the less volume will affect histogram (0- normal, 100 - disable volume effect)
Fixed bug when high volume would cause an histogram peek.

20 Dis 2020

Nota Keluaran

Bug fix for lower histogram value.

24 Jan

Nota Keluaran

- Updated to PineScript version 6
- Added multi-timeframe support
- Added plot for use in external filtering
- Improved clarity and readability