==Points System Rules==
If Current Close is higher than previous Close and Current is bigger than previous Volume: Adds Close Points and Points
If Current Close is higher than previous Close: Adds Only Close Points
If Current Close is lower than previous Close and Current is bigger than previous Volume: Reduces Close Points and Points
If Current Close is lower than previous Close: Reduces Only Close Points
Result of the values are summed up to a histogram.
Obviously on increasing prices and the histogram will be above zero line and on the side (green color), otherwise, on the side (red color).
You can't cheat the price movement, it's just what it is.
Optional to smooth it by (set to true by default).
Like if you Like and Enjoy!
Follow for upcoming indicators.
Fixed bug when high volume would cause an histogram peek.
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Pivot Points Algo Indicator: https://www.tradingview.com/script/LFBaHNuA-Pivot-Points-Algo/
If so, downtrend means current close is below previous candle close and indicator volume bar closes below the previous indicator volume bar?
A bit confused by instructions and some clarification would be appreciated
Hey there, I refer to volume as the volume of each candle. Personally, I don't call it an indicator :)
You are almost correct. Just In downtrend we want to see volume increasing (you wrote decreasing) to detect selling pressure.
If current candle close is above previous candle close: It increases indicator by a factor of current close divided by previous close.
if current candle close is below previous candle close: it decreases indicator by factor of previous close divided by current close.
Volume can also affect the indicator, for example if we find the volume is increasing (current candle volume is bigger than previous candle volume) we also increase or decrease the indicator depending on what stated previously about current close and previous close.
Try to look at the code where it says: "//Positive" for uptrend and "//Negative" for downtrend calculations.
Does the red bars increasing in length mean that volume is increasing just in terms of selling pressure? Or does the red bar increasing in length mean that volume is decreasing?