TFS Volume Oscillator Noise Filtered

2 Jan 2022

INTRODUCTION

This indicator is inspired from "HPotter’s TFS: Volume Oscillator" but I have used Heiken Ashi and Hull Moving Average in calculations in order to reduce noise for better trades.
The concept is similar to that of On-Balance Volume indicator (OBV). It is calculated according to these rules:

• If Heiken Ashi Close > Heiken Ashi Open, Volume is positive
  
• If Heiken Ashi Close < Heiken Ashi Open, Volume is negative
  
• If Heiken Ashi Close = Heiken Ashi Open, Volume is neutral
  

BAR COLORS

• Green Color:
  Strong Uptrend with good volume supported momentum.
  
• Faded Green Color:
  Volume is relatively weakening.
  
• Red Color:
  Strong Downtrend with volume support.
  
• Gray Color:
  Downtrend negative volume is relatively weakening.
  

DEFAULTS SETTINGS

• Volume length is 30 (Better for timeframes higher than 1H)
  
• Hull Moving Average length is 14 but Linear Regression Curve can be selected with same length