Love this quick visual indicator on volume flows. I find it very useful in confirming trend, estimating potential reversals and calculating potential gaps in equities based on volume direction at end of day. Great idea!
Wingman
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thank you!
btcgene
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this is nice indicator! thanks for sharing. not sure if it can be used for trading, will have to think about it!
spacetrader
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Thanks. It's just nice to glance at the volume and be able to see which way it's moving. I disliked how in classic volume the entire volume bar changes color from green to red just because close was below open, even though not all that volume went one way. my obv adl combo line does the same thing, tries to improve obv by estimating flow in both directions from candles. it's not perfect, but I think it's far better than 100% or -100%.
btcgene
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exactly, you address this issue of not seeing the downside and upside volume. i removed up and down volume from your code, also ema plots and now i have net flow for each candle, which is much cleaner for me. will check if it can be used in some strat :)
spacetrader
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I kinda like the ema - it lets me answer the question whether volume is significant. yes if above ema, no if below. That's why I keep in there :D. I think main reason I had them split is so it's easier to see the zero line without drawing something extra :D
btcgene
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anyway, I will look at it for use cases :D like with crypto, you have the tech, then try to make use of it :D