A approximation of the average Bull Volume component versus the average Bear Volume component of total Volume. Dieplays an interesting and helpful view of the ebb and flow of Bull and Bear Volume pressure in the market. Shows what the bears are up to while the bulls are in control and vice versa. You can see bull pressure building (or bear pressure diminishing) in advance of a bullish price move (especially in sideways markets and horizonal rectangular consolidations). The graph moves in curves from which you can often extrapolate reasonably accurate and useful projections of future Bull or Bear Volume Action.
Features:
Total Volume MA Histogram and Line
Bull Volume MA Histogram and Line
Bear Volume MA Histogram and Line
Currently Selected Bull Volume Level
Currently Selected Bear Volume Level
Bull/Bear Volume Convergence/Divergence Oscillator
Rising and Falling Convergence/Divergence Background Shadows
***All components of the indicator can be toggled on and off via the parameter window if the display is too busy or too sparse for your tastes. Set your own defaults in the code.***
I tried to use all AB color constants for compatibility but the available greys are too dark - In this case I have supplied the RGB values for the custom greys I used in the Rise/Fall Background Shadows. If your color scheme is radically different than the default gray background you may have to redo all the colors to your satisfaction.
Known Issues:
Sometimes the volume will dip slightly below the zero line, especially at the beginning of the chart. I think this is related to the lookback periods for the TEMA's and the uneven distribution of up and down days in the market- I don't think it voids the reliability or usefulness of the indicator. When I figure out how to fix it I will post the updated code. Or if anyone knows the cause and fix please let me know via email or post the fix in the comments section.
If you find this indicator helpful, or if you find any error in logic or coding, or if you see a better way to display this information, please drop me an email at:
"nkm@dr.com"
...and let me know - I'd love to get the feedback.
Best Regards,
Nick Molchanoff
I said in many formulas that volume indicator is must use for confirmation of any signal. so you may try this out too as a replacement of volumes and for advanced volumes indication.
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