hey bro, awesome indicator as always, appreciate it. wonder why all the volume indicators somehow bypass large volume prints from Time & Sales during regular market hours? (not referring to darkspool extended market orders)
Sorry about that. When you click the beaker icon for Edit Studies make sure you are in the Studies tab and not the Strategies tab - those should be located near the top left of the Edit Studies and Strategies window that pops up. Once you are in the Studies tab you shoud be able to click Create and then copy and paste the script.
Hi Will, check the link in the description that will take you to our blog post. The script is there - just scroll to the bottom of the post and you'll see it.
No. My understanding is that relative volume compares current trading volume vs. past trading volume over a given period of time. This script just shows current selling volume vs. current buying volume. Maybe in the future I'll put together a video incorporating relative volume. Take care Rafael!
Hi Daniel, I'm not sure about 'replicate' but it's supposed to give a sense of buying vs. selling volume which is also reflected in the time and sales. But time and sales can flash by so quickly it's hard for my eyes to compare the buying vs. selling in the time and sales column. This indicator is meant to show that as a percentage. So I think it should at least correlate with what's going on with time and sales. Hope that answers your question but I'm not sure how you could replicate time and sales.
@@floatchecker Yes I agree with you. I just can't keep pace with the time and sales buying and selling. I want to experiment with this to see if this is a suitable if not exact alternative to time and sales. Thanks for the input!
Hello was wanting to experiment with your indicator but its throwing an error inside the thinkscript saying "at least one plot should be defined" copied the code from your blog.
Sorry you are having problems Tee. You need at least one plot if you want to be able to display data. Conversely you can edit out plot statements to remove data from being displayed. For example, if you remove these lines from the code: plot OverSold = over_sold; plot OverBought = over_bought; then the oversold and overbought lines will be removed. If you remove these lines: AddCloud(0, over_sold, Color.liGHT_RED, Color.RED); AddCloud(100, over_bought, Color.LigHT_GREEN, Color.GREEN); then the shaded areas of oversold and overbought will be removed. If you try to remove all plot lines it may throw an error. Also, make sure you paste the entire code and don't miss things like semi-colons. You can try going to the usethinkscript site and posting your code there if you need further help. Best wishes to you.
Greetings! Try commenting out (with #) or deleting the 'Buying Selling Ratio' section. That should remove the chart when you press apply and then ok. Then in the Edit Studies and Strategies window you should be able to move the study around - like into the main chart area if you like.
Hey steve GREAT script! I see it works with CURRENT volume. Is there are way to get this to work for previous candles? For example, if i wanted to go back a day or two and scroll my cursor over a candle, can it show me the same stats? Thank you for posting and for your time
Paul, I think it should do that. I have another video that splits the buying and selling volume in each candle - you can check out my prior video on Better Volume Indicators. So when I run both indicators and scroll over daily candles, the percentage line looks to match up with the buying vs. selling volume in each daily candle. As far as the % numbers in the labels, those are for current volume. I'm not sure how to do that for past bars. Maybe you could research it on sites like usethinkscript. But the percentage line should be helpful to you.
@@floatchecker Hey my bad. I did not communicate that well. I meant for the labels. Sorry about that. Thanks and I just used the script from your other video. It definitely shows your a different picture of what is happening inside the candle. Thank you for your time, content and response. I really appreciate it.
Most indicators just mimic what the candles are doing and provide a different way to look at price action. I don't see that this is doing anything different.
Copy script below:
declare lower;
input over_bought = 90;
input over_sold = 10;
def O = open;
def H = high;
def C = close;
def L = low;
def V = volume;
def Buying = V * (C - L) / (H - L);
def Selling = V * (H - C) / (H - L);
#last bar
def OL = open[1];
def HL = high[1];
def CL = close[1];
def LL = low[1];
def VL = volume[1];
def LBuying = VL * (CL - LL) / (HL - LL);
def LSelling = VL * (HL - CL) / (HL - LL);
#Buying Selling Ratio
plot BSR = 100 * (Buying) / (Buying + Selling);
plot OverSold = over_sold;
plot OverBought = over_bought;
BSR.SetPaintingStrategy(PaintingStrategy. LINE);
BSR.HideTitle();
BSR.HideBubble();
BSR.SetLineWeight(2);
BSR.DefineColor("OverBought", GetColor(1));
BSR.DefineColor("Normal", GetColor(0));
BSR.DefineColor("OverSold", GetColor(8));
BSR.AssignValueColor(if BSR >= over_bought then BSR.Color("OverBought") else if BSR Selling then Color.LIGHT_GREEN else Color.LIGHT_RED);
AddLabel(Show_Labels, "CurrentSell Vol: " + Round(Selling, 0) + " -- " + Round(sellPercent, 0) + "%", if Selling > Buying then Color.LIGHT_GREEN else Color.LIGHT_RED);
Hello Floatchecker, wao, excellent video. Learned a lot wit your teaching very well done video, keep it up and thank you.
Thank you so much! Glad we could help you out.
does this work on any time frame? (e.g would it show 5 mins candle of buyers and sellers or does it show the daily/hourly?)
Unable to find the script?
hey bro, awesome indicator as always, appreciate it. wonder why all the volume indicators somehow bypass large volume prints from Time & Sales during regular market hours? (not referring to darkspool extended market orders)
When I copied and paste the script there is a error stating LOWER not allowed in strategies.
Sorry about that. When you click the beaker icon for Edit Studies make sure you are in the Studies tab and not the Strategies tab - those should be located near the top left of the Edit Studies and Strategies window that pops up. Once you are in the Studies tab you shoud be able to click Create and then copy and paste the script.
how can I access this script..I don't see it
Hi Will, check the link in the description that will take you to our blog post. The script is there - just scroll to the bottom of the post and you'll see it.
hey great video. Is this RVOL? Relative volume?
No. My understanding is that relative volume compares current trading volume vs. past trading volume over a given period of time. This script just shows current selling volume vs. current buying volume. Maybe in the future I'll put together a video incorporating relative volume. Take care Rafael!
Does this indicator replicate time and sales?
Hi Daniel, I'm not sure about 'replicate' but it's supposed to give a sense of buying vs. selling volume which is also reflected in the time and sales. But time and sales can flash by so quickly it's hard for my eyes to compare the buying vs. selling in the time and sales column. This indicator is meant to show that as a percentage. So I think it should at least correlate with what's going on with time and sales. Hope that answers your question but I'm not sure how you could replicate time and sales.
@@floatchecker Yes I agree with you. I just can't keep pace with the time and sales buying and selling. I want to experiment with this to see if this is a suitable if not exact alternative to time and sales. Thanks for the input!
@@danielmrohs6373 Sounds good Daniel. Best wishes to you.
Hello was wanting to experiment with your indicator but its throwing an error inside the thinkscript saying "at least one plot should be defined" copied the code from your blog.
Sorry you are having problems Tee. You need at least one plot if you want to be able to display data. Conversely you can edit out plot statements to remove data from being displayed. For example, if you remove these lines from the code:
plot OverSold = over_sold;
plot OverBought = over_bought;
then the oversold and overbought lines will be removed. If you remove these lines:
AddCloud(0, over_sold, Color.liGHT_RED, Color.RED);
AddCloud(100, over_bought, Color.LigHT_GREEN, Color.GREEN);
then the shaded areas of oversold and overbought will be removed. If you try to remove all plot lines it may throw an error. Also, make sure you paste the entire code and don't miss things like semi-colons. You can try going to the usethinkscript site and posting your code there if you need further help. Best wishes to you.
How do I edit to just show the total vol, current buy vol and current sell vols **without** the chart below it?
Greetings! Try commenting out (with #) or deleting the 'Buying Selling Ratio' section. That should remove the chart when you press apply and then ok. Then in the Edit Studies and Strategies window you should be able to move the study around - like into the main chart area if you like.
@@floatchecker I got it. Thanks.
Hey steve GREAT script! I see it works with CURRENT volume. Is there are way to get this to work for previous candles? For example, if i wanted to go back a day or two and scroll my cursor over a candle, can it show me the same stats?
Thank you for posting and for your time
Paul, I think it should do that. I have another video that splits the buying and selling volume in each candle - you can check out my prior video on Better Volume Indicators. So when I run both indicators and scroll over daily candles, the percentage line looks to match up with the buying vs. selling volume in each daily candle. As far as the % numbers in the labels, those are for current volume. I'm not sure how to do that for past bars. Maybe you could research it on sites like usethinkscript. But the percentage line should be helpful to you.
@@floatchecker Hey my bad. I did not communicate that well. I meant for the labels. Sorry about that. Thanks and I just used the script from your other video. It definitely shows your a different picture of what is happening inside the candle. Thank you for your time, content and response. I really appreciate it.
@@paulF60m23 😊
Most indicators just mimic what the candles are doing and provide a different way to look at price action. I don't see that this is doing anything different.