BacktestRookies

Volume Profile: Intra-bar Volume

This indicator was developed as part of a free blog post tutorial on the Backtest-Rookies website for detailed code commentary, head over there.


Scope

The indicator shall attempt to do the following:

  • Look at a lower time-frame. E.g 5 minutes when on a 1-hour chart.
  • Create a function to loop through through candles and make an assessment.
  • If the candle it closed up, the volume will be categorized as buying volume. Conversely, if it closed down, the volume will be categorized as selling volume
  • The function will then be passed to the security() function to run on a lower timeframe.
  • All buying volume and selling volume from the lower time-frame shall be summed and displayed on the main chart.

Important Note
This indicator will not give you genuine buying or selling volume. It simply follows the assumption that if price closed up, there must have been more buyers than sellers and if it closed down we assume the opposite.

Usage

In order to use this indicator, users will need to calculate how many lower time-frame bars are contained in the time-frame on the main chart. So for example, the default settings are configured for the indicator to be run on the 1H chart. As a result, we need to set the "Bars on Lower Timeframe" input to 12. This is because there are 12 x 5-minute bars in 60 minutes.


Script de código abierto

Siguiendo el verdadero espíritu de TradingView, el autor de este script lo ha publicado en código abierto, para que los traders puedan entenderlo y verificarlo. ¡Un hurra por el autor! Puede utilizarlo de forma gratuita, aunque si vuelve a utilizar este código en una publicación, debe cumplir con lo establecido en las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.

Exención de responsabilidad

La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.

¿Quiere utilizar este script en un gráfico?