RagingRocketBull

Balihuntul Normalized Absolute Volume by RRB

Balihuntul Normalized Absolute Volume by RagingRocketBull 2018
Version 1.0

This indicator shows absolute and/or normalized volume for an asset, allows for more accurate volume based comparisons (like a log scale for volume ).
Volume is measured in coins traded, not USD traded, so direct comparisons of different price moves may not be accurate.
Professional traders usually compare absolute or normalized volumes of trend moves/spikes/dips/capitulation events instead.
When the USD price of an asset is lower you can trade more coins but capitalization won't be as significant as when there are less coins for a higher price.

Similarly, you can normalize volume using:
- price/price ma (to get a bit of a price-weighted volume ) or
- volume ma to compare it with its average assuming the total volume is a percentage above or below the MA (100% or 1).
- use alpha multiplier to add/lose a few zeroes if necessary

Features:

- Use Absolute Price Value (Price * Volume ) of an asset instead of Coins Traded ( Volume ) to compare capitalization
- Normalize volume using Price / Price MA / Volume MA
- Supports any existing type of MA: SMA , EMA , WMA , HMA etc
- Oscillator mode with negative axis
- Highlight high volume spikes above MA or hide low volume bars below MA
- Change color based on prev Close or Volume bars
- Change Volume MA color based on a number of last rising/falling bars
- Display volume as 1000s, mlns, or blns using alpha multiplier

Notes:

1. uses plot* and custom hma functions
2. swma has a fixed length = 4, alma and linreg have additional offset and smoothing params


Feel free to use. Good Luck!
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screens for reference:

absolute price volume


normalized volume


oscillator negative axis + color based on prev volume bar
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