Volume - Plus / Connectable [Azullian]

18 mar

The connectable volume plus indicator enhances your trading strategy by providing an in-depth analysis of volume data within the connectable indicator system. This tool extends beyond the scope of traditional volume analysis, enabling a comprehensive examination of market trends without the necessity for coding. As part of our range of connectable indicators, it effectively works with TradingView's input source as a signal connector, facilitating a synchronized and interactive approach. Each connectable indicator, including Volume - Plus, contributes signal weight, allowing for a detailed and nuanced analysis which then informs a connectable signal monitor, signal filter, or strategy.

█ DISTINCTIVE FEATURES

Volume - Plus is equipped with features that enhance market analysis:
 • Advanced Volume Analysis: Select from sophisticated volume modes like Volume waves and Time segmented volume for comprehensive market insights.
 • Customizable Periods & Sources: Adjust the volume calculation settings to align with your specific strategy, using adjustable periods and alternative data sources.
 • Versatile Scoring Conditions: Utilize six different thresholds for scoring to create a tailored approach for volume-based signal generation.
 • Intuitive Visual Representation: Clear visual cues on volume trends and conditions are displayed directly on your charts, aiding in decision-making.


█  UNIFORM SETTINGS AND A WAY OF WORK

Although connectable indicators may have specific weight scoring conditions, they all aim to follow a standardized general approach to weight scoring settings, as outlined below.

 ■ Connectable indicators - Settings



 • 🗲 Energy: Energy applies an ATR multiplier to the plotted shapes on the chart. A higher value plots shapes farther away from the candle, enhancing visibility.
 • ☼ Brightness: Brightness determines the opacity of the shape plotted on the chart, aiding visibility. Indicator weight also influences opacity.
 • BC - Bar coloring: Color candles based on your volume settings.
 • → Input: Use the input setting to specify a data source for the indicator. Here you can connect the indicator to other indicators.
 • ⌥ Flow: Determine where you want to receive signals from:
    ○ Both: Weights from this indicator and the connected indicator will apply
    ○ Indicator only: Only weights from this indicator will apply
    ○ Input only: Only weights from the connected indicator will apply
 • ⥅ Weight multiplier: Multiply all weights in the entire indicator by a given factor, useful for quickly testing different indicators in a granular setup.
 • ⥇ Threshold: Set a threshold to indicate the minimum amount of weight it should receive to pass it through to the next indicator.
 • ⥱ Limiter: Set a hard limit to the maximum amount of weight that can be fed through the indicator.

■ Connectable indicators - Weight scoring settings



▢ Weight scoring conditions

• SM – Signal mode: Enable specific conditions for weight scoring
   ○ Start: A new trend in volume starting will score
   ○ End: A new trend in volume ending will score
   ○ Zone: Continuous scoring for each candle between the start and the end.

• SP – Signal period: Defines a range of candles within which a signal can score.

• SC - Signal count: Specifies the number of bars to retrospectively examine and score.
   ○ Single: Score for a single occurrence
   ○ All occurrences: Score for all occurrences
   ○ Single + Threshold: Score for single occurrences within the signal period (SP)
   ○ Every + Threshold: Score for all occurrences within the signal period (SP)


▢ Weight scoring direction

• ES: Enter Short weight
• XL: Exit long weight
• EL: Enter Long weight
• XS: Exit Short weight


▢ Weight scoring values

• Weights can hold either positive or negative scores. Positive weights enhance a particular trading direction, while negative weights diminish it.


█ Volume - Plus - INDICATOR SETTINGS




 ■ Main settings

 • Enable/Disable Indicator: Toggle the entire indicator on or off.
 • V - Volume mode: Choose between Volume waves and Time segmented volume
 • P - Period: Set a period on which the volume is calculated.
 • S - Source: Choose an alternative data source for the Volume calculation.
 • T - Timeframe: Select an alternative timeframe for the Volume calculation.
 • C - Candletype: Choose a candletype for the alternative source.
 • B - Scaling bottom: Scale volume to this bottom level
 • T - Scaling top: Scale volume to this top level
 • A - Moving average type: Filter and smooth with these moving average types (ALMA, EMA, HMA, RMA, SMA, SWMA, VWMA, WMA)
 • L - Moving average length: Set the length for the moving average.
 • M - Moving average mode: Set the moving average mode
   ○ Source: Set as source
   ○ Banded threshold: Make the threshold levels move with a moving average


 ■ Conditions



  Set six thresholds for scoring and determine your own type of scoring mechanism

  • Enable/Disable condition: Toggle a condition on or off
  • Conditional direction: Choose a direction for scoring
   ○ Above: Volume breaches the threshold
   ○ Rising: Volume rises above the threshold
   ○ Falling: Volume falls under the threshold
   ○ Crossover: Volume crosses over the threshold
   ○ Crossunder: Volume crosses under the threshold
  • TH: Set a threshold level
  • BBN: Set a sentiment for your condition
   ○ Bullish
   ○ Bearish
   ○ Neutral

 ■ Scoring functionality

  • For each threshold you are able to set a sentiment. Sentiment scoring is incorporated in the weight conditions as usual.



█ PLOTTING

 • Standard: Symbols (EL, XS, ES, XL) Volume is plotted according to the volume mode in the seperate pane and also with bar coloring on the candle if this option is enabled.
 • Conditional Settings: A larger icon appears if global conditions are met. For instance, with a Threshold(⥇) of 12, Signal Period (SP) of 3, and Scoring Condition (SC) set to "EVERY", a volume threshold signaling over two times in 3 candles (scoring 6 each) triggers a larger icon.


█ USAGE OF CONNECTABLE INDICATORS

 ■ Connectable chaining mechanism

Connectable indicators can be connected directly to the signal monitor, signal filter or strategy, or they can be daisy chained to each other while the last indicator in the chain connects to the signal monitor, signal filter or strategy. When using a signal filter you can chain the filter to the strategy input to make your chain complete.



 • Direct chaining: Connect an indicator directly to the signal monitor, signal filter or strategy through the provided inputs (→).
 • Daisy chaining: Connect indicators using the indicator input (→). The first in a daisy chain should have a flow (⌥) set to 'Indicator only'. Subsequent indicators use 'Both' to pass the previous weight. The final indicator connects to the signal monitor, signal filter, or strategy.


 ■ Set up this indicator with a signal filter and strategy

The indicator provides visual cues based on signal conditions. However, its weight system is best utilized when paired with a connectable signal filter, monitor, or strategy.


Let's connect the volume - plus to a connectable signal filter and a strategy:


1. Load all relevant indicators
 • Load Volume - Plus / Connectable
 • Load Signal filter / Connectable
 • Load Strategy / Connectable

2. Signal Filter: Connect the Volume - Plus to the Signal Filter - Plus
 • Open the signal filter settings
 • Choose one of the five input dropdowns (1→, 2→, 3→, 4→, 5→) and choose : Volume - Plus / Connectable: Signal Connector
 • Toggle the enable box before the connected input to enable the incoming signal

3. Signal Filter: Update the filter settings if needed
 • The default filter mode for the trading direction is SWING, and is compatible with the default settings in the strategy and indicators.

4. Signal Filter: Update the weight threshold settings if needed
 • All connectable indicators load by default with a score of 6 for each direction (EL, XL, ES, XS)
 • By default, weight threshold is 'ABOVE' Threshold 1 (TH1) and Threshold 2 (TH2), both set at 5. This allows each occurrence to score, as the default score is 1 point above the threshold.

5. Strategy: Connect the strategy to the signal filter in the strategy settings
 • Select a strategy input → and select the Signal filter: Signal connector

6. Strategy: Enable filter compatible directions
 • As the default setting of the filter is SWING, we should also set the SM (Strategy mode) to SWING.

Now that everything is connected, you'll notice green spikes in the signal filter representing long signals, and red spikes indicating short signals. Trades will also appear on the chart, complemented by a performance overview. Your journey is just beginning: delve into different scoring mechanisms, merge diverse connectable indicators, and craft unique chains. Instantly test your results and discover the potential of your configurations. Dive deep and enjoy the process!

█ BENEFITS

• Adaptable Modular Design: Arrange indicators in diverse structures via direct or daisy chaining, allowing tailored configurations to align with your analysis approach.
• Streamlined Backtesting: Simplify the iterative process of testing and adjusting combinations, facilitating a smoother exploration of potential setups.
• Intuitive Interface: Navigate TradingView with added ease. Integrate desired indicators, adjust settings, and establish alerts without delving into complex code.
• Signal Weight Precision: Leverage granular weight allocation among signals, offering a deeper layer of customization in strategy formulation.
• Advanced Signal Filtering: Define entry and exit conditions with more clarity, granting an added layer of strategy precision.
• Clear Visual Feedback: Distinct visual signals and cues enhance the readability of charts, promoting informed decision-making.
• Standardized Defaults: Indicators are equipped with universally recognized preset settings, ensuring consistency in initial setups across different types like momentum or volatility.
• Reliability: Our indicators are meticulously developed to prevent repainting. We strictly adhere to TradingView's coding conventions, ensuring our code is both performant and clean.



█ COMPATIBLE INDICATORS

Each indicator that incorporates our open-source 'azLibConnector' library and adheres to our conventions can be effortlessly integrated and used as detailed above.
For clarity and recognition within the TradingView platform, we append the suffix ' / Connectable' to every compatible indicator.


█ COMMON MISTAKES, CLARIFICATIONS AND TIPS

 • Removing an indicator from a chain: Deleting a linked indicator and confirming the "remove study tree" alert will also remove all underlying indicators in the object tree. Before removing one, disconnect the adjacent indicators and move it to the object stack's bottom.
 • Point systems: The azLibConnector provides 500 points for each direction (EL: Enter long, XL: Exit long, ES: Enter short, XS: Exit short) Remember this cap when devising a point structure.
 • Flow misconfiguration: In daisy chains the first indicator should always have a flow (⌥) setting of 'indicator only' while other indicator should have a flow (⌥) setting of 'both'.
 • Hide attributes: As connectable indicators send through quite some information you'll notice all the arguments are taking up some screenwidth and cause some visual clutter. You can disable arguments in Chart Settings / Status line.
 • Layout and abbreviations: To maintain a consistent structure, we use abbreviations for each input. While this may initially seem complex, you'll quickly become familiar with them. Each abbreviation is also explained in the inline tooltips.
 • Inputs: Connecting a connectable indicator directly to the strategy delivers the raw signal without a weight threshold, meaning every signal will trigger a trade.



█ A NOTE OF GRATITUDE

Through years of exploring TradingView and Pine Script, we've drawn immense inspiration from the community's knowledge and innovation. Thank you for being a constant source of motivation and insight.



█ RISK DISCLAIMER

Azullian's content, tools, scripts, articles, and educational offerings are presented purely for educational and informational uses. Please be aware that past performance should not be considered a predictor of future results.