OPEN-SOURCE SCRIPT
Bias of Volume Share inside Std Deviation Channel
Updated
The "Bias of Volume Share inside STD Deviation Channel" indicator is a powerful tool for traders aiming to assess market sentiment within a standard deviation (STD) price channel. This indicator calculates the bullish or bearish bias by analysing the share of volume within the standard deviation channel and provides valuable insights for decision-making.
Usage:
This indicator is a valuable tool for traders seeking to gain in-depth insights into market sentiment within a specified price channel. By focusing on price movements that fall within the standard distribution range and filtering out noise and market manipulations, it provides a clear view of prevailing bullish or bearish biases. Traders can leverage this information to make well-informed trading decisions that align with current market conditions, enhancing their trading strategies and potential for success.
Please ensure you review and adhere to the terms of the Mozilla Public License 2.0, as outlined in the indicator's source code.
Usage:
This indicator is a valuable tool for traders seeking to gain in-depth insights into market sentiment within a specified price channel. By focusing on price movements that fall within the standard distribution range and filtering out noise and market manipulations, it provides a clear view of prevailing bullish or bearish biases. Traders can leverage this information to make well-informed trading decisions that align with current market conditions, enhancing their trading strategies and potential for success.
Please ensure you review and adhere to the terms of the Mozilla Public License 2.0, as outlined in the indicator's source code.
Release Notes
I have reviewed it and made some changes to default valuesRelease Notes
Adjusted the maximum value of "Number of Bars"Release Notes
Updated the color scheme to enhance the indicator's intuitiveness.Release Notes
Changed the default source variable to 'close'.Release Notes
- Conducted code refactoring to enhance code structure and readability.
- Incorporated an indicator description as comments within the code to provide better context and understanding.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.