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OPEN-SOURCE SCRIPT

Volume Flow Oscillator (VFO)

By tkarolak
Updated
I created the Volume Flow Oscillator (VFO) to explore the intricate interplay between volume and price movements over a specific lookback period. This tool contrasts volumes that move in sync with the price against those that move in opposition, signaling potential overbought or oversold territories. To determine the direction, I compare the current price to its value four periods back, shedding light on underlying bullish or bearish momentum. The VFO enriches my analysis and decision-making by offering a detailed perspective on how volume trends correlate with price changes. Its color-coded visuals are crucial for highlighting optimal trading points based on volume dynamics.
Release Notes
Improved method for series min/max calculation
Release Notes
New Features:
Price Comparison Period Customization: Added an adjustable price comparison period for enhanced oscillator adaptability, allowing customization between 1 to 4 bars.
Release Notes
Updated: Added dynamic threshold lines
oscillaltorOscillatorsVolume Indicatorvolumeanalysisvolumepriceanalysis

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.

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