OPEN-SOURCE SCRIPT
Volume accumulation [TCS] | VTA
Updated
The indicator calculates buy and sell volume values for different look-back periods, based on the high, low, close, and tick volume data of the chart.
The calculated buy and sell volume values are stored in separate variables, which represent cumulative volume values over the respective look-back periods.
It's important to note that the code provided calculates the buy and sell volume values individually for each look-back period and after sum them.
It can be useful to understand who is in control of the market based on the look-back period.
For example if the price is decreasing but the volume in the past candle are bullish it means that the trend probably will turn.
Please note that this indicator is for educational purposes only and should not be used for trading without further testing and analysis.
The calculated buy and sell volume values are stored in separate variables, which represent cumulative volume values over the respective look-back periods.
It's important to note that the code provided calculates the buy and sell volume values individually for each look-back period and after sum them.
It can be useful to understand who is in control of the market based on the look-back period.
For example if the price is decreasing but the volume in the past candle are bullish it means that the trend probably will turn.
Please note that this indicator is for educational purposes only and should not be used for trading without further testing and analysis.
Release Notes
UPDATES• Improved the look-back period calculation - now max 100 bars back (previous 30)
• Added alert conditions when volume accumulation and and close vs look-back close are bullish or bearish
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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