OPEN-SOURCE SCRIPT
Attributable Volume
Updated
A volume indicator which calculates "Attributable Volume”, the portion of volume which contributed to the direction in which the candle moved.
Attributable Volume is calculated as: Total volume excluding the "counter wick" volume.
Where for a green (up) candle, the "counter wick" volume is the top wick volume.
In theory, Attributable Volume should better represent the effort of directional thrust of each candle.
By default, this indicator displays “Attributable RVOL”, but can be set to:
Note: RVOL = Relative Volume, the current volume divided by the Volume moving average. RVOL can be used to identify major moves, and potential starts/ends to trends.
Attributable Volume is calculated as: Total volume excluding the "counter wick" volume.
Where for a green (up) candle, the "counter wick" volume is the top wick volume.
In theory, Attributable Volume should better represent the effort of directional thrust of each candle.
By default, this indicator displays “Attributable RVOL”, but can be set to:
- Attributable RVOL
- RVOL
- Attributable Volume
- Volume
Note: RVOL = Relative Volume, the current volume divided by the Volume moving average. RVOL can be used to identify major moves, and potential starts/ends to trends.
Release Notes
SourcingRelease Notes
Sourcing update
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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