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OPEN-SOURCE SCRIPT

Options Volume Indicator

By TradingTail
Updated
  • Volume Indicator for Option Trading, it is a simple indicator based on Relative Strength Index. There are two horizontal lines are mention 10 and -10, if bar crossed above the (Line 10) then go for buy and when Bar cross under (Line -10) go for sell side.
  • If Bar Color changed to Respective color of the previous bar i.e. color gets darker then you can exit/ trail SL there because it overbought / Oversold position and vice versa for Sell Side.
  • this volume indicator works on any Script.
  • The Black Floating Line indicates the Average volume







Release Notes
Strategy Tester Added
Update Chart
Release Notes
  • The Average RSI Line now more colorful
  • Always wait for to change the line from red to green for more confirmation
  • Some minor color changes , three zone specially if RSI crosses above 85 or 15 the Volume candle gets Purple it will shows the RSI is extreme Zone you can exit or wait for newer entry
Release Notes
  • Minor changes in zones i.e. 90 and 10 are extreme overbought zones
Release Notes
  • minor change
Release Notes
  • Smoothing Methods added i.e. HMA & RSI
Release Notes
  • RSI Smoothing Method Changes
  • Easy to Navigate the RSI zone in quick manner
Release Notes
  • Change in trend / volume shows on indicator by shape Diamond with its respective colors green for Long side and red for Put side.
Release Notes
  • Trend Reversal Indication on Volume chart with black Dimond signal.
Release Notes
  • Automatically Set Extreme zones as per the RSI zones
Release Notes
  • Smoothing Method Added i.e. RMA
Release Notes
  • Added independent Volume for Banknifty to check the average volume of Banknifty Index it acts a regime filter for RSI. for other indexes uncheck the banknifty option from setting pannel.
Release Notes
  • Reversed the changes, take longer time to load while trading.
Release Notes
  • Minor changes in code to improve performance
Release Notes
  • More accurately Reversal Signal Can Work
Release Notes
  • Smoothing Bug Fixed
Release Notes
  • Minor Changes
Release Notes
Now you can change the Smoothing Period as well as the some minor changes
Release Notes
ALMA Confirmation added
Release Notes
Trend Cloud added help you to understand the trend direction such green represents the Buyers and Red represents the Sellers.
Hope you like it
Regards,
Mayur Supe
Release Notes
Small Timeframe changes
Release Notes
bug fixed
Release Notes
Now you will Detect the High Volume candle on indicator
Release Notes
The code completely changed
The volume threshold based volume added
reversal dot are draws according to bull and bear color

Hope you like this
Release Notes
minor bug fixed
Relative Strength Index (RSI)rsidivrsivolrsivolumevolumesVolume

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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TradingTail

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