Standard VWAP study with alternating clouds. The clouds can be turned on or off in the inputs. The preset colors are for a light background but can be changed in the Global Settings as well as the VWAP line color.
Inspired by the "MovAvgExpRibbon" this is a similar study but with half the lines and clouds between the three zones. Each line is the double of the previous line. The colors are for a white background and would have to be changed in the code for a dark background.
This is the ThinkorSwim version of the LowPassCycle indicator. It is set to stlm2 emulation settings and it seems to work well on these settings. It does have problems painting correctly on lower settings. Feel free to update or modify the code.
This is the same as the black version, with a change to the slow line to match the color of the cloud.
As in the black version "This is the default thinkorswim MovAvgTwoLines indicator modified. The two lines can now be different average types. Additional features include a cloud, vertical lines and arrows; all with on/off switches in the input parameters. Cloud color can be changed in the Globals option. For now the moving average types are the ones I use, EMA, SMA & WMA; might add more to the list later on."
Been liking the white background for charts, here is the tos link to my settings: https://tos.mx/WX15Mg
This is the default thinkorswim MovAvgTwoLines indicator modified. The two lines can now be different average types. Additional features include a cloud, vertical lines and arrows; all with on/off switches in the input parameters. Cloud color can be changed in the Globlals option. For now the moving average types are the ones I use, EMA, SMA & WMA; might add more to the list later on.
the idea is to separate the Directional Volume in a simpler oscillator-type plot (+100%/-100%) for better tracking of net volume as it moves between buying and selling modes.
see the screencap for how this is sometimes easier to follow than the full BetterVolume study, especially when you're watching the ET market hours (will usually have very little volume than normal hours).. BetterVolume still provides much more insight and label values. the core calc is the same.
Posted some examples on how to use in reading charts and action https://nexusfi.com/elite-circle/27433-k_bettervolume-tos-new-version-downloads.html
Here's an interesting view of volume that I've been watching for a while. Added to the K_BetterVolume indicator I posted here a while back.
Instead of watching the classic volume bar by bar plot, I started watching the average buy vs sell for a period, which I found much more insightful. A stronger/more sustained price move is usually associated with a net volume avg forming in the same direction, also moves with no strong volume supporting them will possibly be short-lived- this simple way to view volume is especially useful when there's no easy way to track volume at bid/ask level, or if you don't want to go that deep...
Changes in this version:
A simple way to track Buy vs Sell volume for a given length of bars, "Directional Volume, or Volume Pressure or VXNet", which is the net of ratio of buy vs sell avg volume (WMA) to the overall volume average. inspired by a similar concept in one of Elder's study
added a volume buzz label calculation (the closest I could get to a VolBuzz calc in ToS, impossible to do in custom WatchLists or scans). By Changing the chart aggregation, I can check the VolBuzz (basically current bar's volume vs longer average volume of same time interval)
VXNet can be displayed on top of the "classic" volume plot, or separately .. changing plot settings enables to view it as a histogram, or just a simple green/red cloud.. see screencap for examples of how this study can be set
VXNet is zero-lag smoothed, however keep smoothing as small as possible (3 to 5) not to lose traction to actual volume trend change
informative labels, can be turned on or off - Dynamic coloring
this algo does test well and provides a better signal (sometimes up to 3 bar improvment) than taking the whole volume bar as a buy or sell volume based on the close vs open technique in prior version..
The Dynamics coloring of the info labels still there, provides visual clue for major volume spikes that deserve attention
code is commented.. TOS Study setup "baloon mini-guide" also included.