OPEN-SOURCE SCRIPT
Cash Volume Flow Indicator
One of the key concepts in trading is being able to understand money flow and its relative volume or strength. Since one of my own style is money flow concept and my history of having difficulty identifying significant volume in the market that may or may not cause the price action to move in a specified direction, I wrote this code to assist with these issues. This script combines the volume with relative strength to increase the probability of identifying areas of excessive money flow.
The script detects bearish and bullish sentiment in a financial instrument's price action over a specified period. The user can set the lookback period (number of candles to consider) and the colors that represent bullish and bearish trends.
The script combines volume and relative strength to exhibit 3 functions:
(1) It detect bullish and bearish sentiment based on the moving average and volume.
(2) It detects whether cash flow is sufficient, increasing, decreasing, linear or insufficient.
(3) It detects the relative volume and sudden changes in market conditions.
For Strategy :
Use with a linear regression indicator to determine when to long or short.
The script detects bearish and bullish sentiment in a financial instrument's price action over a specified period. The user can set the lookback period (number of candles to consider) and the colors that represent bullish and bearish trends.
The script combines volume and relative strength to exhibit 3 functions:
(1) It detect bullish and bearish sentiment based on the moving average and volume.
(2) It detects whether cash flow is sufficient, increasing, decreasing, linear or insufficient.
(3) It detects the relative volume and sudden changes in market conditions.
For Strategy :
Use with a linear regression indicator to determine when to long or short.
Skrypt open-source
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