OPEN-SOURCE SCRIPT
Relative Strength Volume Comparison
The Relative Strength Volume Comparison is a powerful tool that can help traders identify the current trend based on volume pressure and potential reversals.
This oscillator is made of two lines and the overbought and oversold levels. Each of these two lines is a relative-strength formula that contains both the famous RSI and CCI formulas, smoothed by a Hull moving average.
The two lines are different for input. The colored line is based just on price and changes color based on the relation with the other line. The second line uses as input an average of three different popular volume indicators: The OBV, the Accumulation/Distribution, and the PVT.
Thanks to this tool, which uses 6 different formulas combined, traders can:
- Identify the current trend direction, based on the color of the area fill and the first colored line
- Identify potential reversal areas thanks to the overbought and oversold levels, customizable in the input section alongside the length and smoothing parameters.
This oscillator is made of two lines and the overbought and oversold levels. Each of these two lines is a relative-strength formula that contains both the famous RSI and CCI formulas, smoothed by a Hull moving average.
The two lines are different for input. The colored line is based just on price and changes color based on the relation with the other line. The second line uses as input an average of three different popular volume indicators: The OBV, the Accumulation/Distribution, and the PVT.
Thanks to this tool, which uses 6 different formulas combined, traders can:
- Identify the current trend direction, based on the color of the area fill and the first colored line
- Identify potential reversal areas thanks to the overbought and oversold levels, customizable in the input section alongside the length and smoothing parameters.
Skrypt open-source
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