Price/Volume Value Histogram

An interesting implementation of mine to measure an asset changes based on asset price velocity and volume velocity. The indicator acts as asset value calculator. Long and Short.

==Points System Rules==

If Current Close is higher than previous Close and Current Volume is bigger than previous Volume: Adds Close Points and Volume Points
Otherwise check
If Current Close is higher than previous Close: Adds Only Close Points

If Current Close is lower than previous Close and Current Volume is bigger than previous Volume: Reduces Close Points and Volume Points
Otherwise check
If Current Close is lower than previous Close: Reduces Only Close Points

Result of the values are summed up to a histogram.
Obviously on increasing prices and volume the histogram will be above zero line and on the Bullish side (green color), otherwise, on the Bearish side (red color).

You can't cheat the price movement, it's just what it is.
Optional to smooth it by EMA (set to true by default).

Like if you Like and Enjoy!
Follow for upcoming indicators.
リリースノート: Updated description.
リリースノート: Added volume percentage factor - higher the value the less volume will affect histogram (0- normal, 100 - disable volume effect)
Fixed bug when high volume would cause an histogram peek.
リリースノート: Bug fix for lower histogram value.


Appreciation of my work:

Premium Pivot Points Algo Indicator:


Hello.. Do you have same indicator for thinkorswim platform?
dman103 Mkr21b
@Mkr21b, Hey, Nope.
I really liked this script so much I made a strategy for it:
Thank you Man. You are a genious
dman103 L0r3ns
@L0r3ns, Appreciate your words, it's indeed original script with innovating concept. There might new script based on it, hench, follow to be updated.
+1 返信
interesting script - thank you for sharing.
but i wonder why you needed to use arrays here.
dman103 RedKTrader
@RedKTrader, Hey, Glad you like it, you are right, it can be done without arrays, but using arrays here can give more flexibility later in case i'll expand it.
+1 返信
Hi, do you mean that if current candle close is above previous candle close and the indicator volume bar is higher than previous bar = uptrend?
If so, downtrend means current close is below previous candle close and indicator volume bar closes below the previous indicator volume bar?

A bit confused by instructions and some clarification would be appreciated
dman103 benjaminwlm
Hey there, I refer to volume as the volume of each candle. Personally, I don't call it an indicator :)
You are almost correct. Just In downtrend we want to see volume increasing (you wrote decreasing) to detect selling pressure.
If current candle close is above previous candle close: It increases indicator by a factor of current close divided by previous close.
if current candle close is below previous candle close: it decreases indicator by factor of previous close divided by current close.
Volume can also affect the indicator, for example if we find the volume is increasing (current candle volume is bigger than previous candle volume) we also increase or decrease the indicator depending on what stated previously about current close and previous close.
Try to look at the code where it says: "//Positive" for uptrend and "//Negative" for downtrend calculations.
@dman103, Hi, thanks so much for the reply. May I confirm when you say volume increasing and candle close below previous candle, means that the histogram goes up? I noticed that in most cases when price goes down, the volume turns red and the red bars increase in length. (forms a downward slope in a sense)

Does the red bars increasing in length mean that volume is increasing just in terms of selling pressure? Or does the red bar increasing in length mean that volume is decreasing?
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