// A Price/ATR oscillator with cumulative waves. // Based on Cumulative Volume Delta, but using price movement alone. // Public Domain // By Jolly Wizard
リリースノート
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Added basic bull bear color control.
リリースノート
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Fixed regression from color change impl due to transparency math.
brother this idea came to me in the shower last night and here you did it already! bravo!
Blblucky7
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I keep coming back to this indicator. :) :) Should this indicator be used on higher tfs for better accuracy or can lower be just as good? thanks again
Blblucky7
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Hello Love this! Can you make an update so the colors can be changed. Thank you very much!:)
JollyWizard
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@Blblucky7, Pushed some basic bull / bear color control. Transparency is a little wonky and needs to be configured in the source right now. You also can't color code the layers yet, but it should decent step towards changing it for eye strain or personal preference.
MR-JOSH
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Looks like DMI , but it's working nice
JollyWizard
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@MR-JOSH, Thanks for the positive feedback, and interesting observation.
I thought myself that there were some similarities to DMI but I'm not super familiar with it or strategies based on it, so I haven't dived into the difference. My experience with it is as a base component to ADX, which I only played with briefly. I suppose one could consider the singular price action as a form of DMI, and the cumulative as a form of ADX.
I approached this as a variant of common CVD calculations, but with volume weighting removed. It would follow then that Volume Delta can be thought of as a form of volume weighted DMI/ADX.
MR-JOSH
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@JollyWizard, I think this is a very good attempt, because I often use DMI with ADX to determine the change of long and short power, so I am familiar with graphs similar to DMI, and I also try to overlap this indicator of yours with the OBV variant , observed a good effect, you can also try it if you are interested If interested, we can discuss more issues in depth, good luck to you
JollyWizard
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@MR-JOSH, I would definitely be interested in discussing more detail at some point. I am not very familiar with OBV, but was prompted to look into it recently and noticed the similarities. I will examine a little more when I get the chance and reopen the dialog.
In the meantime, I thought it was worth pointing out, that an advantage of this over Volume Delta is that pure price action can be expressed in terms of ATR, which gives it a common scale across assets and an inherent mathematical compatibility with indicators that are expressed as percentages.
My own experiment on this has been to combine it with my Ichimoku Oscillator as a way to gauge price action / momentum in relation to trend line distance. I have another (unpublished) CCI oscillator where trend line distance as %ATR will often travel with/between two different CCI timeframes. This leads me to suspect that there is an underused / underdeveloped category of statistical / price action oscillator combinations.
I have considered reversing the concept of ATR normalization and developing (or appropriating) an Average True Volume, to bring CVD into the same compatibility class, but I haven't seriously researched or experimented with it yet.
MR-JOSH
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@JollyWizard, It is undeniable that it has an excellent performance in terms of price action. If it is used in conjunction with an oscillator, it will definitely have a very good effect. While helping to judge the strength of energy, it can also judge the direction through Ichimoku, which may bring better trading results.
Since I mainly trade intraday, I have researched and created some indicators myself, and put them into practical use, you can watch my trading screen if you are interested, we can exchange more indicators related questions, I will send a private message to you include my private link inside.