This code is mainly for Wyckoffians and can be used in accumulation/distribution phases to spot the change of forces.
The volume bars are showing who is stronger in the period defined in the timeframe (more green means that bulls are running the show, in this case, in the weekly period).
The moving averages are showing the same information but based on an historical point of view (when the bull line crosses over the bear line bulls are becoming stronger in the longer period).
I suggest to use a period of 22 or more and always based on the timeframe in use.
if close>=open then
//media volumi rossi e verdi per media mobile semplice
return volbear coloured (205,0,0) style (histogram), volbull coloured (0,190,0) style (histogram), mmred coloured (255,0,0) as "Bear average",mmgreen as "Bull average"
No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.ProRealTime ITF files and other attachments :