Been using vol on price for a while, but getting annoyed that I can’t switch sides. Does anyone know if theres a way to get vop to the right side of the chart?
Sorry but no, that’s not possible. There is no setting to choose the side of the screen.
I tried to create something like the Volume on Price indicator but one that only looked at a certain number of candles (a look back period) rather than all that are on the chart. I didn’t manage to get it to work. Do you think that something like this is possible Nicolas?
Yes with a loop starting from the current bar, a good example is this indicator: Bull & Bear Volume-by-Price levels
a recent discussion to make it look at VPOC also: Bull & Bear Volume-by-Price levels modo VPOC
Thanks Nicolas – that first link is exactly what I was trying to create. I did search as I seemed to remember seeing it in the library at some point but it didn’t come up in the search – or was too far down the page for me!
I think it would be interesting to convert your bull/bear volume on price indicator so that it checks which is the highest volume price area at every bar for a look back period and then draws a line on the chart that represents this. The line would represent the recent history of maximum price on volume. I’m not sure if the results would be useful and I suspect it would take forever to draw but it might be interesting.
In fact thinking about it it would need a pair of band lines for where maximum bull volume is and a pair of band lines for where maximum bear volume is and then one pair of bands for where combined maximum volume is. It might get a bit messy. I think it is raining tomorrow so I might give it a look anyway.
I created the indicator I described above and it was slow to draw and very messy with six price bands on the chart. I adapted it slightly so that it just showed the mid point of each price range if that was where the maximum bull volume or bear volume was. Initial analysis seems to show that it tells us very little about support or resistance levels which kind of means that the standard volume on price indicator doesn’t either.
Here is the code if anyone is interested:
defparam calculateonlastbars=200
//NbrBars=12
//lookback=200
hh=highest[lookback](high)
ll=lowest[lookback](low)
div = (hh-ll)/NbrBars
i=0
volsum=summation[lookback](volume)
lastbulltotal = 0
lastbeartotal = 0
while i<NbrBars do
lrange=ll+div*i
hrange=lrange+div
volbull=0
volbear=0
for j = 1 to lookback do
if close[j]>=lrange and close[j]<=hrange then
if close[j]>open[j] then
volbull=volbull+volume[j]
else
volbear=volbear+volume[j]
endif
endif
next
bullbar = round((volbull*lookback)/volsum)
bearbar = round((volbear*lookback)/volsum)
if bullbar > lastbulltotal then
lastbulltotal = bullbar
lastbullhrange = hrange
lastbulllrange = lrange
midbull = ((lastbullhrange - lastbulllrange)/2 + lastbulllrange)
endif
if bearbar > lastbeartotal then
lastbeartotal = bearbar
lastbearhrange = hrange
lastbearlrange = lrange
midbear = ((lastbearhrange - lastbearlrange)/2 + lastbearlrange)
endif
i=i+1
wend
return midbull coloured(0,128,0) style(line,2), midbear coloured(128,0,0) style(line,2)
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Hello, does this work with version 10.3 ?