OPEN-SOURCE SCRIPT
Price/Volume Trend Meter
Another simple indicator from the sweet indicator series, This is a combination of the Volume and Price Trend Meter indicators combined (Links below) into one indicator called PVTM (Price Volume Trend Meter).
PVTM measures the strength of price and volume pressure on a histogram.
The indicator sums up all green candles price and volume and red candles price and volume over a specific period of bars and plots based on Price summed value. The result will look similar to Price Trend Meter with the benefit of trying to filter out more noise.
Use this indicator to identify the increasing asset of price and volume with the green candles (Close is higher than open) and decreasing of price and volume with the red candles (Close is lower than open).
======= Calculation ==========
Bright Green Color Column: Total summed up Price and Volume are higher than 0.
Bright Red Color Column: Total summed up Price and Volume are Lower than 0.
Weak Green Color Column: Conflict between Price and Volume (One positive and one negative) so we continue based on previous color .
Weak Red Color Column: Conflict between Price and Volume (One positive and one negative) so we continue based on previous color.
======= Price/Volume Trend Meter Colors =======
Green: Increasing buying pressure.
Weaker Green: Declining Buying pressure (Possible Sell Reversal).
Red: Increasing selling pressure.
Weaker Red: Declining Selling pressure (Possible Buy Reversal).
Other sweet indicators that this indicator is based on:
Volume Trend Meter:
Price Trend Meter:
Like if you Like and Follow me for upcoming indicators/strategies: tradingview.com/u/dman103/
PVTM measures the strength of price and volume pressure on a histogram.
The indicator sums up all green candles price and volume and red candles price and volume over a specific period of bars and plots based on Price summed value. The result will look similar to Price Trend Meter with the benefit of trying to filter out more noise.
Use this indicator to identify the increasing asset of price and volume with the green candles (Close is higher than open) and decreasing of price and volume with the red candles (Close is lower than open).
======= Calculation ==========
Bright Green Color Column: Total summed up Price and Volume are higher than 0.
Bright Red Color Column: Total summed up Price and Volume are Lower than 0.
Weak Green Color Column: Conflict between Price and Volume (One positive and one negative) so we continue based on previous color .
Weak Red Color Column: Conflict between Price and Volume (One positive and one negative) so we continue based on previous color.
======= Price/Volume Trend Meter Colors =======
Green: Increasing buying pressure.
Weaker Green: Declining Buying pressure (Possible Sell Reversal).
Red: Increasing selling pressure.
Weaker Red: Declining Selling pressure (Possible Buy Reversal).
Other sweet indicators that this indicator is based on:
Volume Trend Meter:
Price Trend Meter:
Like if you Like and Follow me for upcoming indicators/strategies: tradingview.com/u/dman103/
Appreciation of my work: paypal.me/dman103
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Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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