[Brookwood]

Thanks to the Google I found a template for a UVOL/DVOL indicator.I'm not a programmer but I rolled up my sleeves this weekend and cut and past... er...made some indicators for up minus down volume on the thinkorswim platform. UDV1 plots up-down volume on a positive-negative scale with a user adjustable moving average. UDV2 is exactly the same except the plot is the absolute value histogram with the MA tracking the absolute value as well (ie; the MA does not go negative.) I like this one better because you can better compare day-to-day ranges and can see "breakouts" of the previous day's +- volume range. credit for the originals is in the source code. They work best when charts are set to "show trading hours only" but not necessary. They don't seem to work on tick charts.
Included is an example chart of ES with both indicators shown.
Please remember the source data is NYSE up-down volume (not the underlying bid/ask volume) so putting the indicator on commodity chart may offer unpredictable results. To get them into TOS: open the text file in a word processor (wordpad is fine), then select all and copy.Instructions in second pic for after you select "edit studies" in TOS.
Cheers,
Brookwood

UDV1&2.zip

[MC]

Very cool! Thanks for sharing those.

[pooch]

I'm a new member here, and this thread was the first one I happened to read. I've been using $UVOLQ and $DVOLQ and $VOLDQ (Up-Dn Vol) for a while now to trade the QQQQ using spikes in up or down volume to confirm breakouts or breakdowns. Very interesting to read about divergences though.

So the theory with divergences is that in my chart of the Nasdaq, the flat Up-DnVol line (yellow) in the morning suggested the down move was destined to be short lived, with the green UpVol line crossing the red DnVol line (shortly after the morning low) being the confirmation signal of the rally?

This green cross above red (pink?) occurs at the third green candle from (and including) the doji low, so though not catching the bottom, it got you into the right side of the move. Personally, I would have been hesitant to buy under the 10ema (cyan) line, as that MA was resistance in the morning down trend, but obviously that would have been a good long entry.

I think all the previous posts were regarding the NYSE Up and Down volumes. Has anyone used the Nasdaq equivelants to trade the Q's, or major Nasdaq stocks?

[DaKine]

I made the same post here but I thought I'd add it to the market internals forum also...

I don't use $UVOL / $DVOL as an indicator to enter a trade but I do plot these two on a chart to give me an idea about market breadth. +300k and I am not looking to short -300k and I am not looking to go long above/below these numbers to me signify trend. On huge gap days this can get tricky as the spread maybe + or - 300k but run in the opposite direction the rest of the day. When the spread is choppy below +300k and above -300k I trade the market as a rotational range day...

[grandmaster]

Not sure how to get this into TOS...can you explain?
Thanks

[Brookwood]

Go to "edit studies" and select "new study".Paste the body from the text file you downloaded into the code area, making sure to paste over the default text. Name and save your study. Voila!
Cheers,
Brookwood

[tdl138]

hi MC
could you kindly teach me how to setup the comparison chart in the thinkorswim(TOS) platform? I am trying to create a UVOL/DVOL subgraph within the ES Chart, but seems like TOS chart only allows lines or points to be drawn in the subgraph.
How did you managed to have candles in the subgraph?

Gen

[MC]

Originally Posted by tdl138 »

hi MC
could you kindly teach me how to setup the comparison chart in the thinkorswim(TOS) platform? I am trying to create a UVOL/DVOL subgraph within the ES Chart, but seems like TOS chart only allows lines or points to be drawn in the subgraph.
How did you managed to have candles in the subgraph?

Gen