Volume Bias


Description:

This indicator prints the Volume Bias on the chart

Volume Bias is calculated as Up Volume divided by Total Volume.
i.e. The percentage of total volume that has an upward bias.
When there are more up volume than down volume,
the display will show a larger than 50% bias.
Otherwise the display will show a smaller than 50% bias.


The background color will turn blue if the bias is over 55%,
or red if the bias is under 45%.
Otherwise the background will display a neutral color.

The display is formated as follow:
UpVolume: DownVolume=UpBias%

You may choose to display the bias at position 1 or 2
Position 1 refers to the top of the chart, 2 is at the bottom.






note:
This EasyLanguage indicator was written in MultiCharts.
I have not tested it in tradestation or other compatible programs.
Please refer to your users manual for importation instructions.

Translation to other platform is invited.

[UrmaBlume]

Tams,

Thanks for posting yet another piece of useful code.

We do something similar which is a simple "show me bar" in Easy Language that plots the percentage of upticks and the percentage of downticks currently inside either a time or volume bar.

It posts the downtick percentage at the high of the bar in red and the uptick percentage at the low in blue - easy to code and very straight forward. It will give the user an idea of how the volume/commitment bias inside the developing current bar is shaping up.

[Tams]

Great idea UB, I should give it a try.

[sdcindy]

I copied the text into tradestation EL and got an error "Word Not Recognized by Easy Language", and it pointed to this word: text_setattribute

So I guess it needs a little tweaking still by a TS guru.

Thanks,

Cindy

[Tams]

Originally Posted by sdcindy »

I copied the text into tradestation EL and got an error "Word Not Recognized by Easy Language", and it pointed to this word: text_setattribute
So I guess it needs a little tweaking still by a TS guru.
Thanks,
Cindy

You can delete the lines with the keyword text_setattribute.


tradestation has less text manipulation ability than MultiCharts.
The 2 lines of code are to make the text bold and with border.

[Tams]

looks like tradestation cannot do background color either. :-(

Here's an updated generic EasyLanguage version.
It won't look as cool as the MultiCharts version, but at least it shows the numbers.

Please give it a try and see if it works.


.

[sw9]

Tams,

The update above verified ok but no numbers on the chart. Played with the settings and imputs, still nothing. Any ideas?

Thanks, Steve

[Tams]

Originally Posted by sw9 »

Tams,

The update above verified ok but no numbers on the chart. Played with the settings and imputs, still nothing. Any ideas?

Thanks, Steve

what program/version you are using?

what is the chart's resolution?

what is the symbol?

what data provider?