DepthHouse Dual Volume Price Strength Index - VPSI

DepthHouse Dual Volume Price Strength Index, or VPSI for short, is used to compare Bullish and Bearish Strength Indexes to help determine bull & bear dominance and exhaustion.

The Oscillator Displays both a Bullish and Bearish Strength Index.
It does this a via a series of calculations between price and volume.
A crossover of one or the other generally represents bullish or bearish dominance at that moment.
While their vertical placements represents the Bullish or Bearish Exhaustion level.
In this case it is read much like an RSI, levels over 70 generally represent exhaustion and levels under 30 represents the opposite.
Since these bands act very similar to a RSIs, this can be a great tool to spot divergences.

--Settings--
note: This indicator works best on higher time frames. I typically have it set to at least 1 hr.
Weighted vs. Non-Weighted
This changes the base calculations of the bands. the default is Weighted, which compares both Price and Volume. The Non-Weighted option removes price calculations, and makes it entirely volume based. Depending on what I am trading, I will switch between these two.
Length
Alters the band length. Default is 14.
Smoothing
This option smooths the VPSI bands. Especially comes in handy on lower time frames.
I prefer to leave this on with a smoothing between 2 and 3.

Built-in Alerts
I have 2 preset alerts made for this indicator.
"Bull Crossover" which is a crossover of the Bull and Bear bands
"Bear Crossover" which is a crossover of the Bear and Bull bands
Set these up by going over to the alerts tab and hitting the add alert button.
From there select this indicator as the main condition. The drop-down below should then contain these two alert options.

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Versionsinformation:

Added VPSI Divergence Signals
--Background changes colors when Divergence occurs
VPSI Bullish Divergence:

• Sellers Exhausted
  
• Buyers Bottomed
  

VPSI Bearish Divergence:

• Sellers Bottomed
  
• Buyer Exhausted
  

note: in order to make the divergence crossover bars more visible, please go to settings -> styles -> then decrease the transparency of Divergence Signals colors 0 & 2

Exhaustion Bars
Bars will appear below the VWRSI bands when they reach the exhausted territory

Other Changes:

• increased the size of the histogram
  
• adjusted the location at which crossover dots are plotted