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Volume RSI

This is a script about the RSI for the Volume Trend, with this indicator we can help us to watch the force of a volume trend (not price). Some times this can help us to clarify the change of the direction.

This is a continuation of the:

ideas, comments and suggestions (or corrections).They are always welcome
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
//@version=2
study("Volume RSI", shorttitle="VRSI")
//Volume RSI
//Analisis de resistencia relativa para la tendencia del Volumen
// devicemxl --> TradingView Site
/// INPUTS
sh = input(14, title="RSi",minval=1)
lo = input(28, title="Signal",minval=1)
smo = input(1, title="Smooth",minval=1)
/// Values

volumex=volume//*(close>close[1] ? 1 : -1)
V_OPEN  = V_CLOSE[1]
V_CLOSE = close*volumex
V_HIGH  = max(max(high*volumex,V_CLOSE),V_OPEN)
V_LOW   = min(min(low*volumex,V_OPEN),V_CLOSE)
V_HL2   = ( V_HIGH + V_LOW ) / 2

RS1=rsi(V_CLOSE,sh)
RS2=wma(RS1,smo)
RS3=sma(RS2,lo)
//
plot(RS2,color = #FA8072, linewidth=2)
plot(RS3,color = blue)
//
hline(50, title="Axis", color=gray, linestyle=dashed,linewidth=2)
sc=hline(60, title="Climax", color=silver, linestyle=dotted)
ei=hline(70, title="", color=silver, linestyle=solid)
sv=hline(40, title="Exaust", color=silver, linestyle=dotted)
pp=hline(30, title="", color=silver, linestyle=solid)
fill(ei,pp, color=silver)
fill(sc,sv, color=gray)

Kommentarer

Is there somewhere that people explain the indicator and say "the trigger is when XXXX" or more explanation. I'm interested but cant tell much. I'm a novice trader obviously
+1 Svara
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