Calculates the standard Money Flow Index (MFI) oscillator alongside an exponential moving average signal line in a separate pane. The script visually highlights trend conditions through dynamic ribbon filling, optional difference histogram bars, and overbought
Indicator · Pine Script v5 · Own pane
Volume / Abs(Close/Open - 1)
This indicator calculates the ratio of bar volume to the absolute relative price change between the open and close prices.
GitHub stars7on the repository
Pine versionv5runs as is
Lines of code7
Settings0inputs
LicenceMIT
Last update3 years ago10 Jul 2023
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
7 lines of Pine Script v5 from volume-price.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © smrti
//@version=5
indicator("volume/abs(close/open-1)")
plot(math.abs(volume/(close/open-1)), style=plot.style_columns)
Overview
Volume / Abs(Close/Open - 1) plots the resulting values as a histogram column chart in a separate pane to help identify bars where high trading volume occurred alongside relatively small price movement. The script operates entirely on current bar values without requiring any configurable user settings.
- Volume relative to candle body size
- Column style histogram visualization
- Zero-configuration calculation
Details
Published by
JackZhao516 on GitHub
Code credit
smrti, as written in the script's header
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Volume
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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