Builds an oscillator from the difference between short and long averages of Price Volume Trend, plotted in a separate pane with colour changes above and below zero.
1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
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
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Volume Price Trend with Divergence and Pivot Points also finds pivots in the oscillator and marks bullish and bearish divergences against price within a configurable lookback range. Settings include source, short and long periods, pivot lookback left and right, and which divergences to plot. Divergences appear only after pivot confirmation, so they are delayed.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Source
source
close
src
Short VPT period
int
3
shortLength
Long VPT period
int
20
longLength
VPT Wave Pivot Lookback Right
int
1
pivR
VPT Wave Pivot Lookback Left
int
20
pivL
Divergence Pivot Lookback Right
int
1
lbR
Divergence Pivot Lookback Left
int
5
lbL
Max of Lookback Range
int
100
rangeUpper
Min of Lookback Range
int
2
rangeLower
Plot Bullish
bool
true
plotBull
Plot Hidden Bullish
bool
true
plotHiddenBull
Plot Bearish
bool
true
plotBear
Show all 13 settings
Setting
Type
Default
Variable
Plot Hidden Bearish
bool
true
plotHiddenBear
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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