OPEN-SOURCE SCRIPT
Efficiency Weighted OrderFlow [AlgoAlpha]

Introducing the Efficiency Weighted Orderflow Indicator by AlgoAlpha! ๐โจ
Elevate your trading game with our cutting-edge Efficiency Weighted Orderflow Indicator, designed to provide clear insights into market trends and potential reversals. This tool is perfect for traders seeking to understand the underlying market dynamics through efficiency-weighted volume calculations.
๐ Key Features ๐
๐ Quick Guide to Using the Efficiency Weighted Orderflow Indicator
๐ Add the Indicator: Search for "Efficiency Weighted Orderflow [AlgoAlpha]" in TradingView's Indicators & Strategies. Customize settings like smoothing and order flow period to fit your trading style.

๐ Market Analysis: Watch for trend reversal alerts to capture trading opportunities by studying the behaviour of the indicator.

๐ Alerts: Enable notifications for significant order flow changes to stay updated on market trends.

๐ How It Works
The Efficiency Weighted Orderflow Indicator starts by calculating the efficiency of price movements using the absolute difference between the close and open prices, divided by volume. The order flow is then computed by summing these efficiency-weighted volumes over a specified period, with an option to apply Hull Moving Average (HMA) smoothing for enhanced signal stability. To ensure robust comparison, the order flow is normalized using standard deviation. The indicator plots these values as columns, with distinct colors representing bullish and bearish trends. Customizable parameters for period length and smoothing allow traders to tailor the indicator to their strategies. Additionally, visual cues and alert conditions for trend reversals and significant order flow changes keep traders informed and ready to act. This indicator improves on the Orderflow aspect of our Standardized Orderflow indicator. The Efficiency Weighted Orderflow is less susceptible to noise and is also quicker at detecting trend changes.
Elevate your trading game with our cutting-edge Efficiency Weighted Orderflow Indicator, designed to provide clear insights into market trends and potential reversals. This tool is perfect for traders seeking to understand the underlying market dynamics through efficiency-weighted volume calculations.
๐ Key Features ๐
- โจSmooth OrderFlow Calculation: Option to smooth order flow data for more consistent signals.
- ๐งCustomizable Parameters: Adjust the Order Flow Period and HMA Smoothing Length to fit your trading strategy.
- ๐Visual Clarity: Easily distinguish between bullish and bearish trends with customizable colors.
- ๐Standard Deviation Normalization: Keeps order flow values normalized for better comparison across different market conditions.
- ๐Trend Reversal Alerts: Stay ahead with built-in alert conditions for significant order flow changes.
๐ Quick Guide to Using the Efficiency Weighted Orderflow Indicator
๐ Add the Indicator: Search for "Efficiency Weighted Orderflow [AlgoAlpha]" in TradingView's Indicators & Strategies. Customize settings like smoothing and order flow period to fit your trading style.
๐ Market Analysis: Watch for trend reversal alerts to capture trading opportunities by studying the behaviour of the indicator.
๐ Alerts: Enable notifications for significant order flow changes to stay updated on market trends.
๐ How It Works
The Efficiency Weighted Orderflow Indicator starts by calculating the efficiency of price movements using the absolute difference between the close and open prices, divided by volume. The order flow is then computed by summing these efficiency-weighted volumes over a specified period, with an option to apply Hull Moving Average (HMA) smoothing for enhanced signal stability. To ensure robust comparison, the order flow is normalized using standard deviation. The indicator plots these values as columns, with distinct colors representing bullish and bearish trends. Customizable parameters for period length and smoothing allow traders to tailor the indicator to their strategies. Additionally, visual cues and alert conditions for trend reversals and significant order flow changes keep traders informed and ready to act. This indicator improves on the Orderflow aspect of our Standardized Orderflow indicator. The Efficiency Weighted Orderflow is less susceptible to noise and is also quicker at detecting trend changes.
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menjadikannya sumber terbuka, sehingga para trader dapat meninjau dan memverifikasi fungsinya. Hormat untuk penulisnya! Meskipun anda dapat menggunakannya secara gratis, ingatlah bahwa penerbitan ulang kode tersebut tunduk pada Tata Tertib kami.
๐จGet premium: algoalpha.io
๐Get FREE signals: discord.gg/algoalpha
โDo you have feedback or indicator ideas? Join our server to tell us about it!
๐Get FREE signals: discord.gg/algoalpha
โDo you have feedback or indicator ideas? Join our server to tell us about it!
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menjadikannya sumber terbuka, sehingga para trader dapat meninjau dan memverifikasi fungsinya. Hormat untuk penulisnya! Meskipun anda dapat menggunakannya secara gratis, ingatlah bahwa penerbitan ulang kode tersebut tunduk pada Tata Tertib kami.
๐จGet premium: algoalpha.io
๐Get FREE signals: discord.gg/algoalpha
โDo you have feedback or indicator ideas? Join our server to tell us about it!
๐Get FREE signals: discord.gg/algoalpha
โDo you have feedback or indicator ideas? Join our server to tell us about it!
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.