OPEN-SOURCE SCRIPT
Buying and Selling Pressure
This indicator estimates and visualizes the buying and selling pressure within each bar by distributing the volume based on where the closing price falls within the bar's range. It calculates cumulative buying and selling volumes over the last 10 bars and plots these values, allowing traders to assess market sentiment and potential shifts in momentum.
This indicator provides valuable insights into market dynamics by estimating buying and selling pressures over a set period. By visualizing these pressures, you can enhance your understanding of market sentiment and improve decision-making processes. It's most effective when used alongside other forms of analysis, such as price action, support and resistance levels, and additional technical indicators.
Note: Always thoroughly test any new indicator or trading strategy before applying it to live trading. Understanding how it behaves under different market conditions ensures it aligns with your trading objectives and risk management practices.
This indicator provides valuable insights into market dynamics by estimating buying and selling pressures over a set period. By visualizing these pressures, you can enhance your understanding of market sentiment and improve decision-making processes. It's most effective when used alongside other forms of analysis, such as price action, support and resistance levels, and additional technical indicators.
Note: Always thoroughly test any new indicator or trading strategy before applying it to live trading. Understanding how it behaves under different market conditions ensures it aligns with your trading objectives and risk management practices.
Skrip open-source
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