Buy-Sell Volume Bar Gauge [By MUQWISHI]

▋ INTRODUCTION :
The Buy-Sell Volume Bar Gauge is developed to provide traders with a detailed analysis of volume in bars using a low timeframe, such as a 1-second interval, to measure the dominance of buy and sell for each bar. By highlighting the balance between buying and selling activities, the Buy-Sell Volume Bar Gauge helps traders identify potential volume momentum of a bar; aimed at being a useful tool for day traders and scalpers.

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▋ OVERVIEW:

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▋ METHODOLOGY:
The concept is based on bars from a lower timeframe within the current chart timeframe bar, where volume is categorized into Up, Down, and Neutral Volume, with each one displayed as a portion of a column plot. Up Volume is recorded when the price experiences a positive change, Down Volume occurs when the price experiences a negative change, and Neutral Volume is observed when the price shows no significant change.

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▋ INDICATOR SETTINGS:

(1) Fetch data from the selected lower timeframe. Note: If the selected timeframe is invalid (higher than chart), the indicator will automatically switch to 1 second.
(2) Price Source.
(3) Treating Neutral Data (Price Source) as

• Neutral: In a lower timeframe, when the bar has no change in its price, the volume is counted as Neutral Volume.
  
• Previous Move: In a lower timeframe, when the bar has no change in its price, the volume is counted as the previous change; “Up Volume” if the previous change was positive, and “Down Volume” if the previous change was negative.
  
• Opposite Previous Move: In a lower timeframe, when the bar has no change in its price, the volume is counted as the opposite previous change; “Up Volume” if the previous change was negative, and “Down Volume” if the previous change was positive.
  

(4) Average Volume Length, it's used for lighting/darkening columns in a plot.
(5) Enable Alert.
(7) Total bought (%) Level.
(8) Total Sold (%) Level.

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▋ COMMENT:
The Buy-Sell Volume Bar Gauge can be taken as confirmation for predicting the next move, but it should not be considered a major factor in making a trading decision.

Versionshinweise:

- Added an option to color the bars.