lucidreamer15

VWMACDV2 w/Intraday Intensity Index Histogram & VBCB

Hello traders! In this script i tried to combine Kıvanç Özbilgiç's Volume Based Coloured Bars, Volume Weighted Macd V2 and Intraday Intensity Index developed by Dave Bostian and added to Tradingview by Kıvanç Özbilgiç. Let's see what we got here;

VBCB, Paints candlestick bars according to the volume of that bar. Period is 30 by default. If you're trading stocks, 21 should be better.

Volume Weighted Macd V2, "Here in this version; Exponential Moving Averages used and Weighted by Volume instead of using only vwma ( Volume Weighted Moving Averages)." Says, Kıvanç Özbilgiç.

III, "A technical indicator that approximates the volume of trading for a specified security in a given day. It is designed to help track the activity of institutional block traders and is calculated by subtracting the day's high and low from double the closing price, divided by the volume and multiplied by the difference between the high and the low."

*Histogram of vwmacd changes color according to the value of III. (Green if positive, yellow if negative value)*

VWMACD also comes with the values of 21,13,3... Which are fibonacci numbers and that's how i use it. You can always go back to the good old 26,12,9.
Other options according to the fibonacci numbers might be= 21,13,5-13,8,3-13,8,5... (For shorter terms of trading)

Trading combined with the bollinger bands is strongly advised for both VWMACD and III. VBCB is just the candy on top :)

Enjoy!
Open-source Skript

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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