OPEN-SOURCE SCRIPT
Move Strength Index
Overview
An accurate relative-volume indicator with a genuinely clear signal:
column height shows the relative-volume multiple, color intensity
separately highlights which of those bars are actually unusual for that
specific symbol, and a distinct compression color flags the specific
case where heavy volume produces almost no range — a classic
effort-without-result signature that often precedes a sharp move.
How it's calculated
Relative volume is current volume divided by a smoothed (RMA) average of
the *prior* bars — the still-forming bar is excluded from its own
baseline (a common flaw in naive relative-volume scripts, which quietly
dampens real spikes), and the smoothed baseline decays gradually rather
than using a fixed rolling window, avoiding the "step" artifact that
occurs when an old outlier bar abruptly exits a fixed-length SMA window.
Color intensity is driven by the bar's percentile rank against its own
trailing history (default 100 bars), not a fixed multiple — a fixed
brightness cutoff only produces contrast if the symbol regularly reaches
that multiple, whereas percentile rank self-calibrates so the loudest
days for any given symbol are always vivid and quiet days are always
dim.
Direction is close vs. open — the same test used to color the candles on
the price chart itself, so MSI's green/red always agrees with what the
candle next to it shows.
A bar is recolored yellow (compression) when its volume ranks high
(top percentile, same threshold used for alerts) but its high-low range
is unusually narrow relative to ATR — heavy participation that isn't
moving price, which typically means one side is being absorbed at that
level. The live, still-forming bar is dimmed by default, since its
partial volume will always understate true relative volume until the
bar closes.
How to use it
Column height is the relative-volume multiple directly — a bar at 2.0
traded at twice its recent baseline volume. Brightness tells you whether
that reading is actually unusual for this symbol; a tall but dull column
means the symbol just runs volatile volume normally, while a vivid
column is a genuine standout. Green/red tells you which side controlled
the bar. A yellow bar is the one to watch closely — high volume with
nothing to show for it in price, often the setup before a breakout or
breakdown. Alerts fire separately for strong buying, strong selling, and
compression. On a symbol with no real volume data, the script raises a
clear error instead of rendering a blank pane.
An accurate relative-volume indicator with a genuinely clear signal:
column height shows the relative-volume multiple, color intensity
separately highlights which of those bars are actually unusual for that
specific symbol, and a distinct compression color flags the specific
case where heavy volume produces almost no range — a classic
effort-without-result signature that often precedes a sharp move.
How it's calculated
Relative volume is current volume divided by a smoothed (RMA) average of
the *prior* bars — the still-forming bar is excluded from its own
baseline (a common flaw in naive relative-volume scripts, which quietly
dampens real spikes), and the smoothed baseline decays gradually rather
than using a fixed rolling window, avoiding the "step" artifact that
occurs when an old outlier bar abruptly exits a fixed-length SMA window.
Color intensity is driven by the bar's percentile rank against its own
trailing history (default 100 bars), not a fixed multiple — a fixed
brightness cutoff only produces contrast if the symbol regularly reaches
that multiple, whereas percentile rank self-calibrates so the loudest
days for any given symbol are always vivid and quiet days are always
dim.
Direction is close vs. open — the same test used to color the candles on
the price chart itself, so MSI's green/red always agrees with what the
candle next to it shows.
A bar is recolored yellow (compression) when its volume ranks high
(top percentile, same threshold used for alerts) but its high-low range
is unusually narrow relative to ATR — heavy participation that isn't
moving price, which typically means one side is being absorbed at that
level. The live, still-forming bar is dimmed by default, since its
partial volume will always understate true relative volume until the
bar closes.
How to use it
Column height is the relative-volume multiple directly — a bar at 2.0
traded at twice its recent baseline volume. Brightness tells you whether
that reading is actually unusual for this symbol; a tall but dull column
means the symbol just runs volatile volume normally, while a vivid
column is a genuine standout. Green/red tells you which side controlled
the bar. A yellow bar is the one to watch closely — high volume with
nothing to show for it in price, often the setup before a breakout or
breakdown. Alerts fire separately for strong buying, strong selling, and
compression. On a symbol with no real volume data, the script raises a
clear error instead of rendering a blank pane.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.