OPEN-SOURCE SCRIPT
Volume Ignition Oscillator
What it does
This oscillator flags volume surges that occur after a sharp price thrust, while price is still sitting near a local high
or low. It combines three conditions: (1) a significant recent price move measured against ATR, (2) price currently
sitting in the top or bottom zone of its recent range, and (3) current volume running above its moving average. Red
columns above zero suggest distribution/exhaustion at a top (potential short); green columns below zero suggest
capitulation/absorption at a bottom (potential long).
This oscillator flags volume surges that occur after a sharp price thrust, while price is still sitting near a local high
or low. It combines three conditions: (1) a significant recent price move measured against ATR, (2) price currently
sitting in the top or bottom zone of its recent range, and (3) current volume running above its moving average. Red
columns above zero suggest distribution/exhaustion at a top (potential short); green columns below zero suggest
capitulation/absorption at a bottom (potential long).
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.