OPEN-SOURCE SCRIPT
Order Flow Delta Proxy (Tick-Rule)
This indicator approximates buy-side versus sell-side trading pressure, commonly referred to as order flow delta or cumulative volume delta, using a tick-rule method applied to lower-timeframe price data. True bid and ask tick data is not available for most index and cash market symbols on this platform, so this script provides a volume-based directional approximation instead.
How it works:
For each bar on the chart, the script pulls a configurable lower-timeframe series of closes and volumes using request.security_lower_tf(). Each lower-timeframe close is compared to the prior lower-timeframe close: if price ticked up, that portion of volume is classified as buy-side; if price ticked down, it is classified as sell-side; unchanged ticks are split evenly, following standard tick-rule convention. These classified volumes are summed per chart bar to produce a per-bar delta value, plotted as a histogram, alongside a running cumulative delta line. If lower-timeframe data is unavailable, the script falls back to a close-position-within-range volume split as an approximation.
Notes and limitations:
This is a volume-based directional proxy, not real bid or ask order flow data. The currently forming bar's values can update intrabar as new lower-timeframe data arrives, which is expected behavior for any real-time order-flow style tool; once a bar closes, its value is fixed. This script does not generate trade signals and does not guarantee profitability. It is intended as a supplementary analytical tool and should be used alongside sound risk management. Past patterns in delta do not guarantee future price behavior.
How it works:
For each bar on the chart, the script pulls a configurable lower-timeframe series of closes and volumes using request.security_lower_tf(). Each lower-timeframe close is compared to the prior lower-timeframe close: if price ticked up, that portion of volume is classified as buy-side; if price ticked down, it is classified as sell-side; unchanged ticks are split evenly, following standard tick-rule convention. These classified volumes are summed per chart bar to produce a per-bar delta value, plotted as a histogram, alongside a running cumulative delta line. If lower-timeframe data is unavailable, the script falls back to a close-position-within-range volume split as an approximation.
Notes and limitations:
This is a volume-based directional proxy, not real bid or ask order flow data. The currently forming bar's values can update intrabar as new lower-timeframe data arrives, which is expected behavior for any real-time order-flow style tool; once a bar closes, its value is fixed. This script does not generate trade signals and does not guarantee profitability. It is intended as a supplementary analytical tool and should be used alongside sound risk management. Past patterns in delta do not guarantee future price behavior.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.