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[blackcat] L1 volume Oscillator Indicator

Level: 1

Background

Omega Research proposed volume oscillator indicator in June 2000.

Function

This is actually a volume-price indicator. With columns greater than zero line, which indicates a up trend. Otherwise, it is a down trend. Green columns indicate up trend pump; yellow columns indicate up trend retracements; red columns indicate down trend dump; blue columns indicate down trend re-bounce.

Key Signal

VolOsc --> volume osillator indicator.

Remarks

This is a Level 1 free and open source indicator.

Feedbacks are appreciated.

Информация о релизе

OVERVIEW

The L1 Volume Oscillator Indicator by blackcat1402 is designed to help traders identify potential buy or sell opportunities based on volume divergences in the market. This script calculates a volume oscillator using customizable average lengths and detects various types of divergences (regular and hidden). It plots these divergences directly on the chart with clear labels and colors, making it easier for users to spot trends and make informed trading decisions.

This indicator supports four main types of divergences:

Regular Bullish Divergences 📈💚
Hidden Bullish Divergences 📉💛
Regular Bearish Divergences 📉❤️‍🔥
Hidden Bearish Divergences 📈🧡
It also provides alert conditions that can be used to notify you when specific divergence patterns are detected.

FEATURES

Customizable average length for calculating the volume oscillator.
Detection of both regular and hidden bullish/bearish divergences.
Clear plotting of divergences with distinct colors and labels.
Alerts for different types of divergences.
Adjustable lookback ranges for detecting pivots.
HOW TO USE

Add the L1 Volume Oscillator indicator to your TradingView chart.
Configure the input parameters according to your preferences:
Average Length: The period over which the volume oscillator is calculated.
Pivot Lookback Right/Lef: The number of bars to consider for identifying pivots.
Max/MIn of Lookback Range: Define the range within which to detect divergences.
Enable/disable the plotting of each type of divergence as needed.
Set up alerts if desired to receive notifications when specific divergence patterns occur.
INPUT PARAMETERS

Average Length: Defines the period for calculating the volume oscillator.
Pivot Lookback Left/Right: Specifies the number of bars to analyze for detecting pivots.
Max/Min of Lookback Range: Sets the upper and lower bounds for detecting divergences.
Plot Options:
Plot Bullish: Toggle to show/hide regular bullish divergences.
Plot Hidden Bullish: Toggle to show/hide hidden bullish divergences.
Plot Bearish: Toggle to show/hide regular bearish divergences.
Plot Hidden Bearish: Toggle to show/hide hidden bearish divergences.
NOTES

Ensure that the maximum bars back setting is sufficient to capture all necessary data points.
Experiment with different parameter values to optimize performance for your specific trading strategy.
Use this indicator alongside other technical analysis tools for more robust decision-making.

Информация о релизе

█ OVERVIEW

A volume-flow oscillator that separates buying pressure from selling pressure, then turns regular and hidden divergences into a complete long and short trading loop with exits, ATR risk levels and alerts. It runs in its own pane on any symbol and timeframe, and every extra filter can be switched off to return to the classic divergence view.

█ CONCEPTS

• Volume pressure: each bar's volume is signed by the direction of that bar and averaged, so the oscillator climbs when volume concentrates in up bars and falls when sellers dominate.
• Divergence engine: pivot lows and pivot highs of the oscillator are matched against price pivots to detect regular and hidden divergences in both directions.
• Trade loop: divergences become entries; exits come from opposite divergences, zero crosses or oscillator extreme breaks, all arbitrated by one position state machine.
• Risk overlay: ATR multiples turn each entry into stop and target references, in price terms and on the oscillator scale.

█ HOW TO USE

1 — Add the indicator to any chart; the pane shows oscillator columns, a zero line and a dashboard.
2 — Read the columns: lime and red mean momentum expanding with the prevailing direction, yellow and blue mean momentum fading, gray means neutral.
3 — Read the labels: "Bull Div" and "Bear Div" are regular divergences, "Hidden Bull" and "Hidden Bear" are hidden ones, "E" and "S" are accepted entries, "XL" and "XS" are exits, "RL" and "RS" are re-entries.
4 — Read the dashboard: position state, oscillator value, ATR, stop, target, HTF gate and remaining cooldown.
5 — Create alerts from the ten condition channels, or use the dynamic messages that carry price, oscillator value, stop and target.

Input Groups
• Volume Oscillator: window length of signed volume.
• Divergence Detection: pivot sensitivity, lookback distance window, four class toggles, label style switch.
• Signal Governance: state machine, same-bar exclusivity, cooldown spacing, three exit mechanisms.
• HTF Direction Gate: optional higher timeframe filter with its timeframe and average length.
• Re-entry: optional anchor-based re-arming after an exit.
• Risk Management: ATR length, stop and target multiples, optional trailing stop.
• Visual: entry/exit labels, position background, dashboard.
Every input is explained line by line in the pinned comment and in the instructions file.

█ FEATURES

• Bidirectional divergence detection with four independently switchable classes.
• Governed signals: one direction at a time, exit priority on the same bar, cooldown spacing.
• Volatility-adaptive risk references that stay comparable across symbols.
• Optional trend filter and optional re-entry, both off by default.

█ SIGNALS

• Green and teal labels below the pane with a connecting segment: bullish regular and hidden divergences.
• Red and maroon labels above the pane: bearish regular and hidden divergences.
• "E" and "S" entries plus a background tint matching the active position side.
• Orange "XL" and "XS" exits; dashed red and green lines show stop and target on the oscillator scale.

█ IMPLEMENTATION NOTES

Pine Script v6. Pivots are confirmed before they are used, previous pivot comparisons are na-guarded, and the higher timeframe gate reads only closed higher timeframe bars, so signals do not repaint. Everything is evaluated on bar close, which keeps visuals and alerts consistent.

█ LIMITATIONS

• Divergence marks appear a few bars after the actual pivot — the confirmation cost of non-repainting pivots.
• Unreliable or missing volume data weakens the oscillator on some symbols.
• Hidden divergences are continuation tools and degrade in ranges; they are off by default.
• Stop and target lines sit on the oscillator scale for readability; price values are in the dashboard and data window.

█ NOTES

• Version 2 adds the exit loop, risk block, signal governance, dashboard and expanded alerts over the original divergence-only release.
• Mozilla Public License 2.0; attribution appreciated.

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For questions or feedback, use the comments section below.

blackcat1402

Don't miss out! The first and most important thing to do is to join my Discord chat now! Click here to start your adventure: discord.com/invite/ZTGpQJq My new github for more pine development soon: github.com/wxt-coder

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blackcat1402

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