Elledge Volume Balance Estimate

9 thg 12, 2020

This indicator estimates how much of the volume are buyers vs sellers by looking at the upper candle wick size, the lower candle wick size, and the candle body size to determine a total distance that the price has moved during the given candle. It then assigns a percentage to buyers vs sellers based on the candle being red or green and the size of the wicks. This script currently estimates the buyers vs. sellers at a 1 to 1 ratio. In real life, price typically moves more one selling than it does on buying...but the script can give you an idea of the volume balance between buyers and sellers.

9 thg 12, 2020

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* Updated associated chart image to comply with community guidelines.