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Volume based > UDVolume (Upside/Downside Volume)

Article/Author: Aldo A. Palles for Omega Research Inc., 1997

Download: udvol.ELA

File Includes:

Indicator - UDVolume (Upside/Downside Volume)
Function - UDVolume

Category: Indicator > Volume based

Description:

This indicator is meant to reflect the trends in market preferences based on the volumes of Up trades and Down trades. The blue line is plotted supposing the volume of contracts in both directions to be equal. The red line reflects the real market situation.

Usage:

If the red line is over the blue one this means the number of Buy trades is over the number of Sell trades, so the price will most probably grow.

Note. To use the indicator you will need data containing information on the DnVolume and UpVolume.




Inputs:

N - Number of bars to calculate

EasyLanguage Code:
INPUTS: N(50);


PLOT1(UDVOLUME(N), "UDVOL");
PLOT2(+1,"EQVOL");