EXPERIMENTAL: method to read volume rate of power from extrapolated volume from moving price.
study(title="[RS]Temporal Extrapolated Volume Rate Of Power V0", shorttitle="[RS]TEV.ROP.V0", overlay=false) tf = input("1") tf_period = input(60) use_ha = input(false) normalize_volume = input(false) tv = sum(high-low, tf_period) nv = sum(close < open ? open-close : 0, tf_period) pv = sum(close > open ? close-open : 0, tf_period) tv_s = use_ha ? security(heikenashi(tickerid), tf, tv) : security(tickerid, tf, tv) nv_s = use_ha ? security(heikenashi(tickerid), tf, nv) : security(tickerid, tf, nv) pv_s = use_ha ? security(heikenashi(tickerid), tf, pv) : security(tickerid, tf, pv) normalized_volume = normalize_volume ? sum(tv_s, 100)/100 : tv_s bull_power = pv_s > nv_s ? (pv_s/normalized_volume)*100 : 0 bear_power = pv_s < nv_s ? (nv_s/normalized_volume)*100 : 0 reversal_alert = pv_s > nv_s ? (nv_s/normalized_volume)*100 : nv_s > pv_s ? (pv_s/normalized_volume)*100 : 0 //reversal_alert = pv_s > nv_s ? (nv_s/(tv_s-pv_s))*100 : nv_s > pv_s ? (pv_s/(tv_s-nv_s))*100 : 0 plot(reversal_alert, style=line, color=black, linewidth=2) plot(bear_power, style=columns, color=maroon) plot(bull_power, style=columns, color=green) hline(0) hline(50) hline(100) isBull()=>bull_power > reversal_alert isBear()=>bear_power > reversal_alert noResistance()=>reversal_alert <= 5 isResistanceRising()=>rising(reversal_alert, 2) and reversal_alert > 5 isResistancefalling()=>falling(reversal_alert, 2) barColorCondition = isBull() and noResistance() ? green : isBull() and isResistanceRising() ? olive : isBear() and noResistance() ? maroon : isBear() and isResistanceRising() ? orange : bull_power > reversal_alert ? lime : bear_power > reversal_alert ? red : yellow showBarColor = input(true) barcolor(not showBarColor ? na : barColorCondition)