Hancock - PVO Plus — Indicator by ahancock

Estimates the buy and sell volume of each candle by using a configurable lower time-frame and creates a momentum oscillator for buy and sell volume, PVO.

This indicator shows higher than normal volume when the silver line cross above 0 and lower than normal when below. The green and red oscillators give an indication of trend direction where the wider they are the stronger the trend.

Happy trading
Hancock

Release Notes:

Added an option to calculate buy and sell volume weighted by wicks. This assumes the most obvious formation of the wicked candle and is turned on by default.

Release Notes:

Fixed issue preventing chart from plotting with higher time-frames using 15m resolution.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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