Split Volume
The Split Volume indicator displays 'Upwards' and 'Downwards' volume with an additional method for distributing 'split' candle volume.
A 'split' candle is a candle whose direction is...'Split'...since the open and close are equal. (Ex. Doji)
Upwards and Downwards Volume is tracked by comparing the Open and Closes of the Lower Timeframes.
Specifically:
<5m Timeframe: 1 Second LTF
<60m Timeframe: 5 Second LTF
<1D Timeframe: 1 Minute LTF
>1D Timeframe: 60m LTF
We have also included some nice-to-have features
A 'split' candle is a candle whose direction is...'Split'...since the open and close are equal. (Ex. Doji)
Upwards and Downwards Volume is tracked by comparing the Open and Closes of the Lower Timeframes.
- If the Close is Greater-than the Open, we track the Volume as 'Upwards' Volume.
- If the Close is Less-than the Open, we track the Volume as 'Downwards' Volume.
- If the Close and Open are Equal, we assume that the Volume is an even split 50/50, and track it as such.
Specifically:
<5m Timeframe: 1 Second LTF
<60m Timeframe: 5 Second LTF
<1D Timeframe: 1 Minute LTF
>1D Timeframe: 60m LTF
We have also included some nice-to-have features
- 50% Volume Line: This line splits each columns in half, this is used as quick reference to see exactly which side the volume is on.
- High Volume Candle Identification: We are detecting bars with high relative volume and coloring them on the upper chart for use as important zones.
- Status Line Readouts: The Status line for this indicator is formatted for simple reading. It Reads(Left-to-Right):Total Volume, Downwards Volume, 50% Value, Upwards Volume