This is Cumulative Delta Volume script. Delta refers to the difference between buying and selling volume at each price level. Cumulative Delta builds upon this concept by recording a cumulative tally of these differences in buying vs selling volume. The Cumulative Delta indicator plots as candlesticks or line. One of the main uses of Cumulative Delta is to confirm or deny market trends. you may need to search it for yourself ;)
You have option to see it as Candles or a Line. also there are options to show 2 SMAs and 2 EMAs with different Lengths, you can set the lengths as you wish.
By default it shows CDV as Heikin Ashi Candles, it can also show it as normal candles:
It can show CDV as a line:
Also you may need to check divergence:
Enjoy!
Notes de version
⋅
options organized color options added to candle body, border and wicks color options added for moving averages
This is NOT cumulative delta volume that you get, for instance, with Exocharts. This one is just OBV. Appreciate the work put in, but the title is misleading.
sunk_manitu
⋅
@musialtrading, I was thinking the same reading the code. It's just a classic OBV, without distinction of volume from buyers and sellers. It just uses the color of the candle to add or substract the volume
DigiMill
⋅
@musialtrading, does tradingview have access to the data that would make it possible for its charts to have real cumulative delta?
sunk_manitu
⋅
@DigiMill, when I look to pinescript reference guide, I only see traditionnal "volume", we need the distinction between "buy volume" and "sell volume" to build CVD, I would love tradingview adding this...
UnknownUnicorn32100489
⋅
@sunk_manitu, If I'm understanding this correctly, would this lack of buy/sell volume information cause some of the candles in this indicator to be coloured differently from the volume indicator?
brennandug
⋅
@gregwill21, hell yes. check out some vids on order flow/cluster chart with delta- cumulative delta in that context interprets the "urgency" of buy vs sell volume, in other words it tells you how much of the volume was from people buying at the bid/ask as opposed to placing limit orders and waiting for price to come to them. There are never "more/less buyers than sellers", it's passive vs active buying/selling that moves price, and it's important to see that info.
UnknownUnicorn32100489
⋅
@brennandug, thanks! I fortunately realized what was going on not too long after haha but I greatly appreciate the response!