Description:
This
is the intraday version of the Daily
Volume Strength function, described
here:
Daily VS or Volume Strength -
Indicator DvsD in the Daily Timeframe
Daily
Volume Strength(VS) is an
indicator that relates the volume
activity of a symbol to it's Daily
Average Volume A VS
of 1.0 indicates that if the current
rate of trading activity continues for
the rest of the trading day, the
symbol will end at it's average daily
volume. The VS term is DVsD, referring
to the Daily VS.
Intraday
Volume Strength is a study that allows
you to calculate VS on intraday
timeframes. It calculates the VS
over the number of bars specified in
the BarsBack Parameter. You can
use the RateofChange study on the
intraday VS to detect Volume Surges
Formula:
Daily Volume Strength is
calculated by dividing the symbol's
current total volume for the day by the
average daily volume of the symbol. This
value then divided by the the fraction
of the trading day elapsed.
Intraday
Volume Strength is
calculated by dividing the symbol's
current total volume for the period
specified by the BarsBack Parameter
(relative to the Timeframe) by the
average daily volume of the symbol. This
value then divided by the the fraction
of the trading day consumed by the
period relative to the entire trading
day length.
Parameters:
BarsBack Bars Back to
calculate the intraday VS on the
selected TimeFrame
Arguments:
None
Output Indicators:
VS
Example:
Study Name Expanded on a
Intraday Timeframe
I5_VS(10)_I5
This study
calculates the intraday
VS on the Intraday 5
minute timeframe over the last 10 bars
The output indicators names are appended to the studyname,
that is if the studyname is sn1 then
the outputindicator is
sn1::VS
