The time period is specified as weeks/days/hours/minutes, not as bars.
Set the period to non-zero if you want to use a generalized instead of plain.
The "ratio" option will show the size of the current compared to the average as computed for the specified time period; say hello to fat tails and goodby to "standard" and "normal" and "average". With the "together" option, it compares the current to the both sides together (buy+sell), otherwise it compares it to just its respective side.
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.
//@version=2 // A simple yet configurable indicator that shows recent traffic volumes. // // The time period is specified as weeks/days/hours/minutes, not as bars. // // Set the volume period to non-zero if you want to use a generalized double EMA instead of plain. // // The ratio option will show the size of the current volume compared to the volume in the specified time period (expect to see something VERY non-Gaussian!) // With "together" it compares it to the full volume, otherwise it compares it to just its own (buy or sell) side. study("Volume (D)EMA") pw = input(0.0,"Weeks") pd = input(0.0,"Days") ph = input(8.0,"Hours") pm = input(0,"Minutes", minval=5, step=5) iv = period == 'M' ? 30*24*60 : period == 'W' ? 7*24*60 : period == 'D' ? 24*60 : interval // current interval in minutes p = max(1,round(7*24*60*pw + 24*60*pd + 60*ph +pm) / iv) v = input(0.0, "DEMA Velocity", step=0.1) gdema(x, p, v) => e = ema(x, p) (1+v) * e - v * ema(e, p) dema(x, p) => gdema(x, p, v) bs0 = input(false, "Together") neg = input(false, "Difference") ? -1 : 1 buy_ = dema(close > open ? volume*open : 0, p) sell_ = dema(close < open ? volume*open : 0, p) ra = input(false, "Ratio") bs = bs0 or not ra and neg == -1 buy = ra ? (close > open ? volume / ( buy_ + (bs ? sell_ : 0)) : 0) : buy_ sell = ra ? (close < open ? volume / (sell_ + (bs ? buy_ : 0)) : 0) : sell_ bsv = bs ? nz(buy) + (ra ? 1 : neg) * nz(sell) : buy plot(bs ? bsv : buy, style=columns, color = bsv < 0 or ra and close < open ? red : navy) plot(bs ? na : -sell, style=columns, color = red)