Price and Volume Divergence Analyzer

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How to Use the Indicator

Main Purpose:
Identify divergences between price movement, the volume line, and the weighted volume line to predict potential reversals.

Volume Line Explanation:

At zero: Equal buying and selling volume.
At 1: Double the buying volume vs. selling.
At -1: Double the selling volume vs. buying.
Divergence:
Price rising, volume line falling: Sellers offloading to buyers—likely reversal downward.
Price falling, volume line rising: Buyers stepping in—likely reversal upward.
Higher/Lower Volume Movement Line:

At zero: Equal volume required for price movement.
At 1: High efficiency—half the volume needed to move price.
At -1: Low efficiency—double the volume needed to move price.
Above volume line: Movement aligns with efficient volume.
Below volume line: Inefficient price movement.
Candle Fill Colors:

Shaded based on whether the current close is higher or lower than the previous close.
Settings Overview

EMA Settings:

Timeframe Selection:
Use a lower timeframe than your chart for accuracy. Avoid selecting a timeframe higher than your chart.
EMA Length Option:
Default: Sets lengths automatically (EMA = 14, EMA of EMA = 3).
User Input: Allows custom EMA length.
Calculation Type:
EMA: Standard exponential moving average.
EMA of EMA: Applies EMA three times for smoother values.
Volume Line Settings:

Line Width: Adjust thickness.
Colors:
More Buying: Green (default).
More Selling: Red (default).
Higher/Lower Volume Movement Line:

Line Width: Adjust thickness.
Colors:
Higher Volume Movement: Indicates higher volume required.
Lower Volume Movement: Indicates lower volume required.
Up/Down Candle Fill:

Colors:
Up Candle: Green (default).
Down Candle: Red (default).
Transparency: Adjust percentage for visibility.
Balance Line Settings:

Line Width and Color: Equilibrium line showing equal buying/selling volume at zero.

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Added Features:

• Percent Rank Volume squares at the top.
• RSI squares at the bottom.
• Legend with values and colors corresponding to RSI and Percent Rank levels (0 to 100).
• On/Off display buttons for portions of the indicator.
• Balance line style option.

RSI Levels:
Oversold: Dark purple, pink, red, orange.
Midpoint: Yellow.
Overbought: Green, cyan, blue, dark blue.

Volume Percent Rank:
Low Volume: Dark purple, pink, red, orange.
Midpoint (Average Volume): Yellow.
High Volume: Green, cyan, blue, dark blue.