This is a Time Segmented Volume (TSV) indicator with added divergence hunter, crossing signals, Kumo cloud background and alert functions
Please keep in mind that this indicator is a tool and not a strategy, do not blindly trade signals, do your own research first!
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Added more Signals
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You can now select your favorite Moving Average method. Also changed some settings for better and more reliable divergence detection. If you feel that the divergence hunter is repainting or lagging too much, try to reduce the Pivot Lookback to Left and Right.
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Cosmetic changes, you can now pick the color of the oscillator when its above or under the 0-line
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update to pinescript 5 and minor bugfixes along the way
You are obviously a good person, giving these to people for free... asking for nothing in return. Thank you.
gfvix21
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Amazing! Thank you for sharing
PineapplePianoHead
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Hi Adonis, hope you're okay.
thanks for your input.
Is there a way of finding out exactly how this works?
I have an idea, but I don't want to interpret it, but rather to read or watch something that will explain what everything means.
thank you
AdonisWerther
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@PineapplePianoHead, TSV is considered a "leading indicator" - in contrast to a "lagging indicator" just as Moving Averages it does not show a confirmation what already happened, but it shows what can happen in the future. For example: The chart is climbing while the TSV oscillator is slowly declining, gets weaker and weaker, maybe even prints bearish divergences? That means that a reversal might be occurring soon. Leading indicators are best paired with Stop and Resistance Lines, general Trendlines, Fib Retracements etc...Your chart is approaching a very important Resistance Trendline but the TSV shows a very positive signal? That means there is a high probability that the Resistance is going to be pushed though and becomes Support in the future.
MartinWeb
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@AdonisWerther, thank you for the explanation - nice indicator!
polanskiman
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Hi Adonis.
I have been looking at several TSV indicators and yours caught my attention. This said I have one question. I noticed a slight difference on how the core TSV is calculated compared to others. In yours you have this:
This provides slightly different results. Would you care to explain the difference and what is the purpose of -1 in your formula?
Thank you.
andromedarocket
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@polanskiman, Have you managed to figure out what your issue was about? I've been trying different TSVs but I'm not really sure which one is coded correctly.
@jbpetti7, in case you don't know: B is for normal divergence and H is for hidden divergence. Green is for bullish and red is obviously bearish. Divergence means the price is doing one thing but the technical indicator values reflect another. For example: when price is trending up but the indicator isn't: that's a bearish divergence because the indicator is signalling that the price movement is losing strength/momentum/etc.
freelight
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Hi Adonis,
What does the green/red squares + diamonds represent at the bottom?
And when the area is highlighted in red/green - How do we intepret it?
is that representing when price is in ichimoku cloud or above/below etc?