OPEN-SOURCE SCRIPT
Opposite Side Liquidity Dominance NJR
Opposite Side Liquidity Dominance Indicator Explanation :
Imagine you're trading in the financial markets, and you want to understand who's in control - the buyers or the sellers. The "Opposite Side Liquidity Dominance" indicator is here to help you do just that in a simple and visual way.
1. **Lookback Period**: This indicator looks at historical data to make its assessments. You can choose how far back it should look by adjusting the "lookback period." For example, setting it to 50 means it'll consider the last 50 days.
2. **Opposite Side Volume**: It calculates the total trading volume on the side opposite to the current market price. This helps us understand how strong the trading activity is from traders who have a different view than the current market price.
3. **Dominance Calculation**: We determine the "Opposite Side Liquidity Dominance" by comparing the current trading volume to the historical average. If the current volume is larger than what's typical, it suggests dominance, and we color the background of the chart green. If it's smaller, we color it red to indicate a lack of dominance.
4. **Visual Representation**: In addition to the background color, we also provide a line on the chart. This line shows the Opposite Side Liquidity Dominance over time. When it goes up, it means that traders who disagree with the market are in control; when it goes down, it means the market price is dominating.
So, in a nutshell, this indicator helps you see at a glance whether the buyers or sellers who disagree with the current market price are taking control. When the background is green, it suggests they are, and when it's red, it suggests the market price is holding sway. The line on the chart provides a more detailed view of how this dominance changes over time.
You can easily customize this indicator to fit your specific trading needs by adjusting the lookback period and colors to match your preferences.
For better trading compare 30 minutes time frame in forex
Imagine you're trading in the financial markets, and you want to understand who's in control - the buyers or the sellers. The "Opposite Side Liquidity Dominance" indicator is here to help you do just that in a simple and visual way.
1. **Lookback Period**: This indicator looks at historical data to make its assessments. You can choose how far back it should look by adjusting the "lookback period." For example, setting it to 50 means it'll consider the last 50 days.
2. **Opposite Side Volume**: It calculates the total trading volume on the side opposite to the current market price. This helps us understand how strong the trading activity is from traders who have a different view than the current market price.
3. **Dominance Calculation**: We determine the "Opposite Side Liquidity Dominance" by comparing the current trading volume to the historical average. If the current volume is larger than what's typical, it suggests dominance, and we color the background of the chart green. If it's smaller, we color it red to indicate a lack of dominance.
4. **Visual Representation**: In addition to the background color, we also provide a line on the chart. This line shows the Opposite Side Liquidity Dominance over time. When it goes up, it means that traders who disagree with the market are in control; when it goes down, it means the market price is dominating.
So, in a nutshell, this indicator helps you see at a glance whether the buyers or sellers who disagree with the current market price are taking control. When the background is green, it suggests they are, and when it's red, it suggests the market price is holding sway. The line on the chart provides a more detailed view of how this dominance changes over time.
You can easily customize this indicator to fit your specific trading needs by adjusting the lookback period and colors to match your preferences.
For better trading compare 30 minutes time frame in forex
開源腳本
在真正的TradingView精神中，這個腳本的作者以開源的方式發佈，這樣交易員可以理解和驗證它。請向作者致敬！您可以免費使用它，但在出版物中再次使用這段程式碼將受到網站規則的約束。 您可以收藏它以在圖表上使用。
想在圖表上使用此腳本？
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。