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Attributable Volume
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A volume indicator which calculates "Attributable Volume”, the portion of volume which contributed to the direction in which the candle moved.
Attributable Volume is calculated as: Total volume excluding the "counter wick" volume.
Where for a green (up) candle, the "counter wick" volume is the top wick volume.
In theory, Attributable Volume should better represent the effort of directional thrust of each candle.
By default, this indicator displays “Attributable RVOL”, but can be set to:
Note: RVOL = Relative Volume, the current volume divided by the Volume moving average. RVOL can be used to identify major moves, and potential starts/ends to trends.
Attributable Volume is calculated as: Total volume excluding the "counter wick" volume.
Where for a green (up) candle, the "counter wick" volume is the top wick volume.
In theory, Attributable Volume should better represent the effort of directional thrust of each candle.
By default, this indicator displays “Attributable RVOL”, but can be set to:
- Attributable RVOL
- RVOL
- Attributable Volume
- Volume
Note: RVOL = Relative Volume, the current volume divided by the Volume moving average. RVOL can be used to identify major moves, and potential starts/ends to trends.
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