PVTM measures the strength of price and pressure on a histogram.
The indicator sums up all green candles price and and red candles price and over a specific period of bars and plots based on Price summed value. The result will look similar to Price Trend Meter with the benefit of trying to filter out more noise.
Use this indicator to identify the increasing asset of price and with the green candles (Close is higher than open) and decreasing of price and with the red candles (Close is lower than open).
======= Calculation ==========
Bright Green Color Column: Total summed up Price and are higher than 0.
Bright Red Color Column: Total summed up Price and are Lower than 0.
Weak Green Color Column: Conflict between Price and (One positive and one negative) so we continue based on previous color .
Weak Red Color Column: Conflict between Price and (One positive and one negative) so we continue based on previous color.
======= Price/ Trend Meter Colors =======
Green: Increasing buying pressure.
Weaker Green: Declining Buying pressure (Possible Sell Reversal).
Red: Increasing selling pressure.
Weaker Red: Declining Selling pressure (Possible Buy Reversal).
Other sweet indicators that this indicator is based on:
Trend Meter: Price Trend Meter:
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