The Volume Positive Negative Indicator was created by Markos Katsanos (Stocks and Commodities April 2021 pg 9) and this indicator is useful for determining long trends but with some modification you can use it for short trends as well. Buy when the indicator line is green and sell when it turns red. Make sure to experiment with the threshold and see what works best for you.
Let me know if there are any other indicators you want me to publish!
For anyone who wants the hlines, add this to the code:
hline_color = color.new(color.gray, 80)
hline1 = hline(20, linestyle = hline.style_solid, color = hline_color)
hline2 = hline(-20, linestyle = hline.style_solid, color = hline_color)
hline3 = hline(0, linestyle = hline.style_solid, color = hline_color)
hline4 = hline(80, linestyle = hline.style_solid, color = hline_color)
hline5 = hline(-80, linestyle = hline.style_solid, color = hline_color)
The first number in the brackets is the level that it will appear at. 20, -20, 0, 80, and -80
Even though the original script has no hlines, these numbers are mentioned on M. Katsanos's webpage dedicated to this indicator.