Bid/Ask Volume Split (Estimated)

Bid/Ask Volume Split (Estimated)

Overview

The Bid/Ask Volume Split (Estimated) is a Pine Script v6 indicator for TradingView, designed to analyze bid and ask volume dynamics without requiring tick data. Displayed as an oscillator, it plots split bid/ask volume columns, rolling sum lines, and a pressure histogram (ask minus bid) to highlight buying and selling pressure. Custom divergence logic spots hidden momentum shifts. The indicator features gradient intensity coloring, divergence detection for bullish/bearish markers/labels, and a status table summarizing key metrics, making it commonly used for reviewing volume-driven insights.

How It Works

The indicator splits each bar’s volume into bid and ask components using the candle’s body share (default) or full allocation for bullish/bearish candles, calculated with math.max and syminfo.mintick—to approximate order flow from OHLC data. Rolling sums of ask and bid volumes are computed over a user-defined lookback (default: 5 bars) using ta.cum for efficiency. A pressure histogram is derived by smoothing the ask-minus-bid difference with an EMA (default: 3 periods). Gradient intensity adjusts opacity based on volume relative to a 20-period SMA and previous bar. Divergences are detected by comparing price pivot highs/lows (ta.pivothigh, ta.pivotlow) with ask/bid sum pivots, marked with lines and labels. A status table displays ask/bid sums, intensity, trend, and pressure.

Key Features

• Split Bid/Ask Volumes: Apportions volume into bid (red) and ask (green) with optional mirroring below zero.
• Rolling Sum Lines: Plots cumulative ask and bid sums with optional fill between lines.
• Pressure Histogram: Shows smoothed ask-minus-bid pressure to illustrate market direction.
• Divergence Detection: Identifies bullish (price lower lows, ask sum higher lows) and bearish (price higher highs, bid sum lower highs) divergences.
• Gradient Intensity: Adjusts opacity based on volume strength for enhanced visual clarity.
• Status Table: Summarizes ask/bid sums, intensity, trend, and pressure direction.
• Customizable Settings: Adjust lookback, sensitivity, smoothing, and colors for tailored analysis.

What It Displays

This indicator offers a robust approach to volume analysis by combining split volume visualization, divergence detection, and pressure metrics, providing clear insights into market momentum without tick data. Its customizable visuals and multi-faceted analysis make it suitable for day trading, scalping, or swing trading in stocks, forex, futures, or crypto.

Originality

This indicator is an original Pine v6 implementation using TradingView’s built-in ta.cum, ta.sma, ta.ema, ta.pivothigh, and ta.pivotlow functions.

Common Ways People Use It

• Day traders reviewing real-time volume and pressure markers/labels.
• Scalpers marking momentum-driven trade setups.
• Technical analysts identifying divergence-based reversals.

Configuration Notes

Configure the volume sum lookback (default: 5 bars), pressure smoothing (default: 3), and divergence pivot settings (default: 3 left/right). Enable/disable split columns, mirroring, fill, or gradient intensity to suit your chart. Use the pressure histogram, divergence markers/labels, and status table to identify buying/selling pressure and potential reversals.

Legal Disclaimer

These indicators are for informational and educational purposes only—not investment, financial, or trading advice. Past performance is not indicative of future results; trading involves high risk of loss. Provided "as is" with no warranties. Consult a qualified professional before decisions. By using, you assume all risk and agree to this disclaimer.