VolumeBullsBears

A ThinkOrSwim script (thinkscript) volume indictor which renders an estimated number of contracts/shares bought vs sold. For a given time slice of an asset, the contracts "bought" are rendered in green while the number of contracts "sold" are rendered in red.

TOS Shared Link: http://tos.mx/rLFLIDo

Installation

1. Open the TOS Shared Link above in Thinkorswim by selecting from the upper right "Setup" -> "Open Shared Item".
2. Paste the above URL into "Shared item URL" and click "Preview" then "Open".
3. This will import the study and give you the option to rename it. Give it a friendly name such as "VolumeBullsBears". Click "OK".

The study has now been imported into your library and can be added to a chart.

On a chart you wish to add the study to:

1. Click the "Edit Studies" button on the chart's toolbar.
2. In the left panel, find the newly imported study. IE., search for "VolumeBullsBears".
3. Click "Add Selected".
4. You should be seeing:

By default the study is added to the "Volume" subgraph.

5. Hit "OK".

You should then see the study below the asset's price chart.

If you do not see the study

If you do not see the study, be sure you have enabled the chart's volume subgraph for that asset type.

1. Click the "Chart Settings" gear icon on the chart's toolbar.
2. Select the tab page with the asset type being displayed: "Equities", "Options", "Futures", or "Forex".
3. Check "Show volume subgraph". Example:

Details

On the chart above at 13:50 there was a total of 2,141 contracts traded. Of that, there was an estimation of 483 buyers and 1,658 sellers.

The number of Buyers + Sellers should always equal Total Volume.

Buyers and Sellers is an guestimation based upon the close of the candle relative to the total range of the candle. That is, this is not by any means a direct reflection of the actual number of units bought and sold.

It is important to understand the underlying formulas used for calculating what percentage of total volume compose of bulls and bears. These formulas use the corresponding price candle's high, low, opening, and closing prices:

%bulls = (close - low) / (high - low)
%bears = (high - close) / (high - low)

The actual meaning of these numbers and how they can be best used for interpreting price action is left as a judgement call by the user.

Inputs and Options:

By double clicking on one of the bars of the study, you can bring up its customization page.

• FixedScale: Unscaled by default to render the full volume range. Changing to Scaled will limit the range from 0 to 100.
• VolumeAverage: enable/disable volume average plot line
• VolAvgLength: number of bars for volume average

Unscaled

Scaled

VolumeAverage:

Known Issues

See the issues page.

Acknowledgements

This is a collaborative product of the TheoTrade Futures community.