My Buying and Selling Pressure Indicator has invoked lot of interest and have received many requested. This is actually a very simple indicator using the daily excursion of the price.
Many times it is just a matter how we are looking at the data. We can glean lot of information if we look at the data the right way. My Buying and selling pressure indicator is also the same case. Very simple Indicator, using the open, High, Low and Close and the volume. It obviously not a Holy Grail, but does give a very good picture of the buying and selling pressure.
I am sharing the afl for the same. There are two indicators. One is a Raw Buying and selling pressure Indicator. The Raw buying and selling indication is provided in terms of a Histogram. Green bars above zero show the buying pressure and the red bars below the zero line show the selling pressure. This presents a good visual representation of the dominating pressure.
The second is a smoothed version with version with a yellow line representing the selling pressure and a turquoise line which represents the Buying pressure. If the turquoise line is above the yellow line it would mean that the Buying pressure is more and vice versa. The difference between the two is plotted as a Histogram. This is a cumulative value of the buying and selling pressure and provides a easy visual presentation of the dominating pressure.
These two indicators can easily compliment your main strategies like Volume Spread Analysis..
You can also watch my video on this Indicator..