LTF -> HTF volume delta Up/Down

The LTF -> HTF volume delta Up/Down indicator provides a granular view of volume distribution by analyzing intra-bar price movement from lower timeframes to determine buying and selling pressure.

Usage

The indicator can be used to identify potential trend shifts or exhaustion points by observing the relationship between the Up and Down volume lines. When the green Up Volume line spikes significantly above the red Down Volume line, it indicates aggressive buying at the lower timeframe level within the current candle. Conversely, a spike in the red line indicates aggressive selling.

Key observations often include:

• Volume Divergence: Identifying instances where price makes a new high but the Up Volume LTF line fails to reach a new peak.
• Crossovers: Monitoring when the buying volume surpasses selling volume (or vice versa) to gauge shifts in momentum.
• Total Volume Context: The background columns represent the total volume, allowing users to see how the intra-bar delta compares to the overall trading activity.

Details

The script utilizes the request.security_lower_tf() function to access data from a lower timeframe (LTF) relative to the chart timeframe (HTF). It categorizes volume based on the closing price of each LTF bar:

• Up Volume: Sum of volume from LTF bars where the close is greater than the open.
• Down Volume: Sum of volume from LTF bars where the close is less than the open.

The lower timeframe is automatically calculated based on the chart's current resolution:

• For intraday charts, the LTF is approximately 1/50th of the current multiplier (minimum 1 minute).
• For Daily charts or higher, the LTF is calculated by multiplying the timeframe multiplier by 25.

Settings

As this script is designed for automated calculation, it primarily focuses on visual output and alerts:

• Total Volume: Toggles the background columns representing total volume, color-coded by the candle direction.
• UP Volume LTF: Controls the visibility and color of the line representing intra-bar buying volume.
• DN Volume LTF: Controls the visibility and color of the line representing intra-bar selling volume.

FAQ

How do I access the LTF -> HTF volume delta Up/Down?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Why does the volume line not match the total volume bar?

The lines represent the sum of "Up" or "Down" bars from a lower timeframe, whereas the total volume represents all activity. Some volume may also be categorized as neutral if the lower timeframe bar open and close are identical.

Can I use this on any timeframe?

Yes, the script automatically adjusts the lower timeframe used for calculations based on your current chart resolution to ensure a consistent level of granularity.