Best Bulls Bears Volume trend Breakout V2

The Best Bulls Bears Volume trend Breakout V2 indicator provides a comprehensive intraday analysis of volume distribution by calculating the relative weight of buying and selling pressure. It aims to help traders confirm breakout strategies by tracking how cumulative intraday volume shifts between bullish and bearish participants across a selectable timeframe.

Usage

This tool is designed specifically for intraday timeframes (less than Daily). It plots two primary lines or areas on a scale from 100 to -100:

• Bulls Movement: Tracks the percentage of buying volume (associated with green bars) throughout the session.
• Bears Movement: Tracks the percentage of selling volume (associated with red bars) throughout the session.

Example Scenarios:

• Trend Confirmation: If the price is increasing but the buyer’s volume percentage is steadily reducing, it may signal a weakening trend and potential bearish reversal upon a trendline breakout.
• Breakout Validation: A breakout accompanied by a sharp increase in the respective volume percentage (Bulls or Bears) provides higher conviction for the trade.

Details

The script separates total volume into buying and selling components based on bar polarity. It then uses a cumulative sum starting from the beginning of the selected timeframe (e.g., Daily, Weekly) to determine the "weightage" of each side.

• Divergence Detection: The indicator includes built-in logic for Regular and Hidden Bullish/Bearish divergences, which compare price action peaks/troughs against the volume percentage oscillator.
• Label System: Dynamic labels on the right side of the chart display the current bar's volume and the total session weightage for both bulls and bears in real-time.

Settings

• Timeframe: Choose the anchor period for volume accumulation (Daily, Weekly, Monthly, Quarterly, Yearly).
• Plot Style: Change the visual output between Area, Histogram, or Line.
• Linewidth: Adjust the thickness of the volume plots.
• Plot Bulls/Bears: Toggle the visibility of the bullish or bearish volume tracks.
• On/Off Current bar Volume: Toggle the real-time volume label for the active candle.
• Upper/Lower Level: Sets the horizontal reference lines (default 50 and -50).
• Divergence Settings (Bullish & Bearish):
  • Pivot Lookback Right/Left: Sets the number of bars required to confirm a pivot point.
  • Max/Min Lookback Range: Defines the bar range to search for divergence patterns.
  • Plot Regular/Hidden: Toggle specific divergence types on the chart.

FAQ

How can I use this to find a reversal?

Look for "Regular Divergence" where the price makes a higher high but the Bullish volume percentage makes a lower high, suggesting that buying pressure is not supporting the price move.

What does the percentage value represent?

The percentage represents the portion of total volume attributed to that side (Bulls or Bears) since the start of the current session or selected timeframe.

How do I access this indicator?

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