OmniTrader Professional Forum - OmniScripts
Absorb
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Boris Lund

Posts: 59

Joined: 12/9/2021

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Subject : Absorb
Posted : 1/9/2022 12:52 PM
Post #31818
An indicator showing volume absorbed. So a lot of relative volume not moving the price, hence being absorbed.
Still trying to figure out if there is any relationship at all :)

Found it on tradingview, and rewrote it from pinescript.
As you can see, the higher absorbs plots thicker lines.

Attached. Something goes wrong in copy paste for some reason...
Attached file : Absorb.txt (1KB - 319 downloads)

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mgerber

Posts: 61

Joined: 3/30/2006
Location: Issaquah, WA

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Subject : RE: Absorb
Posted : 1/9/2022 2:11 PM
Post #31823 - In reply to #31818
Your code does not compile.

Compile error: 'If' must end with a matching 'End If'.

--Mark G.
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Boris Lund

Posts: 59

Joined: 12/9/2021

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Subject : RE: Absorb
Posted : 1/11/2022 9:02 AM
Post #31831 - In reply to #31823
sorted
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Don Schuman

Posts: 83

Joined: 1/19/2008
Location: Kentucky

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Subject : RE: Absorb
Posted : 7/13/2022 4:24 PM
Post #32044 - In reply to #31818
The thicker lines are not plotting. It just plots the thin line.
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Boris Lund

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Joined: 12/9/2021

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Subject : RE: Absorb
Posted : 7/13/2022 5:34 PM
Post #32045 - In reply to #31818
I copy pasted the script and ran it on the spy 60min.
It works on my end. See the picture how it is supposed to look.
Attached file : absorb.png (24KB - 279 downloads)

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Don Schuman

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Joined: 1/19/2008
Location: Kentucky

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Subject : RE: Absorb
Posted : 7/13/2022 6:22 PM
Post #32046 - In reply to #31818
Got it.

Now to your initial observation: What does it mean?

Interesting.

Don
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Boris Lund

Posts: 59

Joined: 12/9/2021

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Subject : RE: Absorb
Posted : 7/13/2022 6:30 PM
Post #32047 - In reply to #31818
It ties into the wyckoff idea about exhaustion.
That's also why I decided to add the full picture underneath.

If the price tries to go up but buyers gets absorbed i.e. a green spike then it could mean that now we have exhausted all the sellers and now we can freely move up.

The buyers gets absorbed by a lot of sellers ready to sell so that the price cannot move up. But there is a lot of volume.
Attached file : absorb2.txt (1KB - 274 downloads)
Attached file : absorb2.png (26KB - 276 downloads)

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Jim Dean

Posts: 3433

Joined: 3/13/2006
Location: L'ville, GA

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Subject : RE: Absorb
Posted : 7/13/2022 7:56 PM
Post #32048 - In reply to #32047
Nicely done.

https://www.omnitrader.com/currentclients/proforum/thread-view.asp?threadid=8003&posts=8