OmniTrader Professional Forum : OmniScripts : Absorb

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OmniTrader Professional Forum OmniScripts Absorb		Last Activity 9/1/2024 11:18 PM 7 replies, 953 viewings

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Boris Lund

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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...

[Edited by Boris Lund on 1/10/2022 6:12 AM]

Attached file : Absorb.txt (1KB - 229 downloads)

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mgerber

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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

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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

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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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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 - 196 downloads)

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Don Schuman

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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

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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.

[Edited by Boris Lund on 7/13/2022 6:51 PM]

Attached file : absorb2.txt (1KB - 183 downloads)

Attached file : absorb2.png (26KB - 192 downloads)

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Jim Dean

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