Volume Delta Filtered v1.1 by Ramtraderbook

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Indicator Explanation: Volume Delta_RTB (Filtered)

General Description

The Volume Delta_RTB (Filtered) indicator is designed to analyze the volume delta of a financial asset and highlight only significant changes based on a configured threshold. This indicator is useful for detecting moments when buying volume exceeds selling volume (or vice versa), providing a clear view of market pressure.

What is Volume Delta?

Volume delta measures the difference between buying and selling volume over a given time period. A positive delta indicates that buying prevails over selling, while a negative delta indicates the opposite.

Indicator Inputs

The indicator has several customizable parameters to suit the user’s needs:

1. Volume Delta Threshold
- Allows you to set a minimum volume delta value.
- Only indicator values that exceed this absolute delta threshold will be displayed.
- Default value: 100,000.

2. Use of a Lower Time Frame
- Option to analyze data from a lower time frame than the main chart.

Operating Logic

1. Selection of the Lower Time Frame
- The indicator scans data from a lower time frame to accurately calculate the volume delta.
- By default, it automatically selects an appropriate lower time frame, though it can be set manually.

2. Calculation of Volume Delta
- Using the `ta.requestVolumeDelta` function, the indicator calculates:
- Volume delta at the start of the period (`openVolume`).
- Maximum delta (`maxVolume`).
- Minimum delta (`minVolume`).
- Last recorded delta (`lastVolume`).

3. Filtering Values
- If the absolute value of `lastVolume` (the last volume delta) is below the configured threshold (`deltaThreshold`), the data will not be displayed on the chart.
- This allows the indicator to highlight only significant movements, avoiding unnecessary noise.

4. Visualization
- Volume delta is represented by candles to facilitate interpretation:
- Yellow candles for positive delta (buying prevails).
- Pink candles for negative delta (selling prevails).
- A horizontal line at `0` serves as a reference.
- Colors can be configured as needed.

5. Data Validation
- If the data provider does not provide volume information for the asset, the indicator will display an error message.


Indicator Advantages

- Efficient Filtering: Focus on the most relevant movements in terms of volume, ignoring small or insignificant values.
- Adaptable: Offers customization options for both the delta threshold and the time frame.
- Clear Visualization: Colored candles make it easier to spot dominant buying or selling trends.

NOTE:
- Estimated Delta Data: Since TradingView does not have access to market depth data or an exact breakdown of buying and selling volume, the delta calculations are approximations based on price and volume behavior.
- Data Provider Dependency: Some assets or instruments may not have volume information available, limiting the indicator’s use.