Comparing Bullish and Bearish Volume by Recurring Time Period

Summary

This indicator groups volume into recurring hourly, daily, weekly, or monthly buckets and separates it according to candle direction. Volume on bullish candles is counted as buy volume, while volume on bearish candles is counted as sell volume. The chart displays the accumulated values for each bucket, labels the periods, and can show a delta area representing the difference between the two totals.

The tool is descriptive: it helps compare directional volume patterns across hours, weekdays, weeks of a month, or months of a year. It gives no performance study or evidence that these patterns predict returns. Its buy/sell classification uses candle direction as a proxy rather than trade-level aggressor data, and the selected chart timeframe must be smaller than the chosen anchor period. The monthly grouping and labels also depend on the script's period-boundary logic, so users should verify behavior for their market and chart settings.

Key ideas

• Volume from rising candles is accumulated as buy volume, and volume from falling candles as sell volume.
• Users can group the totals by hour, day of week, week of month, or month of year.
• The indicator plots both directional totals and optionally displays their difference.
• Candle direction is only a proxy for buying or selling pressure, not direct order-flow classification.
• The chart timeframe must be shorter than the chosen aggregation period.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.