Estimating Bullish and Bearish Volume Across Multiple Symbols

Summary

This chart indicator compares estimated buying and selling activity for a configurable set of symbols. For each symbol, it requests data at a chosen timeframe and divides candle volume between the two sides according to where the close lies within the high-low range: a close nearer the high assigns more volume to the bullish estimate, while a close nearer the low assigns more to the bearish estimate. Paired bars display those estimates alongside the symbol and price direction.

The tool is designed as a visual cross-market monitor, with up to 20 symbol inputs in the presented version, rather than as a trading strategy or a measure of actual aggressor-side transactions. Its estimates rely on candle geometry and total reported volume, so they cannot identify executed buyer-initiated and seller-initiated trades directly. The document supplies implementation details and a feature description, but no validation or evidence that these estimates predict returns.

Key ideas

• The indicator displays estimated bullish and bearish volume for multiple selected symbols in paired bars.
• It allocates candle volume between the two sides according to the close’s position within the candle range.
• The requested timeframe can be changed to monitor activity at different resolutions.
• The calculation estimates directional activity from OHLCV data and does not classify actual trade aggressors.
• The source describes a monitoring display but provides no predictive or performance evaluation.

Tags

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