Time segmented volume (TSV) is a technical analysis indicator developed by Worden Brothers Inc. that segments a stock’s price and volume according to specific time intervals. The price and volume data is then compared to uncover periods of accumulation (buying) and distribution (selling).
Time Segmented Volume was developed by Worden Brothers, Inc to be a leading indicator by comparing various time segments of both price and volume.
Following a request at https://www.prorealcode.com/topic/time-segmented-volume-by-worden-brothers-code/, I converted this indicator to the ProRealTime platform:
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// TSV Time Segmented Volume indicator // //https://futures.io/thinkorswim/10957-time-segmented-volume-worden-telecharts.html#post122215 // // 13 = number of daily HALF HOURS // 7 = ???? // // Example Settings: // Short Term Trading : TSV period between 9 and 12 // Intermediate Term Trading: TSV period between 18 and 25 // Long Term Trading : TSV period between 35 and 45 // // -------------------------------------------------------------------------------------- // t = sum(close>close[1]?volume*close-close[1]:close<close[1]?(volume*-1)*close-close[1]:0,13) // m = sma(t,7) // -------------------------------------------------------------------------------------- // TSV=(Sum( IIf( C > Ref(C,-1), V * ( C-Ref(C,-1) ), IIf( C < Ref(C,-1),-V * ( C-Ref(C,-1) ), 0 ) ) ,18)); // -------------------------------------------------------------------------------------- // //ONCE p1 = 13 //ONCE p2 = 7 //ONCE Mtype = 0 p1 = max(1,min(999,p1)) p2 = max(1,min(999,p2)) Mtype = max(0,min(6,Mtype)) MyVol = 0 IF close > close[1] THEN MyVol = volume * (close - close[1]) ELSIF close < close[1] THEN MyVol = -volume * (close - close[1]) ENDIF TSV = summation[p1](MyVol) Signal = average[p2,Mtype](TSV) RETURN TSV AS "Tsv",Signal AS "Signal" |
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Apparently, according to the attached data, there is an error in the indicator code.
Attached .itf file with the modified data. The appearance seems much more consistent with price tracking.
The files are at the end of the following link: https://www.prorealcode.com/topic/time-segmented-volume-by-worden-brothers-code/
Thank you Barrabas15, the correct code is at https://www.prorealcode.com/topic/time-segmented-volume-by-worden-brothers-code/page/2/#post-150506.