Free TradingView Indicator by AlgoAlpha — Volume & Order Flow
Introducing the Efficiency Weighted Orderflow Indicator by AlgoAlpha!
Introducing the Efficiency Weighted Orderflow Indicator by AlgoAlpha!
Elevate your trading game with our cutting-edge Efficiency Weighted Orderflow Indicator, designed to provide clear insights into market trends and potential reversals. This tool is perfect for traders seeking to understand the underlying market dynamics through efficiency-weighted volume calculations.
Option to smooth order flow data for more consistent signals.
Adjust the Order Flow Period and HMA Smoothing Length to fit your trading strategy.
Easily distinguish between bullish and bearish trends with customizable colors.
Keeps order flow values normalized for better comparison across different market conditions.
Stay ahead with built-in alert conditions for significant order flow changes.
Quick Guide to Using the Efficiency Weighted Orderflow Indicator
Search for "Efficiency Weighted Orderflow " in TradingView's Indicators & Strategies. Customize settings like smoothing and order flow period to fit your trading style.
Watch for trend reversal alerts to capture trading opportunities by studying the behaviour of the indicator.
Enable notifications for significant order flow changes to stay updated on market trends.
The Efficiency Weighted Orderflow Indicator starts by calculating the efficiency of price movements using the absolute difference between the close and open prices, divided by volume. The order flow is then computed by summing these efficiency-weighted volumes over a specified period, with an option to apply Hull Moving Average (HMA) smoothing for enhanced signal stability. To ensure robust comparison, the order flow is normalized using standard deviation. The indicator plots these values as columns, with distinct colors representing bullish and bearish trends. Customizable parameters for period length and smoothing allow traders to tailor the indicator to their strategies. Additionally, visual cues and alert conditions for trend reversals and significant order flow changes keep traders informed and ready to act. This indicator improves on the Orderflow aspect of our Standardized Orderflow indicator. The Efficiency Weighted Orderflow is less susceptible to noise and is also quicker at detecting trend changes.
Explore other volume & order flow TradingView indicators by AlgoAlpha.
Free on TradingView
Efficiency Weighted OrderFlow is free to use on TradingView. Add it to any chart in seconds.