Standardized Orderflow

1. Setup: Easily configure the indicator to match your trading strategy with customizable input parameters such as order flow period, smoothing length, and moving average types. 2. Interpretation: Watch for bullish and bearish columns in the order flow chart, utilize the Heiken Ashi RSI candle calculation, and look our for reversal notations for additional market insights. 3. Alerts: Stay informed with real-time alerts for key market events.

Code Explanation:

- Order Flow Calculation: The core of the indicator is the calculation of order flow, which is the sum of volumes for bullish or bearish price movements. This is followed by normalization using standard deviation.

orderFlow = math.sum(close > close ? volume : (close < close ? -volume : 0), orderFlowWindow) orderFlow := useSmoothing ? ta.hma(orderFlow, smoothingLength) : orderFlow stdDev = ta.stdev(orderFlow, 45) 1 normalizedOrderFlow = orderFlow/(stdDev + stdDev)

- Velocity Calculation: The velocity of order flow changes is calculated using moving averages, providing a dynamic view of market momentum.

velocityDiff = ma((normalizedOrderFlow - ma(normalizedOrderFlow, velocitySignalLength, maTypeInput)) 10, velocityCalcLength, maTypeInput)

- Display Options: Users can choose their preferred display mode, focusing on either order flow, order velocity, or both.

orderFlowDisplayCond = displayMode != "Order Velocity" ? display.all : display.none wideDisplayCond = displayMode != "Order Flow" ? display.all : display.none

- Reversal Indicators and Divergences: The indicator also includes plots for potential bullish and bearish reversals, as well as regular and hidden divergences, adding depth to your market analysis.

bullishReversalCond = reversalType == "Order Flow" ? ta.crossover(normalizedOrderFlow, -1.5) : (reversalType == "Order Velocity" ? ta.crossover(velocityDiff, -4) : (ta.crossover(velocityDiff, -4) or ta.crossover(normalizedOrderFlow, -1.5)) ) bearishReversalCond = reversalType == "Order Flow" ? ta.crossunder(normalizedOrderFlow, 1.5) : (reversalType == "Order Velocity" ? ta.crossunder(velocityDiff, 4) : (ta.crossunder(velocityDiff, 4) or ta.crossunder(normalizedOrderFlow, 1.5)) )

In summary, the Standardized Orderflow indicator by AlgoAlpha is a versatile tool for traders aiming to enhance their market analysis. Whether you're focused on short-term momentum or long-term trends, this indicator provides valuable insights into market dynamics.