TradingView IndicatorFree to Use
Volume Weighted Median Oscillator
Free TradingView Indicator by AlgoAlpha — Volume & Order Flow
This script measures price movement relative to a volume-weighted median instead of a simple average. It builds an oscillator that reflects where price is positioned compared to the level where most trading activity is concentrated. This helps reduce the effect of outliers and highlights more balanced price zones.
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362boosts
2026-04-27published
What is Volume Weighted Median Oscillator?
This script measures price movement relative to a volume-weighted median instead of a simple average. It builds an oscillator that reflects where price is positioned compared to the level where most trading activity is concentrated. This helps reduce the effect of outliers and highlights more balanced price zones.
The output combines a momentum histogram and a smoothed oscillator line, both normalized by recent price range. It also includes a signal line and visual zones to show when price is stretched relative to its volume-based center.
Volume Weighted Median Oscillator Features
Dual Output Structure
Combines histogram and oscillator line.
Histogram shows short-term momentum shifts.
Oscillator line reflects broader deviation from median trend.
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Optional Smoothing
Applies WMA smoothing to reduce noise in both outputs.
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Dynamic Ribbon
Visual fill between oscillator and signal line.
Changes color based on direction.
Intensity reflects strength of separation.
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Overbought and Oversold Zones
Gradient fills beyond defined thresholds.
Expands visually as extremes increase.
Helps identify stretched conditions.
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Volume-Aware Zero Line
Brightness increases when current volume exceeds its average.
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Volume-Weighted Median Core
Uses sorted price and volume arrays to compute a true weighted median.
Reduces sensitivity to spikes compared to mean-based indicators.
Anchors calculations to where trading activity is concentrated.
Built-in Alerts
Includes conditions for crosses, zone entries, and ribbon flips.
How Volume Weighted Median Oscillator Works
• Volume-Weighted Median — The price level where half of the traded volume occurred above and half below within the lookback window.
• Normalized Momentum — The difference between current price and the weighted median, divided by an average price range to keep values comparable across markets.
• Median Trend Deviation — The distance between the median and its longer-term EMA, used to define the main oscillator direction.
• Volume Normalization — Current volume divided by its moving average to highlight periods of higher activity.
• Signal Line — An EMA of the oscillator used to track short-term direction changes.
How to Use Volume Weighted Median Oscillator
• Watch the histogram crossing above or below zero — shows short-term momentum shifts relative to the median.
• Use the main oscillator crossing zero — indicates broader directional bias change.
• Track crosses between the oscillator and its signal line — helps identify early trend shifts.
• Observe entries into extreme zones — signals that price is stretched relative to its volume center.
• Pay attention to ribbon color changes — confirms alignment between momentum and trend.
• Check zero line brightness — higher brightness suggests stronger participation behind moves.
More Volume & Order Flow Indicators
Explore other volume & order flow TradingView indicators by AlgoAlpha.
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