Cumulative Intraday Volume with Long/Short Labels

How it works

The indicator calculates a running total of volume for each trading day, starting at zero every day at 6:00 PM Eastern Time. It tracks volume by adding volume from green (upward closing) candles and subtracting volume from red (downward closing) candles, creating a net volume measurement that shows buying or selling pressure.

As the trading day progresses, the total volume can become positive or negative depending on the dominant market sentiment. When the total volume crosses predefined thresholds set by the trader, the indicator places 'Long' or 'Short' labels directly on the price chart to signal significant buying or selling pressure.

Why it may be useful

This indicator provides traders with a clear, real-time view of intraday market sentiment by transforming raw volume data into a meaningful metric that shows whether buyers or sellers are currently in control. It offers a straightforward, rule-based approach to understanding market dynamics without relying on complex statistical models or hidden calculations.

By resetting daily and using candle direction to determine volume sign, the indicator gives traders an immediate snapshot of current market pressure. This helps traders make more informed decisions about potential entry and exit points based on the strength of buying or selling activity.

When to explore it

The indicator works best on intraday timeframes, particularly five-minute and fifteen-minute charts for futures contracts. It is especially useful during active trading periods when volume fluctuations can provide meaningful insights into market sentiment and potential trend changes.

Traders can adjust the volume thresholds based on market conditions and their individual trading style. In low-volume markets, smaller thresholds can trigger signals more quickly, while during high-volume periods, larger thresholds can help filter out noise and highlight more significant sentiment shifts.

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