ZenAlgo - Bender
ZenAlgo - Bender compares volume and delta from spot and perpetual markets. It is designed to show where participation is coming from and whether the different market types agree.
Overview
Bender aggregates buy/sell volume and net delta from multiple exchanges and market types, then adds tables, colors, and markers for unusual conditions. Read the total delta and spot/perpetual table first. The symbols make more sense after you know which side of the market is driving the move.
This indicator does not provide buy/sell signals or predict price.
It helps you understand the balance of participation and spot/derivatives flows on any timeframe.
Core Concepts
Volume Aggregation
- Combines volume from multiple spot and perpetual (derivatives) exchanges.
- Aggregation mode ensures a composite view for each bar—ideal for multi-exchange coins.
Buy/Sell Decomposition
- Each bar's total volume is decomposed into estimated buy vs. sell portions:
- Green = Buy (bullish pressure)
- Red = Sell (bearish pressure)
- The split is calculated from candle body, wick, and direction (open/close).
Delta & Cumulative Delta
- Delta = Buy volume - Sell volume
- Positive Delta: More buying in that bar
- Negative Delta: More selling
- Cumulative Delta: Sums Delta over 14 bars to reveal pressure trends.
PVSRA Color Tints
Bars are colored using PVSRA logic:
- Climax Bars (volume spikes):
- 🟩 Climax Up: Very high bullish volume (bright green)
- 🟥 Climax Down: Very high bearish volume (bright red)
- Above-Average Bars:
- 🟦 Bullish above-average (blue)
- 🟪 Bearish above-average (purple)
- Neutral Bars:
- Default ZenAlgo palette colors
Tables: Total and Percentage Flows
An optional table (bottom-right by default) displays for each source:
| Metric | Buy Volume | Sell Volume | Delta |
|---|---|---|---|
| Total | ... | ... | ... |
| Perc | ... | ... | ... |
- Percentages help you quickly see if flows are skewed.
- The multi-timeframe table lets you compare these metrics for 15m/1h/4h against your chart's current timeframe.
If the chart feels cluttered, you can hide the tables or individual overlays to focus on the visuals you care about.
Visual Symbols, Colors, and Overlays
Below is a breakdown of what each shape and color means:
1. Delta Histogram
- Large bars below/above zero:
- Big green bar = buy Delta spike
- Big red bar = sell Delta spike
2. Delta Moving Average (Delta MA)
- A thick white/orange line overlays the histogram:
- White: Delta MA trending up
- Orange: Delta MA trending down
3. Stacked EMAs (if not in Scalping Mode)
- Multiple colored lines (lengths: 3, 5, ..., 90 bars)
- Used for detecting momentum shifts and possible crossovers.
4. Delta Dots (Circles)
- Plotted when net Delta suddenly increases (multiplier-based):
- 🟢 Green above candles = bullish Delta acceleration
- 🔴 Red below candles = bearish Delta acceleration
- Size of dot = strength of move (small, large, extra large)
5. Diamonds
- Appear below/above bars for strong confluence (Delta + EMAs + other signals)
- Small or normal size based on RSI/MFI confirmation
- Optional: "Hardcore Mode" for stricter diamonds
6. Triangles
- Upwards white triangle:
- EMA 21 crosses above EMA 50 (potential new bullish trend)
- Downwards orange triangle:
- EMA 21 crosses below EMA 50 (potential bearish trend)
- Large triangle:
- All fast MAs rising/falling + MA 21 >/< MA 50 (very strong trend confirmation)
7. Scalping Mode Overlays
- Special overlays and simplified EMAs for fast-paced environments
- Focus on MA 13, MA 21, and MA 50 in white/orange
- Colored diamonds/triangles signal key crossovers and trend inflections
How to Interpret Each Visual
Histogram (Delta)
- Tall green bars: buy pressure
- Tall red bars: sell pressure
Delta MA (Thick Line)
- White = uptrend in Delta; Orange = downtrend in Delta
Dot/Shape Markers
- Circles: Sudden Delta changes (the bigger, the more significant)
- Diamonds: Strong trend + confluence (with/without "hardcore mode")
- Triangles: Trend MA cross events (white = up, orange = down)
Bar Coloring (PVSRA)
- Neon green/red: "Climax" (extreme activity)
- Blue/purple: "Above average"
- Soft palette: Standard/neutral bars
Tables
- See at a glance if volume flows are buy/sell dominated (and if spot or perps are leading).
Tips, Tricks & Advanced Use
- Use multi-timeframe tables to spot higher-timeframe confluence.
- Toggle "Hardcore Mode" for extra strict trend/diamond conditions.
- Adjust multipliers for dots to fit your instrument's volatility.
- You can select which EMAs are drawn and adjust MA lengths for your own strategy.
- Table and overlay visibility can be toggled in the indicator settings.
- Warning: None of the markers or overlays are trade signals!
- The script is a tool for visual analytics—always apply your own risk management and confluence.
Frequently Asked Questions
Why do I see so many shapes at once?
This is normal when market activity is high or if multiple features are enabled.
Tip: Temporarily hide some overlays in the script settings for clarity.
Can I use this for automated trading?
The script is designed for analysis rather than unattended automation. It does expose several selectable TradingView alerts, but they still require context and risk rules.
What if some tables or overlays disappear?
Check your indicator settings. Some overlays may hide automatically in certain modes (like Scalping Mode).
Final Notes
Bender is most useful when you want a multi-source view of market flow. Enable only the features you actively read; a quieter panel makes changes in delta and participation easier to notice.
Alerts
All built-in Bender alerts belong to Scalping Mode:
| Alert | Trigger |
|---|---|
| Bullish Scalping Signal / Bearish Scalping Signal | The complete bullish or bearish scalping condition is met |
| Early Bull / Early Bear | MA21 crosses above or below MA50 |
| Bull cross / Bear cross | MA50 crosses above or below the zero line |
Dots, regular diamonds, divergence labels, and the larger-delta squares are visual only and do not have dedicated built-in alerts.