Have a look at "bedtools coverage" and "bedtools genomecov"; I like to use
Code:
bedtools genomecov -bg -split -ibam file.bam > file_coverage.bedgraph
You can get BEDTools here: http://code.google.com/p/bedtools/
There is also a python interface for it (pybedtools), but I'm not sure whether it makes sense to use it in this case, haven't really tried it.
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