CDRW_With Alert

[mjackson]

This indicator is based on volume and price (H, L, C).It is similar to Market Facilitation Index (BWMFI_Main_Window) which Enivid created for MT5 and MT4. CDRW is much better because it takes in aaccount closing price which is significnt difference and has alert on each of 4 signals...Hope Enivid will find a little time to convert it to MT5 version...I have this indicator all the time on chart. Thank you in advance.

[mjackson]

I forgot to say that indicator CDRW was created by "thatwasme" from another website and another forum...Here is description/interpretation of signals by"thatwasme":

This is a indicator I wrote for myself.

It has 4 states.
I believe that a price volume bar can have one of 4 states.

1. It can have increasing spread and decreasing volume. This means that price is moving without strong participation and can not be sustained. Due to the lack of participation, the price is ripe for a reversal.
This is displayed as a Magenta Diamond on that bar.

2. It can have increasing spread and increasing volume. This means there is wide participation and price should continue in this direction.
A red arrow shows the direction down when supply is overtaking demand.
A blue arrow shows direction up when demand is overtaking supply.

3. It can have decreasing spread and increasing volume, which means that the supply and the demand are temporarily stalemated. This is a warning that the direction move may be losing steam.
This is shown by a yellow x on that bar.

4. It can have decreasing spread and decreasing volume. This to me means that the bar has little participation from anyone and that the market is dull or congested. I do not show any indicator for this, because it does not portend any information other than dullness.

If you can use it feel free to do so. This is from my own style of volume trading and not strictly VSA per say.

[Enivid]

Thanks for sharing. It doesn't look too difficult to convert. Will try to do it soon.

[Enivid]

What CDRW stands for?

[mjackson]

Originally Posted by Enivid

What CDRW stands for?

Enivid, I have no clue what CDRW stands for...name was given by programmer/trader "thatwasme" in FF. he created a few more CDRW indicators (all are about volume)....He also coded Better Volume for MT4...

[Enivid]

I hope he doesn't mind me renaming it to SDRW, which seems a more appropriate name for an indicator showing Supply, Demand, Reversal and Warning:

[mjackson]

Originally Posted by Enivid

I hope he doesn't mind me renaming it to SDRW, which seems a more appropriate name for an indicator showing Supply, Demand, Reversal and Warning:

Great and Thank you...Regarding the name i noticed the same by changing one letter would describe indicator...


I just noticed that indicator doesn't respond to false/true...Some signals I put on false and I still get alert on all of them...

[Enivid]

Yeah. That's a bug. Download a new version:

[mjackson]

Hello Enivid

I want to ask you if it is possible to contorol display of signals by code instead by color? For example if I don't want to display all signals on the chart I use color and set it to "None". Unfortunately it doesn't work as you can see on the picture: those set to "None" are now black...basicaly no effect of using "None"....So additional setting for indicator would have for each signal: Display =>false/true

Regards,


P.S. ...and Better volume for MT5....please