Discussion in 'MetaTrader Indicators' started by amsteronline, Jul 11, 2012.
Many thanks for the indicators
Thanks m8 !!
My first post so please go easy on me!!
I am a new trader and determined to make go of it. I understand volume and "totally get it".
I have been looking for an indicator to alarm at points of high volume etc and this seems to be it, however I would be most grateful if a guide could be given as to the relevance of the coloured bars, lengths of same etc etc (particularly the dark orange, seems to relate to an up/down price bar but the length of it? can see a doji with a large down darkorange bar, dont get that). I see there was a description of the bars earlier in the thread but that seems to relate to the 1.4 version.
Any help on this indicator much appreciated, any comment why version 1.5 may be better than 1.4 also most welcome.
many thanks, Paul
PS, i use a white back ground and so have changed the white bar to lavender, does that mess it up?
A PDF with full explanation of the Better Volume indicator can be found in this post:
thats much appreciated, many thanks....
Let me know if you have any other questions or suggestions regarding this indicator.
PS: Actually, I do not recommend using this indicator to trade Forex as uses 'tick volume' - a highly unreliable data, which has little to do with the actual trading volume.
Take on board your point re tick volume and understood. I don't use volume as a means to enter a trade, just used as a means of helping to decide based on support/resistance/ trends/ whole numbers/ pivot points (which i am looking for a decent indicator for!)
Not sure to run with version 1.4 or 1.5 at moment.
Question.... In version 1.5 what is the significance of the dark orange bars above and below "the line"?
Seems to be showing buying/selling pressure and volume (on a different scale). ie showing the volume "pressure" and its direction. Is that correct?
Chart i am looking at at the moment (attached) has two doji side by side virtually same size price bars. Actual volume is greater on the red doji but on "better volume 1.5" has no bottom "dark orange" bar, in fact the smaller bar to the left has less actual volume but more "dark orange" on 1.5. Any thoughts on this? Perhaps the dark orange on Better volume 1.5 is showing a sum of up and down volume such that a bar with a lot of actual volume may show as none on a "dark orange" bar as the up cancelled the down?
Help much appreciated, cheers, and thanks again,
I would gladly assist you if only I knew, which version exactly you are using. There are quite many "1.5" of them.
Attaching the source code of your version is probably the best idea.
I attach the 1.4 and 1.5 versions, both from this forum.
None of the attached indicators show the orange/gray histogram you are asking about.
not orange grey, dark orange. Lets call it orange.
on the better volume 1.5 chart (as copied above) it (the orange bar) straddles the line at zero on the right hand scale.
some orange bars shown above, some below, generally aligning with the price bar (orange bar below the line generally aligning with a down price bar, orange bar above aligns with an up price bar. But not always, as comment above re the doji. It looks to me as if the orange bar is =((up price ticks) - (down price ticks)) such that there could actually be a lot of volume moves within a time frame but the orange bar could effectively show zero if (up price ticks) = (down price ticks). This is my assumption, just need it confirming (or otherwise) so i know i understand it. Dont like to make assumptions!!
I can only help you if you I can look at the indicator in question. And I cannot do that unless you attach it here or point me to it directly.
The Indicator is "BetterVolume 1.5 new with Alerts, Color Ignoring, and TSV" as attached. A screen shot is above in #68.
Sorry, my bad - I've added it to a timeframe too high, so it did not display those dark orange bars. Now I see them.
It is the average between the tick volume of the bullish M1 candles and bearish M1 candles, which comprise the given candle.
Please let me know if you need further explanation.
not sure if i follow. when you say "average between" do you actually mean the difference? ie "up ticks" minus "down ticks"
If you look in the two blue boxes i have marked on attached.
The 2 red arrows indicate price bar and corresponding volume/tick bar. however on this one there is no tick bar.
When you look at it on M1 timeframe, it displays the tick volume of the given candle divided by 2. Positive for bullish candles, negative for bearish, and 0 for neutral. It decides bullish/bearish/neutral based on previous close to current close comparison.
The candle you are referring to is probably showing zero dark orange volume because its close is equal to the previous candle's close.
I don't relay on better volume but find helpful sometimes and I prefer to use version 1.4 . It seems more logical to me
could you be having the pdf for this indicator. VSA Mutly Volume histogram or the Better Volume with TSV? Somewhere one can learn how it works and how to use it.....
Is PDF attached to this post the one you seek?
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