Hi All
Does anybody have an Equivolume Indicator for MT4, another similar version may be called Candle Volume.
Following is from Stockcharts where I have been using it to great effect in identifying absorption at a level.
Would help greatly in my MT4 CFD trading. I would be using this on all standard time frames plus 5 second, 10 secong and 30 second charts for scalping, basically it needs to be useable in what ever time frame it is attached to.
Many thanks
Paul
(Yes, understand volume in MT4 is tick volume)
What Is an EquiVolume Chart?
Developed by Richard W. Arms Jr., EquiVolume is a price plot incorporating volume into each period. EquiVolume charts look similar to candlestick charts, but the candlesticks are replaced with EquiVolume boxes that can be square or rectangular. Classical patterns, such as triangles, wedges, and double tops, still show up with the bonus of having volume built right into the pattern. Verifying volume for reversals, big moves, support/resistance breaks, and selling or buying culminations becomes easier.
The chart below shows this same period using EquiVolume boxes.
The wide boxes show relatively high-volume days, while the thin boxes show relatively low-volume days.
Does anybody have an Equivolume Indicator for MT4, another similar version may be called Candle Volume.
Following is from Stockcharts where I have been using it to great effect in identifying absorption at a level.
Would help greatly in my MT4 CFD trading. I would be using this on all standard time frames plus 5 second, 10 secong and 30 second charts for scalping, basically it needs to be useable in what ever time frame it is attached to.
Many thanks
Paul
(Yes, understand volume in MT4 is tick volume)
What Is an EquiVolume Chart?
Developed by Richard W. Arms Jr., EquiVolume is a price plot incorporating volume into each period. EquiVolume charts look similar to candlestick charts, but the candlesticks are replaced with EquiVolume boxes that can be square or rectangular. Classical patterns, such as triangles, wedges, and double tops, still show up with the bonus of having volume built right into the pattern. Verifying volume for reversals, big moves, support/resistance breaks, and selling or buying culminations becomes easier.
Calculation EquiVolume
An EquiVolume box consists of three components—price high, price low, and volume. The price high forms the upper boundary, the price low forms the lower boundary, and volume dictates the width. EquiVolume boxes are black when the close is above the prior close and red when the close is below the prior close.
The chart below shows this same period using EquiVolume boxes.
The wide boxes show relatively high-volume days, while the thin boxes show relatively low-volume days.
