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Volume indicator to show Bullish/ Bearish Bias
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[QUOTE="PaulVic, post: 174443, member: 37878"] Is there anybody that can help with this? Intention To come up with a volume indicator that can show if volume pressure is bullish or bearish in nature and to show the difference (in bullishness/bearishness) over time. I understand that volume is tick volume, but all the same it shows activity or interest at price levels. Background The standard MT4 volume indicator is pretty useless. It shows green if the volume is greater than the last bar, red if volume is less than the last bar. No use. Attached “VolumeColor” indicator (by Enivid) is much better in that it indicates the volume “direction”, the volume bar colour matches the price bar, ie green price bar = green volume bar. However, now that I have had time to use it I realise that is not the whole story. I think a better representation of where “the volume is acting” would be shown by relating the spread of the price bar and its open/close to the close. See attached chart, I have put vertical dotted lines on the obvious bars in question and numbered them. Perhaps best shown by Bars 3 and 5. Both of these are shown as down red price bars, all volume is attributed to a down move, ie red volume bars mirroring a red price bar. However, the close is well above the “middle” of the bar, it is only red because it happened to close below the open. Bar 10 in the other file shows this well. Suggestions 1. I think volume bars (only volume bars, not price bars) should be showing green on those bars as the close is above the “middle”. But what do we take as the middle? Well how about.. (((high+low)/2)+(open+close)/2)/2=X (middle value) If close is >X volume bar to be green, If close is <X volume bar to be red. 2. Now we have better representation of volume bars we can apply two moving averages to the volume. One MA related to red volume bars, one MA related to green volume bars. This should show us whether buying or selling pressure is coming in/ going out. Suggest the moving averages are coloured red and green respectively. Options on the Volume moving averages to be the normal ones ie; MA method, period, shift etc as per normal. The volume bar colour needs to be able to change during the life of price bar and be set on its close. (If this is a problem, because it will affect the MAs, perhaps leave volume bar colour until bar close.) If there was an option to make X = average of “high low”, or average “open close” only that would allow for some experimenting. Many thanks in advance, comments/ feedback appreciated thanks Paul [/QUOTE]
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