Discussion thread:
https://nexusfi.com/tradestation-multicharts-easylanguage-programming/10987-easylanguage-volume-up-down-average.html
I couldn't find an indicator that accomplished what I wanted, so I just made one. The indicator simply plots the Up volume and Down volume separately, as an average.
Simple concept - price closes above the typical (H+L)/2 then it's marked as up volume, and vice versa for down volume.
- If the up volume band is higher than the down volume band, then market is probably moving up.
- If both bands are declining, there is not much interest at these prices.
- If bands are moving towards each other, trend reversal.
- If bands are moving away from each other, trend continuation.
Anyway, don't read too much into it.
Here is the code, some screen shots, and a MultiCharts pla.
Category MultiCharts
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