Everybofy who is interested in Volume Spread analysis should use this Script. It is great for learning purposes and as tool for trading.
The Original Code is from Karthik who wrote the code for Amibroker: Here you can find the Original code: http://vpanalysis.blogspot.com/. He has also an excellent primer on VSA. If you can't get anymore shoot me a PM with your Email.
All types of VSA signals are coded with a paintbar: Red Square - UpThrust bar. Blue Diamond - Reversal possible, yesterday was high volume wide spread up bar, but today we reached 10 days high with low close wide spread down bar. Red Triangle Down - UpThrust confirmation. Lime Square - Strength bar (either strength is showing in down trend or a supply test in up trend). Yellow Triangle Up - An Upbar closing near High after a Test confirms strength. Lime Diamond - Stopping volume. Normally indicates end of bearishness is nearing /OR/ No supply. Lime Triangle Up - The previous bar saw strength coming back, This upbar confirms strength. Blue Square - Psuedo UpThrust, A Sign of Weakness /OR/ A High Volume Up Bar closing down in a uptrend shows Distribution /OR/ No Demand. Blue Triangle Down - A Down Bar closing down after a Pseudo Upthrust confirms weakness. Yellow Triangle Down - High volume Downbar after an upmove on high volume indicates weakness. Aqua Triangle Up - High volume upbar closing on the high indicates strength (in short term down trend). Deep Pink Square - Test for supply. Turquoise Diamond - Effort to Rise. Bullish sign. Yellow Diamond - Effort to Fall. Bearish sign.
Within the chart there are three information boxes, that even give you information to the signals (great for learning), suggestion what to look for next, information for the spread, volume and trend.
August 13th, 2010 12:07 PM redpilot When for NT 7? I donīt know convert it to NT7
May 28th, 2010 06:07 AM Serninja Many thanks! Unfortunately not (yet) for NT7. Soon?
February 26th, 2010 07:34 PM PandaTrader You are right, sorry about that. I just saw you posted and uploaded it before him. Sorry, credits go to you then.
Thank you, Prtester
February 26th, 2010 05:25 PM Prtester Well that one look exactly as my code, even the shading area that roonious help me fix, :-( too bad .
February 6th, 2018 10:57 PM i2w8am9ii2 This is great, thanks so much. I've been amazed at what a complete rip off the Forex bid/ask spreads are. Where I would
have been making $350 with the same price move in the futures markets, I am at a $25 loss or so in Forex. It is so impor
tant to choose the right markets that have a decent spread in Forex. Much appreciated.