I'm not real sure about using two of them. The idea is to see the supply and demand or who is in control at the time. If you are seeing good volume on up moves and the pullback wave has light volume it supports a long. The opposite is true for a short. Market structure trumps all though. You can see good volume on an up move, but the result is lack luster. This would be known as "effort vs. result" in Wyckoff terms. The volume is the effort, price is the result. Effort vs. result would be morke likely at a strong resistance level.
I marked up your chart with some of what I was saying.
Last edited by David_R; September 24th, 2011 at 08:13 PM.
The following 2 users say Thank You to David_R for this post:
The volume is not displayed on the price panel despite the fact that the ZigZagVolume (overlay) indicator is on the price panel (as shown on the screenshot in the Download section), so how do we see the volume .... do we need to have the normal Volume indicator on the chart for us to see the volume ?
That is an issue I'm trying to get fixed with the developer. It shows up on the chart he sent me, the on I posted in the download section, but i could not get it to work. The zigzag volume in the lower panel seems to work. That would be your volume.
The following user says Thank You to David_R for this post:
I don't know if there is a cs file or zip. The developer does not send it to me that way. He provides a link to down load the executable. I feel he is a reputable vendor. I think he has been around for some time and I've used other software created by him. If Mike says its okay to say the company name I have no problem saying who it is.
I've uploaded an updated version. The numbers appear on the price pane now, but I think there is an issue with the numbers matching the histogram. I may have made a mistake in loading this indicator prior to having the issues worked out, but since I started that way I thought I would just continue. If you prefer to wait, Ill let you know when things are working as intended.