Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Like you I have been looking at Volume (for a while now).
Anyway - thought you might like to check this .....
Like many other indicators - in hindsight it makes it easy to see failure points. However, used with a good divergence indicator it could be useful...
I have attached an image of an 4000 volume ES chart (Friday although the timezone is Australia so the 4.30 in the bottom right of chart equates to 2.30pm est) - its close to your preferred setting, but the round number makes it easier to see what the indicator is doing..
The swing volume numbers are 'boxed' if the total is greater than the Average Swing Volume shown in the bottom left.
The Swing logic is a modified ZigZagUTC as posted in the Ninja forum.
I can attached the Indicator if there is any interest in it...
Very interesting. What patterns do you see, or what actions do you take based on the boxed volume numbers? From your chart I couldn't really see a specific price pattern.
I wonder what would happen if the indicator were modified to measure the volume across two swings instead of just one, to account for the fake outs/reversals, if there is some merit at looking at volume for both the point in which price initially makes a swing low and then retraces before heading lower again.
I dont take action on the boxed numbers - they are just visual alerts that volume within the swing is building above average. I have found it best to apply a VSA mindset when looking at this.
So for example in the image shown, the lowest low has low volume (ie no interest) on the probe. If then another of your indicators gave you a long entry, you can be more confident taking it in the context of low/no continuation interest in the last swing down.
While you cant see it in the image, the developing swing point updates both price and volume progressively (although as with any swing indicator, there is a settings dependant lag before the developing swing point is 'locked in').
Anyway - have attached the indicator so you can experiment - the coding is very basic as I am not an adept coder. Someone with more skills may be able to take this further...
I really like this indicator. (Volume Graph) Thank you.........I noticed it paints after the completion on the bar and wondered if this was normal... Also when the price marker(s) option......Set to "True", I don't have any........I am using a 4 R chart...
Hi Big Mike - I too like this indicator on Range Bars!! and Renko bars- I am trying to ad its conditions into my strategies. I am not great at C code - but think I noticed noticed that it should output a 1 & 2 for long and short volume trends? but i cannot seem to get it to work - can I modify the code to output a data series number for long trend short trend (upvolume downvolume plots) and then be able to filter strategy entry with this info? help please - any advise on how I can go about doing this, input much appreciated!! :-) michael
