It is still small... but better to read. The whole indicator is a variation of VSA (volume spread analysis), a term which was coined by Tom Williams. His book "The Undeclared Secrets That Drive the Stock Market" was adopted by Trade Guider Systems under the name "Master the Market". The third edition is widely available on the internet as a PDF document.
The indicator that I saw on the FOREX market mimics the TradeGuider System. Trader Guider displays
-> Bar: up, down, gap up, gap down
-> Close: upper, middle or lower
-> Volume: very high, high, average, low, very low
-> Spread: average, wide ,narrow
-> Change: do not remember what this means
Based on that information the indicator identifies various types of bars. The idea of having the text plotted vertically is a royal failure. You would need to turn your head all day long to read it. Better use signal colors to identify the various bar types.
All concepts related to VSA are pretty easy to code. What is more interesting is to develop a concept around volume, spread and the location of the close within the bar. High volume is a pretty good indicator for breakout or exhaustion, low volume means lack of interest. The concept cannot be applied to all timeframes as the intraday seasonality prevents it from working on intermediate timeframe bars.
You can also try the various BetterVolume indicators, which try to achieve similar results.
The following user says Thank You to Fat Tails for this post:
Thanks for your reply. I already understand the concept of VSA and actually use your BetterVolume indi as one of my indicators. What I am really after with this indicator is the text it prints on the top left hand corner that identifies the volume, spread, bar position and bar close of the current bar. This I think is quite useful. If you could add this concept on to your BetterVolume indi, then I won't need this one anymore
I completely agree with your statement "Based on that information the indicator identifies various types of bars. The idea of having the text plotted vertically is a royal failure. You would need to turn your head all day long to read it. Better use signal colors to identify the various bar types." It's a complete pain reading the text upside down!