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)
Would be most grateful if somebody could have a go at this please. Below is attached the MT4 code, a smaple graph and a link to the thread where I found the original code. Many thanks
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.
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!
