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yet another MT4 code to NT7 request?


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yet another MT4 code to NT7 request?

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  #1 (permalink)
London, UK
 
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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



VSAc BAR TEXT SIGNALS.txt

VSAc BAR TEXT SIGNALS.mq4




Volume Spread Analysis @ Forex Factory

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Market Wizard
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danjuma View Post
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



Attachment 88936

Attachment 88937

Attachment 88938


Volume Spread Analysis @ Forex Factory


The screenshot is too small, I am too old to see anything except the price bars.

The indicator seems to be a variation of the Better Volume, which analyzes bars with respect to their range and volume.

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Fat Tails View Post
The screenshot is too small, I am too old to see anything except the price bars...

Is that better Fat Tails, when you click to enlarge it? Thanks



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Market Wizard
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danjuma View Post
Is that better Fat Tails, when you click to enlarge it? 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.

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Hello Fat Tails,

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!

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danjuma View Post
Hello Fat Tails,

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!

Why did n't you come up with that suggestion right away? I always love to improve my indicators .....

I am currently busy, but will think about it.

Printing the text requires coding a custom plot for the indicator, but it should not be that difficult.

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Quoting 
Why did n't you come up with that suggestion right away? I always love to improve my indicators .....

Sorry m8, just didn't want to trouble as you do a lot already


Quoting 
I am currently busy, but will think about it.
Printing the text requires coding a custom plot for the indicator, but it should not be that difficult.

I hope you are able to find the time to do it. Looking forward to it. Many thanks!

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