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Barcelona Catalonia
Experience: Beginner
Platform: NinjaTrader
Trading: ES
Posts: 1 since Jun 2012
Thanks Given: 2
Thanks Received: 0
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Here’s an idea for a simple indicator that I think most intraday traders would find useful. Maybe one of you talented guys can code it. It is intended for time charts, and it alerts you when there’s a spike in both price and volume.
Conditions could be something like these:
Calculate on bar close
IF (Volume ≥ 1.618 × the average volume of last 14 bars)
AND (price bar length ≥ 1.618 the average of price bar length for the last 14 bars)
AND ((Close – Low) ≥ 0.8 × (High – Low))
OR ((High – Close) ≥ 0.8 × (High – Low))
THEN overlay an arrow in Volume bar AND play audio alert
Nice to have: it is possible for the user to change desired values (amount of volume, number of bars, bar length and percentage of close regarding high to low)
This indicator accomplishes two things: it gives you confirmation that volume and price spikes respond to your criteria instead of just relying on your visual estimation, and you don’t miss the action thanks to the alert.
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