The Relative Volume indicator is certainly more useful than the Relative Ranges indicator. There are several considerations that make it useful:
-> watching trader's participation to determine the likelihood of a breakout or trending move
-> eliminating the distortion introduced by the low volume of the night session
During the night session prices are driven by foreign markets. Price moves may occur without a high volume, as the trading takes place elsewhere. Therefore the relationship between volume and volatility is different off-session. This can be corrected by using the Relative Volume indicator for volume spread analysis.
For example I have been experimenting with a Better Volume indicator based on range and relative volume. However, for this purpose it is less obvious to use relative range and relative volume for the volume spread analysis. After all im an interested in absolute prices and their analysis, and the relative range would not help me here. Therefore the applications for the Relative Ranges indicator are more limited than for the Relative Volume indicator.
I have coded this indicator, because somebody had asked for it and because it could be easily done by replacing the average volume with average range. I am sure that there will be some useful applications, although I have not used it yet for my own trading.
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NinjaTrader 8 version of anaRelativeVolumeV23 indicator
I have converted the anaRelativeVolumeV23 indicator to NinjaTrader 8.
It gives the same results as the NinjaTrader 7 version. However, I didn't convert the "Plot" override as I don't know the equivalent conversion to the NT8 "OnRender" method.
Also, for some reason, the "Please increase chart lookback period to show relative volume." message appears even though the lookback period is more than sufficient. Tried to fix it but gave up. Perhaps its a NT8 bug?
I also updated the "Outliers" to exclude holidays in 2016.
FYI. Maybe someone more familiar with NT8 can completely fix it to make it perfect.
Ok I'm a ninjatrader noob and I'm trying to get FT's rela-vol indicator to work but it's telling me I need to increase the look back period. I've toyed around with the settings of the look back period and still can't get it to work. Can someone tell this noob what he is doing wrong?
BTW I am connected to my data provider so it isn't that.
Edit: figured it out
Last edited by BarfMcGee; August 21st, 2016 at 05:00 PM.