i´m personally looking for exhaustion candles by small volume / big volume ratio , high activity(pace of tape ) and the biggest indicator of exhaustion for me is if there is buying above ask happening.
Firstly thanks for the great indicator. I use it on a 5 minute RTH ES chart. I don't understand why the 20 bar lookback period doesn't look at the voume of the bars formed at the end of the prior day? This would be a better solution than having no indication as the volume at the end of the session is frequently similar to that experienced at the open.
The answer seems obvious to me. I watch volume all the time, and of course I want to be alerted to a high volume event prior to the bar close! This is one of three indicators, which I always use in CalculateOnBarClose = false mode.
The low volume alert is coded in a way that it only will be triggered 15 seconds prior to the bar close, otherwise you would have low volume alerts all the time.
I have just recoded the indicator, because I had introduced a small bug with the last version, which suppressed all low volume bars - sorry for that. I have also added a parameter allowing to adjust the lead time for low volume alerts from 15 seconds prior to bar close to anything else.
FT, first a great big thanks for this wonderful indicator. It's simpler than other versions with only the most important things identified (namely churn and climax), and though I'm not using the sounds I think I will soon.
Someone earlier on the thread suggested to use the bars at the close of the last day session for the first X number of bars (10 for weak, 20 for strong). I'll be happy to do this myself but I'm not quite sure how to check the time of a bar, though it seems a more elegant solution could be done. I don't even mind hard coding the time of the bar. Especially on 5m charts, the first 1h40m are pretty much invalid for the strong lookback period.
Nice code by the way, it's very clean and easy to read :-)
I understand that you want to skip one session to calculate the climax and churn bars. For time frames > 15 minutes this may help, but for time frames < 5 min is does not solve the problem. The reason are the high volume bars that typically occur around the market close. These bars throw a shadow which squashes all climax and churn bars.
So either you get too many climax and churn bars (current indicator) or none (your suggestion). See chart attached.
The concept of churn bars has its limitations.
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