@rdaune: Did you realize that you use the false indicators on the wrong chart ?
Step by step:
(1) Better Volume looks at trader participation by exploring range and volume versus time. If you use it on a range chart, there are no wide ranging bars by definition, so the indicator cannot identify breakout or climax bars. The Better Volume indicator should not be used on range charts. You may replace range with momentum - that is the meaning - but then the indicator needs to be recoded in a different way, by calculating the duration of the range bar.
(2) The PaintBar version is not the Better Volume with Sound Alerts that I have coded.
(3) The VWAP version that you use is heavily flawed, as
-> it often calculates false standard deviation bands
-> the algorithm is too slow for high resolution charts
There are two correct VWAPs around, one is the hVWAP which can be downloaded in the forum, the other one is VWAP that I have coded (not yet available in the download section), but you can find it in the thread on VWAP bands.
The range bars : In fact, I've already discussed that with Private Banker, and we use it in the same way : if we have a break-out, we wait for a confirmation with a Climax or Climaxchurn bar... look at the screenshot... It seems to be working fine, but, in your opinion, is it only "luck", does those bars really does not mean anything?
For the vwap : I am facing this issue since a while, honestly I have some difficulties to configure it correctly...
I am going to try again and will post a screenshot here. If you are OK to look at it, it would be great. or perhaps can you post a screenshot with your settings? In fact I trade both European and US session...
The problem with Better Volume is that it uses VSA or volume spread analysis. The volume per time unit is an indicator for trader participation, the range shows how fast price moves during the fixed period of the bar, so the range is actually a proxy for momentum!
If you have a range chart, you cannot do range analysis. So the indicator cannot work. But agaiin range is only a porxy for momentum, and of course you can measure momentum on range bars, but you would not measure it via the range, which is fixed, but via the time that it takes to form a bar. This means that the BetterVolume indicator can be adapted to work on range charts, but it requires a different formula.
In its current form, high momentum bars cannot be detected by the BetterVolume indicator on range charts, so you get no reliable information on breakout and climax bars. The only thing it might correcrtly identify are churnbars. I have already started coding a version that works on range charts, but it is not yet finished, as I have too many projects in parallel. You can find it here.
The VWAP does not belong here, please post your screenshot in the thread below. I will try to answer your questions.
My version of the VWAP can plot within any session of the template (RTH) or for the whole trading day.. It allows three different options to calculate the volatility bands.