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Exported using NT Version 7.0.1000.26
This is a simple version of the Better Volume Indicator from www.emini-watch.com. It is not based on the later versions but the original version and identifies the following events
Breakout or Climax Bars: A …
I assume that change from buying to selling is detected by a shift from ask traded volume to bid traded volume. NinjaTrader does not store historical bid and ask data. This can only be achieved by using the GOM framework. The GOM volume ladder would be best suited to detect such a shift.
If you do not want to install the GOM framework, it would be possibel to code an indicator, which uses up- and downtick volume instead of bid and ask traded volume. The indicator would load a secondary bar series of 1-tick data and the ratio of uptick to downtick volume could be displayed in the indicator panel.
It is possible that one of the existing cumulative delta indicators offers this feature, but I am not totally sure.
I agree that the GOM volume ladder can be overwhelming. I use a very simple setup (actually using devdas' VolumeLadderMetroEditionV2, which is an enhancement of the Gomi ladder) to reduce the information overload. It lets me identify levels where there is heavy offering or bidding, which are often absorption/reversal areas.
Nothing is certain -- sometimes seemingly obvious patterns don't work at all the way one would expect. I attribute some of this to new volume coming into (or out of) the market that has not been reflected in the patterns to that point. So it is just additional information, not a holy grail.
School of Trade is pirating it, selling it as their own, of course for far more than the cost of an elite membership. This is based on my understanding and what others have reported.
