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In my head this makes sense, but not sure once put into practice and studied... if there is anyone else who thinks it also makes sense, I would appreciate someone creating a Sierra Chart indicator.
Here is what I am thinking:
- Selectable lookback, let's use 20 as the example and a daily chart
- Will require 20 weeks of data
- Look at each day of the week's volume independently over the last 20 sessions, and average those 20 together to give us the nominal value (let's say 0 is 'normal' so it works with a zero line histogram)
- Plot today's session volume relative to the average relative volume for the prior 20 sessions, as a histogram it would be above/below zero based on a percentage increase over relative average
Example:
If the last 20 Monday's we saw an average volume of 100,000, and today on Monday we saw 150,000 then the relative volume would plot 1.50.
If the last 20 Friday's we saw an average volume of 100,000 and today on Friday we saw 75,000 then the relative volume would plot 0.75.
I am only interested in using this on daily charts.
Mike
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Today's volume was 1509, so relative volume should show 139%. Instead, it shows 11%.
Can anyone else take a look and confirm? I am using the one from User Contributed Studies.
Mike
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The following user says Thank You to Big Mike for this post:
If today's session has 50% of the volume of the lookback period, then the plot should be 0.5 or -50 depending on your preference.
The values are definitely different than the built-in User Study linked by @tomgilb, so if you can correct the plot it may work. Once that is done I'll do some math and see where we land.
Thx again for efforts.
Mike
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Hmm, I just looked again at a longer lookback, and I do see values less than 1 now (I meant to say less than 1 not 0).
I would prefer it if it had a zero line and used negative values to represent lower volume, and positive values to represent higher volume.
0 would be equal, -50 would be 50% under volume, +50 would be 50% over volume.
Thx again.
Mike
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The following user says Thank You to Big Mike for this post:
Thx, will take another look. Unfortunately, I've not written a single line of ACSIL. I've simply had so little time for what seems like years now due to the forum. I am still struggling to get a hold on that so I can make necessary time for myself.
Mike
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@slickiam on first glance, it looks correct. It passed the test from my April 23rd figures above.
My only request is I think I prefer the scale of 100 instead of 1.0 after all. So instead of +0.39 it would be +39.
Can you tell me how to make this change?
Thanks again.
Mike
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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