lately I have seen many posts about following the pros and the smart money. not an easy task. when there's big activity, it's more than likely that pros are on both sides (buyer and seller). and not to forget there are different kind of pros, like the speculators and the hedgers. both can produce high volume, but with different objectives. another problem is how do they execute their orders. do they have resting orders or do they hit bid and ask. the answer is likely both.
one thing I feel pretty much useless is watching the DOM. you see a big block on the offer, conclusion the market is going to drop because there's a big seller. all the sudden that block is gone and the market moves higher. a very old trick, but still works. watching time and sales on the other hand will show you very important information. but I'm getting tired doing that for a long time.
so I prefer to watch the entire volume:
- how much volume did it take for a certain range.
- increased volume can indicate reversal points.
- volume based MA's can show S / R lines.
Can you post the VWTPO? I'm interested in trying to convert it to EasyLanguage for MultiCharts.
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thanks ........... i have volume sum on ZigZag indicator....basically it sums the volume of all the bars in the run......I think attaching volume accumulation to some sort of oscillator would give volume info sooner.......