My version of the Better Volume indicator for Ninjatrader
Hey guys, I woke up at 4am and couldn't sleep. Good things always result (such as the previous post!). So now I offer you my version of the Better Volume indicator for Ninjatrader.
Due to the fact that I only use LV & HVC in my trading, I've only coded these patterns. Supporting climax bars would require tracking the upticks & downticks and it wouldn't work historically so I don't think it's worth it not to mention that Barry has already done it and you can buy it for $67.
I've done a comparison with Tradestation from Friday's data and they're very close. They'll never be the same due to differences in the tick data and bar open/close periods (ticks are independent of time). I've analyzed the results on the NT chart and I believe it is correct. In fact, I first coded it up on Tradestation and verified there was 0 delta with the real Better Volume. I then copy/pasted the code into Ninjatrader and modified it to compile. The result is the algorithm is EXACTLY THE SAME as the real one!
I welcome any comments on how to improve it. This is my first from scratch indicator for Ninjatrader.
I'm posting the indicator here so we can all try it out. If everything is OK then I will release it officially and put it in the file download section. If you would like anything modified or added, please discuss it with me. I prefer not to have several different versions of the indicator floating around.
I did not name it "Better Volume" because that is Barry's name and there are already several indicators for NT using this name, and also because I want to add other volume patterns such as "No Demand/Supply", "Stopping Volume", etc. It'd be nice if these were all in one indicator (maybe?).
Last edited by cunparis; September 12th, 2009 at 01:55 AM.
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i use better volume here and there, but one of the best vol. indicators IMHO is Mike's Vol graph that uses exponential Linear Regression Slope...it work really great on tick charts...its straight to the point!
and, i noticed that when you have a dark blue bar price wants to come back to mid point of that blue bar (sometimes later than sooner ) but nonetheless, it does return to the midpoint - so, maybe marking the midpoint of the dark blue bar would be a good idea?
Hey RJay took me a few minutes to "see" it but I see divergences in the delta indicator that could be used to predict turning points, and if you wait for a churn as confirmation it seems to be reliable. Is this what you're thinking?? This is similar to show I use my momentum indicator with the HVC.