Ok guys after fooling around for a while and hacking up the code, this is the template that I come up with.
The rule seems to be take a trade when you get 2/3 confirming signals.
I don't think one could blindly take these signals, you have to add in some price action. For example, on the 2nd trade it didn't work very well. These signals are just for entries, you have to know how to manage the trade once it's on and most importantly when to exit.
I think some of the Brooks patterns would go very well with this. FOr example the Doji at 12:10. There is a volume spike signal. It's on a doji. I'd put an entry stop 1 tick under the low of the doji. Brooks says you need 2 reasons to enter a trade. These volume signals could be 1, and a reversal pattern can be the other.
The following 4 users say Thank You to cunparis for this post:
I first learned of the indicator from a post TRO made on futures.io (formerly BMT). But here is the forum that has all the information on the indicator. It is VERY interesting and seems like it would ge a really great indicator.
The creator does has said the indicator is not for sale, trade or give-a-way.
It seems to me that it is a way to see high frequency trades.
Probably a formula that multiplies the trades by a 'factor' to 'intensify' the trades when they are within a trading time window or price range.
I would like to be part of the development of this indicator if you would be interested.
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The following 2 users say Thank You to DavidHP for this post:
for 5 min chart I just put volume patterns and volume stop together, which makes the price bar bigger. I have been using TRO_Buy zone and Tro_hourly buy zone to be a trend indi and S/R, trade with these for a week, no losing day, you can see my two 5 min charts showing last two days. I stop using range chart cause it doesn't give me much entry and exit information, some times I use 618 tick chart. For my 2 min chart, I put MM and SQ9 together.
How did you get the triangles to plot below the dots in that last screenshot? I have seen indicators that plot shapes under candles where you can set the distance above/below the candle in the indicator settings. I have VolumeSpike drawing dots now but the dots paint on top of the shapes painted from VolumeStop. Sometimes the signals become difficult to see.