noila13
03-13-2019 00:43, 12:43 AM
Hi, guys. Been some time. I have been trading via VSA for a while now and that I had an idea for a new indior. It would make my life much easier to see what I already figure out in my own. It helps speed up chart analysis. It is actually based on a pair of indiors that I use. This is still way beyond me, while I'm not ignorant of metastock speech.
The concept is to discover areas of congestion and price manipulation. Lots of trading, but not a lot of motion. This can help ascertain areas of support/resistance, market sentiment, etc..
The very first thing that we will need is a histogram of this spread/volume. Included in this article is an indior which does that. The Shmeno resistance indy is customizable to figure the minus the low as well as the spread as the open minus the close. It can also calculate the volume/spread or spread/volume. It is pretty useful and can be tell-tale when volume is taken into account.
The next element would be a moving average of this spread/volume ratio. Base period: 14. This is straightforward and should be plotted on the chart.
As well as the previous element is coloring the bars based on very low, low, normal, high, very high and ultra high amounts. These can be defined by the bars' percentages above or below the moving average. By way of example, Very low would be gt;25% of average. In order to simplify all this, I have included the Better Volume indy since many for are contained inside on how this might be carried out, and it can give insight. It does not paint of the bars correctly and is not the best, so this should be a guide only.
If anyone thinks they could swing that, I sure will appreciate it. At the mean time, I will keep trying to learn to code so that I could make it myself. I will be sure to share it here if I ever get this figured out. Thanks a lot guys!
https://www.nigeriaforextrading.com/attachments/1518556704671406089.mq4
https://www.nigeriaforextrading.com/attachments/15185567061079632019.mq4
The concept is to discover areas of congestion and price manipulation. Lots of trading, but not a lot of motion. This can help ascertain areas of support/resistance, market sentiment, etc..
The very first thing that we will need is a histogram of this spread/volume. Included in this article is an indior which does that. The Shmeno resistance indy is customizable to figure the minus the low as well as the spread as the open minus the close. It can also calculate the volume/spread or spread/volume. It is pretty useful and can be tell-tale when volume is taken into account.
The next element would be a moving average of this spread/volume ratio. Base period: 14. This is straightforward and should be plotted on the chart.
As well as the previous element is coloring the bars based on very low, low, normal, high, very high and ultra high amounts. These can be defined by the bars' percentages above or below the moving average. By way of example, Very low would be gt;25% of average. In order to simplify all this, I have included the Better Volume indy since many for are contained inside on how this might be carried out, and it can give insight. It does not paint of the bars correctly and is not the best, so this should be a guide only.
If anyone thinks they could swing that, I sure will appreciate it. At the mean time, I will keep trying to learn to code so that I could make it myself. I will be sure to share it here if I ever get this figured out. Thanks a lot guys!
https://www.nigeriaforextrading.com/attachments/1518556704671406089.mq4
https://www.nigeriaforextrading.com/attachments/15185567061079632019.mq4