This point really gives good trending moves either way, sometimes both ways.
This is a very powerful point for trading.
The reason being that the Bulls and the Bears could not reach an agreement in price
and hence the abnormally low volumes. After this whichever side takes control it remains
with him for a good time (A good trend follows).
The LV(low volume) bar takes importance because very often a clear trend is established after this.
So we can trade this trending move. This concept can be used across all timeframes.
Here is the Amibroker code to mark the lowest value bar in the daily lookback period.
It paints the high and low pivots just preceeding the bar (the dotted green and the red lines) thus making it
more easy to visually make out the BO or BD from those levels.
Concept Courtesy : Varun Kochhar
Code courtesy : Rahul(username : extremist)
from an Indian trading forum
Code: Select all
_SECTION_BEGIN("HiLo Vol N");
n=Day() != Ref(Day(), -1);
a=LowestSince(n,V);
hh=ValueWhen(V==a,H);
ll=ValueWhen(V==a,L);
Plot(hh,"\nLVhb",colorGreen,styleDashed);
Plot(ll,"\nLVlb",colorred,styleDashed);
_SECTION_END();
please check whether this can be coded for MT4.
Thanks,
