SUPERNOVA VOLUME INDICATOR
for MetaTrader 5 · v1.0
Inspired by the Nova Volume Indicator by SplitzMagic (TradingView).
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◆ What it is
A volume-momentum oscillator with a trend filter. The histogram measures
how hard volume is pushing price, scaled by volatility. The signal line smooths it. A long average tells you whether that push is
with the trend or against it.
◆ What's inside — no secret formula
- Histogram: 8-period EMA of (close change × tick volume), divided by the 20-bar standard deviation of close.
- Signal line: 8-period EMA of the histogram.
- Trend filter: 200-period SMA of close.
▲ Bull zone = histogram above zero
and price above the SMA.
▼ Bear zone = the mirror.
● Neutral = anything else, usually a pullback inside a trend.
That is the whole engine.
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◆ What Supernova adds to the original
- Info panel — five lines of plain text at the right of the indicator window, no box and no clutter: regime, signal (confirmed, or pending 1/2 while a new regime matures), bias with its timeframe, alignment with the bias, and the last signal with how many bars ago. In a short window it folds into a single line.
- Clean signals — an arrow on every bull ↔ bear regime change, on the 1st, 2nd or 3rd bar of the new color. Default: 2nd bar, one confirmation bar. Neutral bars are ignored, so a pullback never cancels a signal. Arrows always alternate. Shown in the subwindow and on the price chart.
- True MTF bias — the full Supernova regime computed on the 1st or 2nd higher timeframe up to H1, or a fixed one (M5 to H1), through a synthetic higher-timeframe engine. Completed bars only. Shown as a band at the bottom of the window, with an optional "arrows only with bias" filter. With the filter on, a repeated arrow marks a re-entry after a counter-move.
- No repaint — arrows, histogram and bias are confirmed at bar close and never redrawn. The current bar is live, as in any oscillator.
- Charge background — the zone is lighter while a new regime waits for confirmation, full once the signal is confirmed.
- Gradient histogram — bar intensity shows strength relative to the last 500 closed bars.
- Extras — optional T3 smoothing, 22 color themes, alerts (popup, sound, push, email), Max Bars setting for performance.
- Classic look — one click away: Background Flat, Histogram Solid, Bias Off.
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◆ How to use it
- Read it as context, not as a trigger: the zone tells you whether volume, momentum and trend agree.
- Take arrows in the direction of the bias band. The filter can do that for you.
- A common setup: M1 to M15 chart with the 2nd higher timeframe as bias (M1 chart → M15 bias).
- Keep chart shift on: the panel sits in the empty space after the last bar and never covers the histogram.
◆ Limits
- Not a system on its own: in our own tests, the signal used alone on M1 showed no edge. Use it as a filter inside your own method.
- Bias up to H1: on H1 and higher charts the bias switches off by itself.
- Bias warm-up: the bias needs about 340 bars of the higher timeframe. With short history it says "insufficient history" and stays neutral.
- Threshold: it works in raw units that change from symbol to symbol. Leave it at 0 unless you know why you are changing it.
- Broker data: prices and tick volume differ between brokers, and so do the values.
