optionhk wrote: Sat Aug 14, 2021 2:08 pm
Thank you so much for adding the bands. You have now converted it into a leading and forecasting tool.
Unlike forex volume, futures volume is centralised and is reflected on mt4 or mt 5 platform for futures CFDs.
Is it possible to reproduce this indicator without bands by using day's volume ( instead of tick volumes) on the main chart to have better visualisation than the sub window can provide.
Particularly with a choice of displaying it as a volume trend in a ribbon format with when MAs are used.
If MAs are not used by selecting 1 as inputs to reflect actual volume driven price action then a
price trend cloud showing a single moving horizontal thick line showing maximum volume number will be helpful for a beginner to understand the importance of volume numbers and trade with confidence and not get engaged with learning of technical or fundamental analysis learning that needs a longer learning curve.
Traders should be able to use ADR -Fibo or any button of their choice on this cloud or ribbon styled chart.
Dear mtools,
Now I realize, tick volumes in the sub-window should be magnified in such a way that they match price levels in a rainbow or cloud area type of indicator to occupy the whole chart space. Sub-window may not be needed if that kind of chart cloud like is used. The two BB bands on the subwindow as well can be projected in the chart itself.
And for current scalping, two horizontal lines of high low volumes calculated with this formula should be ideal for scalping.
Volume daily Range (VDR)
Projections Up llike Support line
= low[period] + Volume daily average [period];
VDR
Projections Down =
high[period] - Volume daily average [period];
Daily Range (volumes counted and not pips)
DR = High[period] - Low [Period];
VDR = AVG ( DR, Period);
The idea came from the ADR projection tool I use for scalping. The indicator is attached. It also prints fibo.
Those who would like to collect hourly volatility in pips can use Davinci Truly volatility an excellent statistics providing indicator.
Volatility Alarm is also attached.
All user-frinedly tools not requiring deep learning curve and can help any trader take a quick decision for trading.
No other indicators are really needed for a beginner other than these.
