What does this indicator do? | Forex Factory

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What does this indicator do?

  • #1
  • First Post: May 25, 2021 2:58am May 25, 2021 2:58am
Hello,
I have attached 2 indicators and was hoping that someone could explain simply and plainly what they do.

there is moving average component that when adjust appears not to change anything and a look back setting.

They paint the bars different colors but i do not think it is based on the volume indicator that is available with a standard MT4 download.

Thanks in advance
Attached File(s)
File Type: mq4 Volume Bars #1 (1).mq4   5 KB | 312 downloads
File Type: mq4 Volume Bars #1 (2).mq4   5 KB | 265 downloads
  • #2
  • May 25, 2021 11:16pm May 25, 2021 11:16pm
Can you attach a shot with the indicator applied to the chart?...make it a daily chart. If it is what I suspect it may be a version of the "better volume" indicator
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  • #3
  • May 26, 2021 2:39am May 26, 2021 2:39am
Hello DonPato,
thank you for your reply.
It is indeed a version of the better indicators, but i was curious as to how they are calculated, the source code is there , but i cannot not follow it, and was hoping to find someone that could translate it into easy language for me.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDDaily.png Size: 56 KB
  • #4
  • Last Post: May 26, 2021 9:32am May 26, 2021 9:32am
Quoting brownturtle
Hello DonPato, thank you for your reply. It is indeed a version of the better indicators, but i was curious as to how they are calculated, the source code is there , but i cannot not follow it, and was hoping to find someone that could translate it into easy language for me. {image}
Sorry I'm not a programmer and I wouldn't be able to tell you specifically this indicator...but you can find information about the better volume color candles here: https://www.lizardindicators.com/ind...nt%20locations.

This should get you started in the right direction.
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