I found myself confused with the BV indi when i started my VSA education, so i coded this indi, and found that it helped a lot. I added some text and decided to post it here for all those who are just starting out.This indi is not intended to give any signals, it is a teaching tool to help new VSA'ers learn volume.
I found it was sometimes difficult to distinguish what was truly low volume or high volume, even comparing to an MA. This indi uses a very long time span to create "normal" ranges, much like standard deviations. I find the ranges are very close, although it is still necessary to use some personal discretion, but that is what VSA is all about anyway.
The background of the indi is separated into 6 zones.
Ulra Low Volume Zone
Low Volume Zone
Normal Volume Zone
High Volume Zone
Very High Volume Zone
Ultra High Volume Zone
The bars are colored according to whether they are;
- Greater than the previous 2 bars - Teal
- Less than the previous 2 bars - Orange
- Niether - Blue
- Ultra Low - Yellow
Ultra High - Red
Text is displayed on the side which explains each bar, and is colored to match, making identification easier. The text can be turned off when you get bored with it..
The Last Bar's volume is also displayed in the same color as the bar. Current volume is displayed in the appropriate color as it progresses through the different types of bars.
You can see at a glance whether the volume is historically high, low or in the normal range.
(I tried to choose colors which would work with both White & Black screen backgrounds.)
Due to number of bars necessary to calculate the Zones, when you use it on any tf greater than H1, all the bars turn out red. Don't worry, it will take care of itself in a few years..
I have tested it out, and didn't find any bugs, but if you find something, please email me and i will look into it.
Both the source code and the executable code are posted, so those who don't want source code need only download the ".ex4" file.
My deepest appreciations go out to all those who have worked so hard and contributed so much to this thread and to teaching us all. I hope this is a help to some of those who are new to VSA.
Sincerely,
Chief
P.S. I have optimized the indi to use as few computer resources as possible. I currently have 8 charts up and no slowdown.