Coding Volume Divergence Indicator in MT4 | Forex Factory

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Coding Volume Divergence Indicator in MT4

  • #1
  • First Post: Jan 21, 2013 9:36am Jan 21, 2013 9:36am
I was hoping that someone would be interested in coding this indicator as per the quotations below.
This is a Tradestation indicator but I do not have Tradestation, I have MT4.
Thank You in advance and very much appreciated.

"Standard Volume Bars Versus Volume on Highs and Lows shows the difference between
standard volume bars and volume bars that are at either a high or a low.

If the price bar did not make a high or low then it was colored white as it contained no information.

If the price bar made a high then the volume bar is blue.

If the price bar made a low then the volume bar is red.

If the price bar made a high and low together then I need to look at the close to determine the significance of the volume bar.

If the price bar made neither a high or low then I do not need to see it and, therefore, it is not displayed."
  • #2
  • Jan 21, 2013 7:15pm Jan 21, 2013 7:15pm
Quoting Baillie
"Standard Volume Bars Versus Volume on Highs and Lows shows the difference between
standard volume bars and volume bars that are at either a high or a low.
Your eyes can see these highs and lows fairly easily, a computer however cannot. So what I've done is colored each bar that makes a new high or new low over a given span of candles. You can customize the number of candles spanned with the Search_Distance input.

Quoting Baillie
If the price bar did not make a high or low then it was colored white as it contained no information.

...

If the price bar made neither a high or low then I do not need to see it and, therefore, it is not displayed."
Wait... So you want non-colored volume bars to be both white and hidden? Since I'm not sure what you mean by this, I've provided you the option to choose to either show these "normal" bars (default color is white) or not; Hide them by setting the ShowNormalVolume input to false.

Quoting Baillie
If the price bar made a high and low together then I need to look at the close to determine the significance of the volume bar.
Again, I don't quite understand what an indicator can do to help you if you have to actually look at the close. I suppose it could provide an Up Arrow or Down Arrow based on whether or not the candle's close price is above its open price, but this wasn't specified. I did however make these situations apparent by coloring the volume bar green and hovering above are skulls and crossbones.

Attached Image (click to enlarge)
Click to Enlarge Name: vdi_v1.jpg Size: 139 KB
Attached File(s)
File Type: mq4 VDI.mq4   3 KB | 2,490 downloads
  • #3
  • Jan 24, 2013 4:15pm Jan 24, 2013 4:15pm
hi,


thank you very much tener!!!!
The only constant is change
  • #4
  • Jan 24, 2013 6:20pm Jan 24, 2013 6:20pm
Thank you tener, I just copied and pasted the parameters from a pdf I have, but you did a fantastic job!
  • #5
  • Jan 24, 2013 6:38pm Jan 24, 2013 6:38pm
"If the price bar made a high and low together then I need to look at the close to determine the significance of the volume bar".

That would probably be considered an outside bar.
  • #6
  • Jan 24, 2013 6:49pm Jan 24, 2013 6:49pm
I probably should have just posted the pdf, so here it is. there are a few things the indicator does not catch.
Attached File(s)
File Type: pdf Volume Divergence.pdf   244 KB | 6,996 downloads
  • #7
  • Jan 25, 2013 3:35am Jan 25, 2013 3:35am
What is the value of a Volume indicator on a platform that does not have Volume information ?
20 pips a day isn't too much to ask . . .
  • #8
  • Jan 25, 2013 9:15am Jan 25, 2013 9:15am
MT4 does have volume, Tick Volume.
  • #9
  • Jan 25, 2013 11:40am Jan 25, 2013 11:40am
Quoting RaptorUK
What is the value of a Volume indicator on a platform that does not have Volume information ?
Cynics must brabble, I understand. I may question the value of a volume indicator in a financial market that does not have volume information, but this is not mine to answer. I hope that the indicator provided is what was asked for, and all of your replies are welcome and appreciated.
  • #10
  • Jan 25, 2013 11:56am Jan 25, 2013 11:56am
Quoting Baillie
MT4 does have volume, Tick Volume.
Tick count, not every tick is a change in Bid price, some (I have seen as many as 30%) are changes in Ask price (Spread), others may be changes in other Market information.
20 pips a day isn't too much to ask . . .
  • #11
  • Jan 25, 2013 1:57pm Jan 25, 2013 1:57pm
RaptorUK,

There are a number of threads that deal with volume and price on this forum and other forums. I will not try to convince you to the usefulness trading any such method, as this issue has been hashed out in those threads numerous times. I will however, say that, I find it VERY useful and profitable to my trading.

The reason for the requested indicator is to see if it has any merit in improving my current trading methodology.

Price action + Volume + Key levels.

Good Trading to you.

BTW, 20 pips a day is very easy with volume.
  • #12
  • Jul 14, 2013 8:48am Jul 14, 2013 8:48am
Thank you Tener I like your indicator too and it has improved my trading, and this is Gail Mercer approach, maybe you can add Tom Williams idea with no demand/supply indicator without any requirement like confirmation like close over/under previous candle. Only simple like a small dot or arrow on a bar/candle that has lower volume than the two previous bar/candles. Then it will be much easier to scan many charts. And thank you very much for Tener VDI indicator.
  • #13
  • Last Post: Jan 13, 2018 5:38am Jan 13, 2018 5:38am
Quoting tener
{quote} Your eyes can see these highs and lows fairly easily, a computer however cannot. So what I've done is colored each bar that makes a new high or new low over a given span of candles. You can customize the number of candles spanned with the Search_Distance input. {quote} Wait... So you want non-colored volume bars to be both white and hidden? Since I'm not sure what you mean by this, I've provided you the option to choose to either show these "normal" bars (default color is white) or not; Hide them by setting the ShowNormalVolume input to...

Hi Tener. This indicator is really helpfull to my trading. I' ve developed a system very profitable using volume and divergence but would like to know if its possible a VDI Mt5 version of it. Thanks so much for the indi
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