Volume Indi that only shows for bars that make a high/low

I need a Customized Volume indicator for Mt4 build 600+.

I want it to only show Volume bars for the corresponding price bars that made a high or low.

1. The price bar that makes a new high would have a volume bar shown as blue.

2. The price bar that makes a new low would have a volume bar shown as red.

3. The price bar that makes a new high AND a new low (outside bar) would have a volume bar colored grey.

4. The price bar that DOES NOT make a new high or a new low would have an invisible price bar.... i.e. no color.

I would like all the colors to be adjustable so if i change background colors on my charts i could adjust the volume colors if need be.

This is what im looking for




Thanks
Bill

EDIT: iwjw was nice enough to do the majority of the work getting this indicator coded but it is not updating when the market is live. Hopefully someone who knows build 600+ can give it a look and help out. Please see this post #12 and #13

Here is the Indicator

ha! Volume in forex ? trading is already challenging now you go ahead and use a wrong indicator ? is there really hope for humanity . lol

I always find it amusing how people who have no idea how to use tick volume just assume that its useless. Please keep thinking that and it will make it easier for the rest of us to take advantage.

Now if anyone who actually has something useful to share would be great.

thanks
Bill

check this one

Sweet.
Exactly what i was needing . For some reason though it will not allow me to change the color to none if i decide i dont want to see the inside bar volume. it will however allow me to change it to any other color so i guess i could just make them the same as my background and that would serve the same purpose.

Thank you my friend, i really appreciate you time effort. this will really help me to visually focus on the right bars.

Thanks again
Bill

EDIT: I see from the downloads of the volume indicator that apparently there are a few people interested. If you want to find out more about its purpose, then i encourage you to google "volume divergence" and/or "Gail Mercer". Theres a helluva lot of good FREE information for those who realize the importance of tick volume in FX. Of course she sells courses too but im not paying for something that i will need to learn for myself anyway. Goodluck

if you change this line:
input color InsideBar;

to this:
input color InsideBar=clrNONE;

it should work

I tried what you said and it still shows black although in the parameters it says none. It doesnt really matter because i can change it to any other color fine so no big deal.
I will give an example of how to use this indicator in a follow up post.

Thanks

This type of anlaysis can be done with the regular MT4 volume indicator but its easier for me to visualize the bars i need to look at with this new, less cluttered indi.

This is a very basic explanation of how i use volume divergence to signal possible trend continuation or reversal.

In a reversal situation the idea is the same. if price is making a higher high but with less interest (volume) then price will almost always pullback and test for buyers or sellers depending on if the trend is up or down. If the trend is up then there will be a pullback and test for sellers. if the trend is down then there will be a pullback and test for buyers. If the interest is low on the pullback then that signals that there is no interest in a reversal. if the interest is high on the pullback then it may signal a possible reversal and at the very least will make me wait and see how the following PA plays out

yes. It may not 100% correct but if you are using one/some of the large (reliable) brokers you will notice that the volume is nearly the same at every broker. So although it may not 100% correct it is something you can work with (see also topics related to "VSA", forumsearch/google )

yes, the volume could be an edge in trading system, the problem lie in Metatrader itself who does not provide the offer side of its volum information. other software does

Mt4 provides TOTAL tick volume. It does not distinguish between bid's and offer's as far as i know but its really irrelevant. As it is provided, MT4 total tick volume is
more than adequate to find out where smart money has interest in price. I for one want to be trading with the smart money.... not against.

I have come to see that after the live market opened that the indicator doesnt update. When it is first installed on the chart it populates all the volume bars properly but after that it is just blank.
Any ideas?

Maybe someone with some more experience with the 600+ OnCalculate function can help here
I don't see where it's going wrong

No problem my friend, i really appreciate all your effort so far.
Hopefully someone else could take a look and see what the problem is.

Thanks again
Bill

I found this indicator elsewhere on FF.