Buy/Sell Pressure Indicator | Forex Factory

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Buy/Sell Pressure Indicator

  • #1
  • First Post: Edited 5:04pm Apr 10, 2016 4:31pm | Edited 5:04pm
Hello Traders. I have an idea for an indicator that is inspired by the weis waves indicator-an improvement of it, if you will. I will post the weis wave indicator @ the bottom of the post with a picture to convey the general idea of the indicator.

This particular indicator, instead of showing TOTAL volume @ the end of a trend like the weis wave, will display Buy & Sell volumes that happened on the price leg SEPARATELY. On the indicator window, the display of Buy/sell wave volumes could occupy either side of the '0' level-with sell volumes for the wave below zero & buy volumes for the wave above zero. If it could have settings adjustment similar to the zigzag, it will be gold!

It could give us an idea of what price will do in s/r zones.

If anyone knows of such an indicator that exists, kindly share it here or please help with the code.

Regards
Annuna
Attached File(s)
File Type: mq4 Weis3.mq4   9 KB | 2,354 downloads

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSDkH1.png Size: 50 KB
  • #2
  • Apr 10, 2016 6:28pm Apr 10, 2016 6:28pm
Quoting dkrock
Like this for each candle? {image} Or like this for an adjustable period? It is more or less just a histogram of the moving average of whatever period you input. {image} I don't know anything about the first one, but the second one repaints quite a bit, depending on your setting. If you set it to 20 for instance, then it will signal buy and sell depending on which side price is on. If it barely crosses up, but the next candle is down, the buy will disappear. Probably not what you want, but some ideas while you are searching. Some brokers have developed...

Thanks, Dkrock. I'm looking for something that looks like the 1st screenshot you posted, instead the display of the buy/sell volumes should be for each price leg instead of individual candles like in your screenshot. As for the period settings, an adjustable zig zag indicator to determine price legs is ideal
  • #3
  • Apr 10, 2016 7:10pm Apr 10, 2016 7:10pm
Quoting dkrock
The mt4 volume initiates from the bottom, so I understand how you want to have a 0 line, but how do you get a volume of 0? Might be hard to configure. I took a look at using two MA's, a 1 SMA, and the second of your choosing. I do not know how that can be any type of signal though. Anyway, I think the 0 thing is going to be hard to do. Good Luck
No. You misunderstand, dkrock. The ZIGZAG is to show the price leg ON THE CHART(as illustrated in the image I posted) the histogram is to show the volumes (buy/sell) for the price leg on the chart, with buy volumes for the particular leg displayed above the zero line(as shoen in the picture) & sell volumes displayed below the zero line.
  • #4
  • Apr 10, 2016 8:07pm Apr 10, 2016 8:07pm
Quoting dkrock
{quote} Okay. I don't think you can track the actual volume because a 0 line would indicate no volume. But, you might try looking at bulls/bears. Here they are overlapping each other. I don't think they can be tagged to a zigzag, but at least you are getting a 0 line. Something to start with maybe? The two indicators can be adjusted by period. In this pic they are 13 periods. {image}
Lol. Dude, you literally just posted an indicator displaying volumes below the zero line
Attached Image
& you're telling me " I don't think you can track the actual volume because a 0 line would indicate no volume"?


Thanks for your indicator recommendations, but I don't think I could find practical use of them.
  • #5
  • Edited 5:47am Apr 11, 2016 3:37am | Edited 5:47am
No problem. I grabbed that indicator as a pic from google to get an idea what you wanted. I do not know the code of it. Didn't try to get it, cause didn't know if it was the right design. So I do not know if it is actually volume, or based on moving averages. The vast majority of indicators are based on moving averages.
You cannot be extraordinary by being normal
  • #6
  • Apr 11, 2016 4:23am Apr 11, 2016 4:23am
http://www.forexfactory.com/showthread.php?t=534363 ?
  • #7
  • Apr 12, 2016 4:03am Apr 12, 2016 4:03am
its really interesting
Success is a Journey Not a Destination....... kind regards ramzam
  • #8
  • Apr 17, 2017 1:23am Apr 17, 2017 1:23am
nice indicator !
  • #9
  • Oct 13, 2017 10:27am Oct 13, 2017 10:27am
it's repainting, isn't it?
  • #10
  • Last Post: Jan 3, 2021 6:19am Jan 3, 2021 6:19am
Quoting Annuna
Hello Traders. I have an idea for an indicator that is inspired by the weis waves indicator-an improvement of it, if you will. I will post the weis wave indicator @ the bottom of the post with a picture to convey the general idea of the indicator. This particular indicator, instead of showing TOTAL volume @ the end of a trend like the weis wave, will display Buy & Sell volumes that happened on the price leg SEPARATELY. On the indicator window, the display of Buy/sell wave volumes could occupy either side of the '0' level-with sell volumes for the...
Hi, i got the same idea, has anyone "managed" to make it live please?
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