What i meant was that the indicator is too busy, this is just an opinion, it may not give direct false signals, but it gives too many false considerations. i.e. it clouds judgement a lot.
Its a good idea and probably works well on CME or exchanges with priced volume, but i dont know about tick volume. Have a look at the pic below for ordinary volume vs. BETVOL; each new successive daily high on ordinary volume(session start 7am) calls a top nearly to the pip(doesn’t happen everyday of course, but its easier to take seriously).
http://i52.tinypic.com/33pbm2c.pngWhat about an indicator that just painted the volume bar black when it hits a new session high,(with an input to denote session start or period lookback). Then 3 other editable parameters, for 3 defined volume thresholds...say for example green for 200, amber for 400, red for 600?
If you cant, could you even edit BETVOL so that it paints a new colour for new highs(from a definable start point)?...this would also work, as i could just make all the other colous the same!
Cheers
AB