Bear and Bull volume indicator

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Re: Bear and Bull volume indicator

Postby Mountaintrader » Mon Jul 18, 2022 11:52 pm

Hi Apprentice,

Studying this indicator, I find the sum of the Bearish and Bullish volume values of most closed Bearish candles is generally of a negative value, and its closing price normally below its open price.

However the screenshot shows four closed BEARISH m5 candles labeled 1,2,3 &4 The sum of the numerical Bearish and Bullish volume value of these four candles is greater than +1

Example - Bearish Price Action Candle Labeled No1 at time stamp 09:10:
Bullish volume value is +958.8
Bearish volume value is -700.24
Total +258.56 (Positive)

So candle No1 could be described as having Bearish Price Action with Positive Volume Action. The same goes for the candles labeled 2,3 & 4

Could the .Lua Bear and Bull Indicator be adapted to provide a chart indication (RGB horizontal line or Arrow) and sound files to play when the candle Price action closes:
1) BEARISH but the sum of the Bear/Bull volume is GREATER than +1 ?
2) BULLISH but the sum of the Bear/Bull volume is LESS than -1 ?

Thank you

Bear Bulls Vol with Divergent Price Action.png
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Re: Bear and Bull volume indicator

Postby Apprentice » Wed Jul 20, 2022 7:14 am

We have added your request to the development list.
Development reference 434.
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