Bear and Bull volume indicator

Here you can post and download custom indicators. PLEASE: Do not start topics unless you are posting your own indicator, they will be moved to appropriate section even if you do.

Moderator: admin


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

Regards
MT
Attachments
Bear Bulls Vol with Divergent Price Action.png
User avatar
Mountaintrader
 
Posts: 54
Joined: Fri Dec 18, 2015 9:52 pm
Location: Panama

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.
User avatar
Apprentice
FXCodeBase: Confirmed User
 
Posts: 32037
Joined: Thu Dec 31, 2009 11:59 am
Location: Zagreb, Croatia


Return to Custom Indicators

Who is online

Users browsing this forum: Bing [Bot], Google [Bot] and 12 guests