Bear and Bull volume indicator

[Apprentice]

Bear and Bull volume indicator.lua

(7.26 KiB) Downloaded 485 times

[Mountaintrader]

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

[Apprentice]

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

[Apprentice]

Bear_and_Bull_volume_indicator.lua

(30.23 KiB) Downloaded 360 times

[fxlion]

hi apprendice,

can u create a MTF HISTOGRAM INDICATOR based on this indicator

TIME FRAMES: H1,H4,D1


IN H1 TIME FRAME
IF BULL VOLUME > BEAR VOLUME IN H1 TIME FRAME THEN HISTOGRAME CREDIT POINT IS +1
IF BEAR VOLUME > BULL VOLUME IN H1 TIME FRAME THEN HISTOGRAME CREDIT POINT IS -1
OTHER WISE CREDIT POINT IS 0
A= H1 CREDIT POINT

IN H4 TIME FRAME
IF BULL VOLUME > BEAR VOLUME IN H4 TIME FRAME THEN HISTOGRAME CREDIT POINT IS +1
IF BEAR VOLUME > BULL VOLUME IN H4 TIME FRAME THEN HISTOGRAME CREDIT POINT IS -1
OTHER WISE CREDIT POINT IS 0
B=H4 CREDIT POINT

IN D1 TIME FRAME
IF BULL VOLUME > BEAR VOLUME IN D1 TIME FRAME THEN HISTOGRAME CREDIT POINT IS +1
IF BEAR VOLUME > BULL VOLUME IN D1 TIME FRAME THEN HISTOGRAME CREDIT POINT IS -1
OTHER WISE CREDIT POINT IS 0
C=D1 CREDIT POINT


HISTOGRAME VALUE=A+B+C


THANK U

[Apprentice]

We have added your request to the development list.
Development reference 777.

[Apprentice]

MTF Bear and Bull volume Histogram.lua

(8.09 KiB) Downloaded 387 times