ForexPipCheats

PVA Candles and Volume

© ForexPipCheats and iceicebaby_

This indicator is coded to run on Trading View which was originally created by traderathome (TAH), qFish, and all other respective contributors for the mt4 version.
It creates standard PVA candlesticks and volumes based on Price Volume Support Resistance Analysis (PVSRA)
Special colours are used demote candles and corresponding volume bars where special situations occur involving price and volume
Hence PVA (Price-Volume Analysis).

The special situations or requirements for the colours are as follows:

Situation "Climax"
Bars with volume >= 200% of the average volume of the 10 most recent previous candles in the current TF, and bars where the product of candle spread x candle volume is >= the highest for the 10 most recent previous candles in the current TF. Bull bars are green and bear bars are red.

Situation "Volume Rising Above Average"
Bars with volume >=150% of the average volume of the 10 most recent previous candles in the TFs. Bull bars are blue and bear are blue-violet

**Important**
Please note that this indicator is a form of market analysis and not a trading method.
You are recommended to use this indicator with the Dragon and Trend indicator to guide your trading entry. You can find it in my profile.
The volume colours may not be the same if you compared it with mt4 as the broker you are using might differ.


Chat Display Settings
Make the necessary adjustments to your main chart in order for your indicator to display correctly.
1. Change the candle body and outline's transparency to 100%
2. Change the candle wick to silver /light grey for bull and dark grey for bear

Colour Settings
Note that the default colours are based on the colours of the PVA Volumes trading guide.
It is recommended to keep it default but please feel free to change it however you like.

Bull Volume Climax - Green
Bull Rising Volume - Blue
Bull Normal Volume - Silver / Light Grey

Bear Volume Climax - Red
Bear Rising Volume - Bear
Bear Normal Volume - Dark Grey

Alert Settings
This indicator comes with a custom alert setting whenever a Rising Volume or Volume climax condition is fulfilled. However, it does not trigger automatically and you are required to manually set the duration before it can be initialized.
1. Create an alert on your desired currency pairing by selecting "Apply PVA Alert"
2. Set alert per bar and change the alert setting duration to unlimited if possible
3. You are recommended to set multiple alerts on various TFs if possible ( M1 , M5, H1, H4, D1)
4. Remember to replace {Edit TF} in the alert message with the TF you have created the alert on.

This script will include additional SR and Daily Range indicator in the future, hopefully.

Comment if you have any questions
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Comments

Thanks for converting this wonderful indicator .
Reply
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