This volume indicator is intended to be used for the Wyckoff strategy. Green volume bar indicates last price close above close 10 days ago together with volume larger than 2 * SMA(volume, 20) Blue volume bar indicates last price close above close 10 days ago together with volume less than 2 * SMA(volume, 20) Orange volume bar indicates last price close lower than close 10 days ago together with volume less than 2 * SMA(volume, 20) Red volume bar indicates last price close lower than close 10 days ago together with volume larger than 2 * SMA(volume, 20)
The main purpose is to have green bars with a buying climax and red bars with a selling climax. Three variables can be changed by simply pressing the settings button. How many days back the closing price is compared to. Now 10 days. How many times the SMA(volume) is multiplied by. Now times 2. How many days the SMA(volume) consists by. Now 20 days.
does it work for 1 hour chart? because apparently it is days that he compares
thanks!
SnafuManila
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@sercho40, I think it's about bars, not days. So in 1H interval, its 10H back.
grater
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Nice and simple indicator. Very effective for intraday divergence.
tripplea22
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I think this is really good and does help identify buying climaxes and selling climaxes. Thanks for uploading.
quentt
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Nice work ! Could it be possible to add a selected timeframe in the script ?
purePython6772
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Amazing, very like) is it possible to upgrade it to find climaxes and make signal for buy or sell ? Would be superior strategy for bots. My fav tf is 5 min on btcusdt