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Analytical VSA Trader

Indicator based in Volume Spread Analysis (VSA) that draws market reversal signals and provides a market strength scanner to be used as a filter.

Demo Version

  • In the first initialization in a given pair, it'll take a longer time than usual, as Metatrader needs to download data for the background to be computed.
  • In the tester, multitimeframe analysis has to be disabled, and as such the signals from the upper timeframes won't appear and the background will only be computed for the current timeframe.


  • Highly accurate market reversal signals, unmatched by any other indicator in the market
  • Multi-timeframe analysis
  • Market strength (background) scanner
  • Usable in any market and timeframe
  • Can be used as an independent trading system (more information in the website) or in conjunction with other trading systems
  • Fully automatic and complete volume and price analysis
  • Alerts in MetaTrader, by email and push-notifications
  • Strictly non-repainting indicator

About Volume Spread Analysis

VSA is a proven methodology of analyzing financial markets. First developed by Richard D. Wyckoff, one of the most successful Wall Street traders of all time, in the 1900s, and perfected by Tom Williams, during the time he was a syndicate trader for 15 years based in London in the 1960s-1970s. Other very successful Wall Street traders like William O'Neill use it as well. It's based on supply and demand, which governs any market, and not anything else: no technical indicators, no price patterns, just pure price and volume action.

Any business where there is money to be made there are professionals: Art has professional traders, poker has professional players, betting has professional betters, and likewise financial markets have professional traders. Being successful in the markets is all about following the footsteps of the 'sharks' of this game: market operators, pit traders, market-makers, syndicate traders and top professional traders. The purpose of VSA is to show you what the professionals are doing by analyzing the price movements and volumes, and profit with that knowledge!


Supply/Demand Signals

These signals signal a top/bottom in the market or a trend pause. When there are many Major Demand/Demand signals in a price area however, the market is said to be going through an accumulation process, which corresponds to the smart money coming into the market, opening long positions. After the accumulation is finished, which can take from only a few bars to more than a hundred in some cases, depending on the volumes and the previous market behaviour, a bull market can begin. The background, explained ahead, analyzes these factors to determine the market bias. 

Supply/Demand signals from the 2 upper timeframes will also be computed and shown on the current chart, as circles (1 timeframe above) and squares (2 timeframes above). 

Minor Supply/Minor Demand Signals

They're similar to regular Supply/Demand signals, the difference being in the volumes - whereas the stronger signals have very high volumes, these have more modest, yet still significant volumes. Like any other VSA signal, they also signal a market reversal, though they hardly have a lasting effect on the market as the previous ones. 

No Demand/No Supply Signals

The signals explained above show when the smart money is coming into/out of the market, while No Demand/No Supply signals show when they are absent, which is also an important information. But if the market is going up and there isn't professional support, which can be recognized from the volumes and bar formation, it means that the rally will soon fizzle until the prices become more attractive for further buying. Also when a no-demand signal is surpassed by the prices, it becomes a bullish signal, as it means there is demand coming into the market again (vice-versa for no-supply).




The background analyzes the market over the longer perspective, to determine what the professionals and institutional traders (smart money) is doing: accumulating, distributing, buying/selling into dips, taking profits, etc.., taking the volumes, price action and the market trend into account to determine the market strength. It's a prime filter to enter in a trade - long positions should only be taken when the background is strong/very strong, and short positions when it's weak/very weak. 




This is the module to set up the alerts. It offers you the option to alert you by MetaTrader, email and push notifications. These alert you when a VSA signal appears, and with an option to filter signals using the background. For example: if there is a strong signal (dot below the bar), you can select the option that makes Analytical Trader only alert you of this signal if the background is strong as well, thus guaranteeing the trend and the recent market history is bullish as well.


Trading System

A trading system to use with the indicator is provided in the website, under the Trading Guide section. After your purchase, you can send me an email requesting the other indicators that are included in the package with this one, such as the Alert System, Advanced Volumes, Stoploss indicators, and others. Due to the versatility of this indicator, it can also be used with other trading systems.


The indicator manual can be downloaded here. The only required input to change is the GMT offset, when running the indicator for the first time. If your broker's time is GMT+2 for example, you should set the first setting to true and set the offset as 2.


  1. Is Analytical Trader suitable for traders who haven't even heard of Volume Spread Analysis (VSA)?
    Of course! The indicator marks all the important bars, computes the background automatically, so you don't have to worry about how it's done.
  2. What makes this indicator different from many others in the market?
    Place yourself in the position of a trader in a physical exchange: if you saw the majority of traders around you yelling sell orders, or if the other traders suddenly went quiet and no orders were being sent, wouldn't you do something about it? That valuable piece of information would be in the volume, and that's precisely what most indicators out there are missing. Experience in trading is also essential to be able to make an indicator usable in real trading conditions, inserted in a consistent trading system.
  3. How can Analytical Trader help VSA traders?
    It accelerates VSA learning: if there is a VSA bar, this indicator will draw it. By marking every important bar, and telling you how the background is like, is almost like having a teacher at your side teaching you on what you should look for. You can also compare your own analysis to Analytical Trader analysis, which I do very often by the way!
  4. Does it work with tick volumes?
    Yes, tick volume works the same way as real volume as VSA is concerned, as it measures the activity in the market. These are very highly correlated between brokers and to real volumes in futures, giving an accurate picture of the overall market.


I'm Leonardo from Analytical Trader, a graduate in Physics, trading live using volumes and price action for 6 years, with success. I apply my experience in trading and knowledge in Mathematics to develop indicators that do a deep analysis of the markets, and show the real important information that would otherwise be inaccessible to regular traders.


You can contact us with any question or problem by e-mail or Skype (contacts available at my MQL5 profile and website).

Happy Mans World
Happy Mans World 2015.06.29 16:41 

THis is a superior piece of Art,,, and very good support by the developer

BMaia91 2014.12.17 17:33 

Der Benutzer hat keinen Kommentar hinterlassen

litwaldo 2014.12.01 22:30 

very good tool to use... very simple...

aagarcia 2014.11.26 22:18 

What the heck are you talking about karnabt?? Slows down system???? Does nothing of the kind at least I've never experienced any slow down at all. What are you using a Commodore computer?> lol... And then you go off on a mindless rant about the MQ marketplace? You gave me a good laugh but anyways please read my review which I posted on another forex forum. Just for the sake of not typing again...

"Hi all. Just wanted to share with you a strong manual trading system that I have been enjoying for a few months now. I have always believed in the concept of VSA trading but have had difficulty with some of the commercial systems out there like SmartVSA and Tradeguider. There were so many different scenarios and so much going on that I didn't know when to pull the trigger on a trade. Frustrating.

Then I stumbled onto the ForexFactory thread that Leonardo (founder) has and started reading. Finally I found a VSA method that was PRACTICAL. One that I could use in everyday trading and without all the CLUTTER that the other systems have. The charts are straight to the point and the system gives very powerful signals.

I have been trading it on the 15m TF with success but that's just me. Works on ANY timeframe.

You can use it as a stand alone system or in combo with any other system you use. It WILL help. Leo is always helpful and he constantly looks to improve upon it without cluttering the chart or confusing the signal. I prefer this method over traditional indicators as I feel it gets me in quicker and with the TRUE side of the market (the side with the Smart Money).

I have attached a couple of screenshots from my own trading when I started using it and you will see how simple it is.

I encourage you to read more at his site analyticalvsa.com and also make sure you visit his thread in the Commercial section of Forex Factory."

The vendor Leonardo has always been helpful so I thank him for that. Great product and I don't mind saying it. It's shameful that any idiot can come on and smear a vendor with no just cause.

But I digress....Happy Thanksgiving!!!!!!!!!!!!!!!!!!!!!!!!!

To Krapnabt: Just because you're a loser trader don't go around trying to bash good systems. You're the kind that hops from system to system constantly complaining. It's the Indian and not the arrow but I'm sure you don't even know what that means. And what makes you say I know Leo very well? Because I asked for support after I purchased and he replied and has helped?? And the loser stays a loser....

karnabt 2014.11.20 18:53 

Slows down System to halt. Just another s**t in the rubbish pile!!! Do yourselves a favor and save your money and time rather than wasting in it and regretting later. Find and read books instead! I am not sure about this market place either as there is no support/help about any issues after the product is purchased. I honestly believe this is a "RIP OFF PLACE". Stay away people!

When asked for refund this is the reply I got - "Sorry I can't refund, not because I don't want to, but simply because

MQL system doesn't allow me to."

Aagarcia, It's good to hear you are earning your fortune with this system. Also you seem to know Leo very well. All I can say to others is do not get fooled by friends/family giving 5 stars rating to a product.

makmak 2014.10.13 10:54   

A very good tool. I ve been using it as a backround filter in decision zones. I hope the multi-timeframe immediate signal alarms will be implemented so there is no

need to switch beetwen time frames or so one does not miss any signal.

Jean-Sebastien Laurent
Jean-Sebastien Laurent 2014.09.24 17:59 

happy with this, accurate signals !


Sergio.Fiuza 2014.09.08 21:08 

Really nice indicator, I've been making some easy pips using the signals and the background as a filter. The signals are quite accurate and the background is spot on identifying strong or weak markets. Kudos to the author :)

Version 4.25 2015.12.11
- Current timeframe background now comes in a buffer for EA implementation
Version 4.20 2015.09.16
Major update:

- Extended Multi-timeframe signals to include Minor Demand/Supply and No-Demand/No-Supply
- Improved supply/demand detection algorithms in the current and MTF signals. Now more market reversal signals are shown
- Improved Daily+ timeframes optimization: the indicator is now more adaptable to these timeframe’s volume and price behavior
- Improved supply/demand detection in trends
- Improved supply/demand detection during the Asian session
Version 4.11 2015.06.30
- Fixed an alerts bug
Version 4.1 2015.06.22
- Fixed a bug coming from the previous version, that made multi-timeframe signals not show up even when Multitimeframe is set to true.
Version 4.0 2015.06.10
Major update:
- Improved background's algorithm, that made it more responsive to a trend change, and to trend corrections.
- Added more demand/supply signals that happen during market trends
- The indicator can now be used without limitations in the strategy tester, using Multitimeframe = false
Version 3.81 2015.05.27
- Fixed a bug that made the background be incorrectly updated.
- It's now easier to integrate the indicator with custom indicators/expert advisors, by the use of buffers.
Version 3.80 2015.04.23
- Extended the signals to include more Supply and Demand bars, while maintaining their accuracy in signaling market reversals.
- It is now possible to filter signals alerts with background for the current timeframe’s signals.
- In the Alerts module, it is now possible to choose what kind of signals will set off the alerts.
- Fixed a background bug that showed a wrong background in some instances.
Version 3.65 2015.02.16
- Changed the way of setting the GMT offset
Version 3.5 2015.01.09
- Removed GMT Offset text
Version 3.4 2015.01.06
- Fixed an initialization bug that made the GMT offset be wrongly calculated.
- Fixed an alerts bug, in which some alerts weren't being set off.
Version 3.1 2014.12.04
Major update with the following changes:
- Minor no-demand and minor no-supply signals added. These are related with the existing no-demand/no-supply signals, but are usually not as strong.
- No-demand/no-supply signals accuracy improved.
- Minor demand and minor supply signals accuracy improved.
- Analytical Trader is now more adaptable to different market conditions (low volumes and high volumes scenarios)
Version 3.0 2014.11.21
- Minor Supply and Minor Demand signals are now drawn. These appear with more frequency than the old ones, but have been perfected to be highly accurate in the same way.
Version 2.5 2014.11.19
- Added minor demand and minor supply signals, and also an option to activate/deactivate them
- Fixed an initialization bug when many charts were open
Version 2.4 2014.10.31
Double alert bug fixed.
Version 2.3 2014.10.24
Fixed a bug where Analytical Trader was giving double alerts
Version 2.2 2014.10.13
- Bar alerts extended to every timeframe in the same chart.
- Added filtering options for alerts.
Version 2.1 2014.10.02
Performance optimizations
Version 2.0 2014.09.29
Fixed some bugs
Version 1.9 2014.09.23
Corrected an initialization bug.
Added push notifications.
Version 1.8 2014.09.22
Improved stability.
Version 1.7 2014.09.16
Added bar alerts (MetaTrader alerts and email options).
Version 1.6 2014.09.11
Added performance options.
Version 1.5 2014.09.09
Improved background accuracy.
Version 1.4 2014.09.05
Fixed minor bugs drawing the bars.
Bug corrected in the background module; it was being wrongly calculated in some occasions.
Version 1.2 2014.08.28
Stabler and faster version.
Version 1.1 2014.08.27
Added description for DGMT setting.