Volume based price: not a discount but a new type of applied price

Which applied types of prices do you know? I bet you can remember median, typical, linear weighted prices, and of course more trivial open, close, high, and low. All and every one of them can be useful, but they are limited in the sense, that they are based solely on the price action. But all price movements are driven by an important factor, which is usually hidden on Forex charts or displayed separately from prices. I'm talking about volumes. You can enable them, but they are shown as a total scalar value on every single bar. Yet every bar contains some points where volumes were large and made the price. If you could see these points, you could probably better understand the action.

With EvoLevels indicator you can do that. Just for the simplicity let us assume that only one point with maximal volume per bar is enough. One may say that such point forms a new type of applied price - volume based price. Here is how it looks like.

Please notice how it's apparently different to the conventional price types, such as typical or weighted. I'd say the volume based price preserves (or better yet - discovers) much more underlying information than other types. Of course, you may detect more volume maximums if necessary:

Try it out. Maybe you'll find your support and resistance lines more precisely or eliminate false breakouts? ;-)

BTW, even on Forex you can process simulated pseudo-real volumes instead of tick volumes. And even with tick volumes this brings new dimension to the price analysis.