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2016.10.10 15:39
Indicators

Normalized_Volume_Oscillator - indicator for MetaTrader 5

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814
Rating:
votes: 11

Real author:

Vadim Shumiloff

The indicator is the development of the idea of using the Normalized Volume.

First, the normalized volume values are now expressed as a percentage of the average value for the period. Consequently, the data on the chart can now take negative values, which means a lull in the market.

Another useful addition is coloring of the histogram columns depending on the value of the normalized volume.

  • Gray color means that the current volume is less than the average for the period;
  • Blue color means a small excess of the volume compared to the average for the period;
  • Brown color means that the increase in volume has exceeded the 38,2% Fibo level compared to the average for the period;
  • Red color means that the increase in volume has exceeded the 61,8% Fibo level compared to the average for the period;
  • Yellow color (red in the figure below, so as not to blend with the background) means that the increase in volume has exceeded the 100% level compared to the average for the period.

Originally this indicator has been written in MQL4 and was first published in the Code Base on 19.06.2008.

Fig.1. The Normalized_Volume_Oscillator indicator

Fig.1. The Normalized_Volume_Oscillator indicator

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/16030

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