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.
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
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/16030
The breakthrough trading system based on the signals of the i-CAiChannel_System_Digit indicator.PFE_HTF
The PFE indicator with the timeframe selection option available in input parameters.