Hi,
Could you explain more what does this indicator measures? How do you interpret the signals?
Thanks
Hi,
Could you explain more what does this indicator measures? How do you interpret the signals?
Thanks
i think it indicates net price change per tick. higher value means more volatile. if there are 2 diferent type of candles(bull or bear), if the bull have higher rate, than it's bullish.
it's important to note when, price nearing any support/resistance you set, and you want to know which is the most probable to happen next, and whether it is going to bounce, or break away from it.
i don't really know much about market, but i think if volatility favors the bull, it means bullish and vice versa
i found this method helps alot when identifying movement, accompanied with any support/resistance(MA, fibonacci, or anything you use that may go along), RSI, and stochastic osc. this will help to confirm.
so don't use this alone.
btw, i find it that most of the time there's one or more trade with very small volume makes it not visible on the indicator. i have a suggestion, which i have tried and it works, since this indicator does not rely on numerical accuracy, which one is more than which is enough, i change how the indicator value calculated. becaus there is a very big range of value. so i log10() the value to decrease the range.
it becomes
if((open[i]-close[i])==0||(high[i]-low[i])==0) { BufferRVR[i]=EMPTY_VALUE; } else { BufferRVR[i]=(tick_volume[i]!=0 ? (InpType==TYPE_OC ? log10(1/(fabs(open[i]-close[i])/(tick_volume[i]*Point()))) : log10(1/((high[i]-low[i])) / (tick_volume[i]*Point()))) : 0);/**/ }
it's a quite nice indicator. actually i've been thinking of writing something like this. since i am really new to mql, that's the only think i can
do now. if anybody have a better suggestion, i'd be very very grateful.
now the only problem is the indicator's value is to small to be
shown by indicator. i don't know how to fix that yet. i'll try to do something about. ^_^

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Range_Volume_Ratio:
Indicator of candlestick size / tick volume ratios.
Author: Scriptor