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Trading Vol Index
Trading Vol Index shows the volume of Buying and Selling trades on the current bar or on average of specific number of last bars as you want . Both volumes are shown simultaneously with green index and red index colors for Buying and Selling trading volumes respectively.
Notice: This indicator Works on any timeframe and any pair of currencies
It is the same like Trading Volume Indicator. It has the same idea and calculations, but the difference is the presentation as it is shown in screenshots. As this indicator is represented by indexes it is easier to revise the elapsed data and easier to use in different strategies and Expert Advisors. And it gives obvious signals of trend.
It is considered to be the second version of Trading Volume Indicator
There are three ways of calculations to be made (you can select your suitable way from inputs)
- First: if you choose (CalculationBy = BidRatio)
The indicator calculates Buying and Selling volumes Based on Bid Price (Close Price)
Means that Bulls = Bid Price - Low Price
Bears = High Price – Bid Price
- Second: if you choose (CalculationBy = OpenRatio)
The indicator calculates Buying and Selling volumes based on Open Price
Means that Bulls = High Price - Open Price
Bears = Open Price – Low Price
- Third: if you choose (CalculationBy = BodyRatio)
The indicator calculates Buying and Selling volumes based on
The candle body length divided on total candle length with respect to its direction
- First Parameter (CalculationBy) Explained above in detail.
- Second Parameter (InpPeriod) it indicates to the number of bars to calculate their average by indicator. If you want to apply indicator on the current bar only enter (0).
This indicator looks much like the ADX indicator but with filtered signals due to the new calculation way. With this indicator you can trade on crossing of two indexes
The best parameters in my opinion are set as the default inputs of indicator. They give the best signals
Notice: it is advised to use this indicator with any other indicator to know the market flow (as ATR indicator, which trades made above 0.001 point from frame 15 minutes and higher frames).