Volume by Direction
For those who love to follow Volume behavior here it is a little indicator that could be used as a replacement for the old and standard MT5 built-in volume indicator. The trick here is that this indicator paints the volume histogram based on the direction of the candle giving to the trader a quick "Heads Up" on what is happening, visually!
It could be used to study and see for instance, the volume and past bars volume during (or, reaching) a peak (Tops and Bottoms).
UP candles are shown in pale Blue and Bright Blue. DOWN candles are shown in pale Red and Bright Red. Dojis are shown in pale White and Bright White. All colors are user-configurable.
Additionally you have the power of 2 more Moving Averages showing you the specific volume of the last N UP and DOWN bars.
Candle by Direction is pretty basic and optimized for speed...
- Volume Type to analyze: Real Volume or Tick Volume.
- Switch the Moving Average over volume: On or Off.
- Switch the Directional Moving Averages: On or Off.
- Period of the Volume moving averages. For the directional moving averages this Period corresponds to the last N bars, i.e., period of 20 represents the last 20 Positive and 20 Negative bars.
If you like this indicator, all I am asking is a little Review (not a Comment, but a REVIEW!)...
This will mean A LOT to me... And this way I can continue to give away Cool Stuff for Free...
With No Strings Attached! Ever!
Live Long and Prosper!;)
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