This indicator draws a PVA (Price-Volume Analysis) volumes histogram or a standard volumes histogram in the first chart subwindow. An alert option signals when a "Climax" situation exists. Specific details follow.
The PVA Volumes Histogram
This indicator creates PVA Volumes to be used together with the PVA Candles indicator. Special colors are used for candles and corresponding volume bars when notable situations occur involving price and volume, hence PVA (Price-Volume Analysis). The criteria for the special colors used are as follows.
Bars with volume >= 200% of the average volume of the 10 previous chart TFs, and bars where the product of candle spread x candle volume is >= the highest for the 10 previous chart time TFs.
Default Colors:
Bull bars are green and bear bars are red.
Situation "Volume Rising Above Average"
Bars with volume >= 150% of the average volume of the 10 previous chart TFs.
Default Colors: Bull bars are blue and bear are blue-violet.
PVA Color Options -
There are three PVA color options provided....
1. Simple: Use this option for a simple PVA two color display based on Climax only
situations (an option allows you to include "Rising" volume). You can change any
color. To start, a shade of blue/red are input for the PVA bull/bear bars.
2. Standard: Use this option for the 4-color PVA display where you can change any
color. To start, the traditional PVA colors are input.
3. Default: There are no inputs. The hard coded traditional PVA colors display.
These color options help traders suffering from color blindness by enabling them to choose the colors that work best for them. Of course, there are many other reasons that some traders might wish to choose colors differing from the traditional colors. And, it is easy to return anytime to the default traditional PVA color display.
This indicator includes a sound-text alert that triggers once per TF at the first qualification of the TF bar as a "Climax" situation. Set "Alert_On" to "true" to activate the alert. Enter your "Broker_Name_In_Alert" to avoid confusion if simultaneously using multiple platforms. If also using the PVA Candles indicator, be sure the two alert inputs in that indicator are set to "false".
The Standard Volumes Display -
A normal volume histogram is displayed in the single color selected. However, you can highlight Climax situations with wider bars and utilize the Alert.
Strategy
On high volume candle, once its closed, traget previous candle´s high or low. Use higher timeframes.
