The VSA Better Volume indicator uses the current tick volume together with the candle range - the spread, comparing them with the previous values, in the default settings these are the last 20 days.
Description of signals:
● red. Large volume + bullish candle with a large spread. The signal appears when an uptrend starts and ends, as well as during correction (pullbacks) in a bear market.
● white. Large volume + bearish candlestick with a large spread. The signal appears at the origin and end of a downtrend, also during correction (pullbacks) in a bull market.
● green. Large volume + candlestick with a small spread. As a rule, it occurs at the end of a trend movement, when the market maker “dumps” his trades to ordinary traders, who will incur losses, since players open their positions at the end of the trend, just before the price reverses, and also at the time of fixing profits on corrections ( in the middle of a trend movement).
● magenta. A group of candles with high volume. Candlesticks have large and small spreads. This signal rarely appears, it usually occurs on a correction (rollback).
● yellow. Small tick volume candles. A common occurrence at the end of a trend and during a correction.
View of the indicator on the chart:
To add and customize this indicator, you need to open the Indicator Settings Window.
Panel – selection of the indicator position on the chart:
- New panel.
Show value – display of the indicator value on the left on the price scale.
Scale – if this option is on, the scale is calculated automatically based on the minimum and maximum values of the indicator to fit the latter in the chart.
Color - color setup of the indicator.
Visual type - visual setup of the indicator display on the chart:
- Up arrow
- Down arrow
- Axis label
Line style – setup of the line display:
Width – width setup for the indicator line.
For Blue, Yellow, Green, White, Magenta, V4 item settings are same.
Period - set indicator's period value.
Lookback period - set lookback period.
Show description of indicator
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