*Sourced code from Volume Flow v3 by oh92 for Bull\Bear volume flow calculations. Thank you so much for your engineering skills!
This indicator integrates the Ma-over-MA crossover strategy in oh92's V3 DepthHouse calculation with a volume-over-MA calculation to further narrow down "Areas of Interest" levels for a potential re-test zone to the right of the chart.
I added a Moving Average calculation for a multi-level cloud and further broke down more conditions to highlight both volume flow crossover on the High and Extreme High MA's and also high and extreme high volume spikes on set period average without bull\bear conditions. Original Bull/Bear Spikes are still viewable although that was the only plot from oh92's script that was integrated.
Session backgrounds set for research purposes.
Please note: Setting MA Cloud to "None" will remove all plots calculated with the MA Cloud from the chart entirely. Turn off visuals in the Style tab.
Notas de prensa
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= Updated to color the candles that the volume spike happens on with the color of the spike. Colors in style menu can be changed or turned off.
Can someone tell me how we can use the clouds and interpret whats happening? Does it indicate any confirmations if the bars are in yellow or red? And guidelines here to use this indicator? How are we supposed to know the functionality of this indicator?
Other people commented that this is very useful. If they could show us some light, it would be helpful for others as well who reads the comments here.
Thanks
goofoffgoose
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@yashwanthbooragadda, I assume you have changed the colors for the bars if you are seeing them in yellow or red as that is not the default setting. The cloud is based on a Moving Average that is set to volume flow, so if it breaks the cloud, the volume is exceeding the average volume over the length of time set in the inputs for the MA. The lower into the cloud the volume prints are, the less consequential the volume flow is to price movement. The candle colors were added as an option to help users visualize high interest in real time and to mark up areas of interest on their chart where there was extreme volume and/or high bear/bull interest in price. The users that find the indicator useful and understand its functionality tend to be knowledgeable in volume flow and use it in their analysis to pinpoint levels and zones on the chart to look for entry/exit/reversal opportunities that coincide with the confluence of other indicators. By no means is this a stand alone indicator. High bull/bear bars can indicates a small number of things, examples being a bias expectation of price movement, buyer/sellers defending their position or being liquidated from their position. Many times you may see multiple bull/bear spikes within a zone defined by non-bias extreme volume. Though this may not be a time to take a position, paying attention to the winning side within that zone can give an idea of what side of the trade would be favorable if you choose to participate, and where in that zone would be an good entry based on your risk tolerance and potentially minimize that risk. I hope this helps you or other newcomers to understand a bit about how some traders use the element of volume along with other data points to refine their trading style edge.
ICT_Made
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@yashwanthbooragadda, You have to study price action/ range of the candle during certain volume, I use the clouds as green average selling/buying yellow above average red extreme, not sure if thats the way they are ment to be used but thats how i use it to my understanding. I also changed all of my sell volume to yellow, orange, red, and buying volume different shades of green, o yea i changed the cloud colors lower cloud green for average volume, center cloud yellow for above average volume, and red for extreme volume, if you want to learn more youtube how to use vsa and watch different videos.
goofoffgoose
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@TheRealMrDowJones, Aesthetics is a personal preference. I have a hard time with the color red so I use a lot of teal and purple for my set indicators. You will see those colors a lot in my published work. I only use red when I'm not sure if I want to keep something on my chart because it gives me the incentive to evaluate that data sooner rather then later and keep my chart clean. I'm neurotic that way.
Lokey707
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what are the best settings for trading options with this indicator?
Gesito
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The Volume indicator I've come across is nothing short of exceptional. Its meticulously designed functionalities and performance in assessing trading volumes are truly remarkable. The seamless and efficient manner in which it operates deserves commendation. My heartfelt appreciation goes out to you for your invaluable contribution in providing such a powerful and effective tool that significantly enhances the analysis and decision-making process. Thank you immensely for the incredible efficacy of this Volume indicator; it has undoubtedly exceeded expectations and proven to be an invaluable asset.
duronic12
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Thanks so much for this 🙏 Love your work 😎
I copied the script and added alerts. If anyone wishes to do the same, just add the code below to the bottom of the script:
// Alert Conditions alertcondition(vol_high or vol_ext , title="Extreme Bull Volume Spike Alert", message="No Bias Spike Alert") alertcondition(gsig or gsig_high or gsig_ext, title="Bull Volume Spike Alert", message="Bull Bias Spike Alert") alertcondition(rsig or rsig_high or rsig_ext, title="Bear Volume Spike Alert", message="Bear Bias Spike Alert")
// Alert Condition for All Volume Spikes alertcondition((vol_high or vol_ext or gsig or gsig_high or gsig_ext or rsig or rsig_high or rsig_ext), title="Volume Spike Alert", message="Volume Spike Detected")
QEVTA
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Hello, I am testing this indicator but there is something I don't understand. In the "style" tab, in the 6 bar color options, the first four correspond to buy and sell candles, but the last two do not, what do these last two bar colors indicate?
kharish5
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Thanks for the indicator
yunusmadhi
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Hi. This is a great indicator, I must say. Well Done. Can you advise how I can add alerts ?
Other people commented that this is very useful. If they could show us some light, it would be helpful for others as well who reads the comments here.
Thanks