Hi Dreadblitz, thanks for your sharing and i have been looking for something similar like this. May i know which timeframe works best with this indicator and if we use weekly timeframe, do we need to change any of the parameter? the no 89 refers to 89 candles from when? thanks
Orph5781
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Hi. What’s the difference between blue and red bars? How do u operate each colour? Thanks for sharing this indicator with us all. Regards
ajaycme404
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@Orph5781, The blue bars in the script represent the difference between the current bar's relative volume (calculated by vol) and its 21-period exponential moving average (EMA), which is stored in the hvpm variable.
If the difference between the current bar's relative volume and its EMA is less than 61.8% of the highest difference observed over the past 89 bars, then the bar is colored blue. Otherwise, if the difference is greater than or equal to 61.8% of the highest difference observed over the past 89 bars, then the bar is colored red. If the difference is zero or negative, then the bar is not colored at all.
So, in summary, the blue bars indicate that the current bar's relative volume is less than its 21-period EMA and less than 61.8% of the highest difference observed over the past 89 bars. The red bars indicate that the current bar's relative volume is greater than or equal to its 21-period EMA and greater than or equal to 61.8% of the highest difference observed over the past 89 bars.
Song2019
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Why are 89% and 62%?
Dreadblitz
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@Song2019, hello they are fibo number, I found that they work quite well, regards
AleksHanSolo
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why 4/5 in row 6?
albertoe
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Could you please explain how works the bar's colour?
Thanks!
Dreadblitz
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@albertoe, Hello, this indicator looks for bars with significant average median volume, but only bars with an average median volume greater than 62% of the maximum detected in 89 previous bars will be painted, the detection of this event indicates a relevant supply and demand zone, which can be used as support / resistance, is a good tool for negotiation with price action, greetings
LQ84jki
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@Dreadblitz, what about the bar color? how to read blue and red bars ?