Mayfair Volume Stochastic 1.0

This indicator takes some of the simple tools such as RSI and Stochastic, and provides information of the macro picture for both trending and non-trending markets;

The Relative Strength Index part of the indicator is standard and is used in technical analysis that ranges between zero and one (or zero and 100 on some charting platforms.
This indicator has the ability to change between multiple settings; Elders Force Index, Money Flow Index, On Balance Volume & Price Volume Trend.

The Stochastic part is measuring not only the conventional Stochastic K – but also the accumulation/distribution and this is used with the volume bars at the bottom.

All are uniquely combined to give “False bar” signals when certain criteria is met – this is visualised by the Green turning Red on the upper and lower boundaries of the indicator. When Red, the trend is false, when green the trend is trending.

It’s a unique view of the market, confirmation of trend (false or not) inclusive of the volume profile across the bottom. Colour set to Red (Bearish), Green (Bullish) and Grey is undecisive volume.

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This version adds a Weis Wave function. users can choose between Volume and Price displays by switching the setting Renko Assignment method from ATR to Traditional.

You can also switch the standard volume deviation and the Weis Wave displays on and off to de-clutter the display.

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Removed drawings on chart.

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The link was wrong, so updated