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The Better Volume Indicator

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Tanaka View Drop Down
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Post Options Post Options   Quote Tanaka Quote  Post ReplyReply Direct Link To This Post Topic: The Better Volume Indicator
    Posted: 22 Mar 2011 at 1:11am

There is a very good volume indicator called the "The Better Volume Indicator". Information can be found at http://emini-watch.com/free-stuff/volume-indicator/

The example in the link which I have pasted below is written for TradeStation. I have searched the net for hours trying to find a Metastock code but can't. Does anyone know if this can be coded for Bullcharts?


Inputs: LowVol(True), ClimaxUp(True), ClimaxDown(True), Churn(True)…

Variables: BarColor(Cyan);

 

BarColor = Color;

 

If BarType > 1 or UseUpTicks = False then begin

If C > O and Range <> 0 then Value1 = (Range/

(2*Range+O-C))*UpTicks;

If C < O and Range <> 0 then Value1 = ((Range+C-O)

(2*Range+C-O))*UpTicks;

If C = O then Value1 = 0.5*UpTicks;

Value2 = UpTicks-Value1;

End;

 

If BarType <= 1 and UseUpTicks then begin

Value1 = UpTicks;

Value2 = DownTicks;

End;

 

Value3 = AbsValue(Value1+Value2);

Value4 = Value1*Range;

Value5 = (Value1-Value2)*Range;

Value6 = Value2*Range;

Value7 = (Value2-Value1)*Range;

If Range <> 0 then begin

Value8 = Value1/Range;

Value9 = (Value1-Value2)/Range;

Value10 = Value2/Range;

Value11 = (Value2-Value1)/Range;

Value12 = Value3/Range;

End;

 

Etc.


Thanks in advance,


Tanaka

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maximo View Drop Down
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Post Options Post Options   Quote maximo Quote  Post ReplyReply Direct Link To This Post Posted: 22 Mar 2011 at 4:28pm
That appears to be only part of the indicator for tick bars, coloured Cyan.
 
Here is the full Better Volume Indicator from their site, recoded in Bullscript.
 
Enjoy!
 

[description="Better Volume Indicator - http://emini-watch.com/free-stuff/volume-indicator/"]

Range := High - Low;

Value1 := Volume;

Value2 := Volume*Range;

Value3 := If(Range<>0,Volume/Range,0);

ma(Value1,100,S);

[linestyle=Grounded Bar; width=4]

[Color=Cyan] { Normal bars }

Volume;

[Color=Gold] { Low volume bars }

If(Value1 = Lowest(Value1,20),V,undefined);

[Color=Red] { Volume climax bars }

If(Value2 = Highest(Value2,20),V,undefined);

[Color=Lime Green] { High churn bars }

If(Value3 = Highest(Value3,20),V,undefined);

[Color=Magenta] { Climax & High churn bars }

If(Value2 = Highest(Value2,20) and Value3 = Highest(Value3,20),V,undefined);

[Color=Coral] { Low churn bars }

If(Value3 = Lowest(Value3,20),V,undefined)

 



Edited by maximo - 22 Mar 2011 at 4:46pm
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Tanaka View Drop Down
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Post Options Post Options   Quote Tanaka Quote  Post ReplyReply Direct Link To This Post Posted: 22 Mar 2011 at 8:38pm

Maximo! You are starting to make me feel guilty for not knowing how to code.  You are to my rescue once again, and I’m very grateful. If you’re ever down Geelong way I owe you some beers!

The indicator is wonderful as usual! Thumbs Up

Tanaka

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Niftyg View Drop Down
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Post Options Post Options   Quote Niftyg Quote  Post ReplyReply Direct Link To This Post Posted: 23 Mar 2011 at 1:29pm
Hi Max,
 
Firstly I would just like to thank you for sharing your expertise and BullCharts coding. I have been a bullcharts user for a number of years now and look at this forum frequently to see if you have posted.  I'm afraid coding has me mostly beat.
 
I have looked at this indicator you have kindly provided/re-coded and I think it may assist me in my trading.
 
Having looked at the web site noted in the indicator, I was wondering if you could please add in that the volume climax up bar (colour red) should only appear on a bar when the close is higher than the open and the volume climax down bar (colour gold) should only appear when the close is lower than the open. This would then I think better reflect the indicator described on the web site.
 
Many thanks
 
 
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Tanaka View Drop Down
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Post Options Post Options   Quote Tanaka Quote  Post ReplyReply Direct Link To This Post Posted: 23 Mar 2011 at 1:41pm
Originally posted by maximo

That appears to be only part of the indicator for tick bars, coloured Cyan.
 
Here is the full Better Volume Indicator from their site, recoded in Bullscript.
 
Enjoy!

 


Sorry to disturb you again Maximo, I was trying to use this indictor to scan, but it can't produce any signals. Can this be done?

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Tanaka View Drop Down
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Post Options Post Options   Quote Tanaka Quote  Post ReplyReply Direct Link To This Post Posted: 23 Mar 2011 at 1:49pm
Originally posted by Niftyg


Having looked at the web site noted in the indicator, I was wondering if you could please add in that the volume climax up bar (colour red) should only appear on a bar when the close is higher than the open and the volume climax down bar (colour gold) should only appear when the close is lower than the open. This would then I think better reflect the indicator described on the web site.
 

You're right Niftyg. Good picking up on that! Clap
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maximo View Drop Down
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Post Options Post Options   Quote maximo Quote  Post ReplyReply Direct Link To This Post Posted: 23 Mar 2011 at 7:49pm
Good work Nifty, those changes made appear to be better signals.
 
Tanaka, the colours need to be assigned to variables for a scan to
pick them up.  Should be okay now.
 
Good trading guys!
 
 

[description="Better Volume Indicator - http://emini-watch.com/free-stuff/volume-indicator/"]

Range := High - Low;

Value1 := Volume;

Value2 := Volume*Range;

Value3 := If(Range<>0,Volume/Range,0);

ma(Value1,100,S);

[linestyle=Grounded Bar; width=4]

[Color=Cyan] { Normal bars }

Volume;

[Color=Gold] { High volume bars }

GoldBar:=If(Value1 = Highest(Value1,20) and Close > Open,V,undefined);

GoldBar;

[Color=Red] { Volume climax bars }

RedBar:=If(Value2 = Highest(Value2,20) and Close < Open,V,undefined);

RedBar;

[Color=Lime Green] { High churn bars }

GreenBar:=If(Value3 = Highest(Value3,20),V,undefined);

GreenBar;

[Color=Magenta] { Climax & High churn bars }

MagentaBar:=If(Value2 = Highest(Value2,20) and Value3 = Highest(Value3,20),V,undefined);

MagentaBar;

[Color=Coral] { Low churn bars }

OrangeBar:=If(Value3 = Lowest(Value3,20),V,undefined);

OrangeBar;

 


Edited by maximo - 23 Mar 2011 at 7:50pm
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Niftyg View Drop Down
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Post Options Post Options   Quote Niftyg Quote  Post ReplyReply Direct Link To This Post Posted: 24 Mar 2011 at 10:11am
Hi Max and Tanaka,
 
Thanks for the re-coding Max Clap, however one small correction needs to be made. You just need to switch the < and > around for the red and gold bars. The red bar, the Close < Open, should read close > open and the gold bar should be Close < Open.
 
I have already changed it on my indicator (I can manage minor editing), just wanted to bring it to your and other readers attention.
 
Thanks Tanaka for bringing the indicator to my notice.Big smile
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Tanaka View Drop Down
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Post Options Post Options   Quote Tanaka Quote  Post ReplyReply Direct Link To This Post Posted: 24 Mar 2011 at 11:57am
Originally posted by Niftyg

Hi Max and Tanaka,
 
Thanks for the re-coding Max Clap, however one small correction needs to be made. You just need to switch the < and > around for the red and gold bars. The red bar, the Close < Open, should read close > open and the gold bar should be Close < Open.
 
I have already changed it on my indicator (I can manage minor editing), just wanted to bring it to your and other readers attention.
 
Thanks Tanaka for bringing the indicator to my notice.Big smile


Right once again Niftyg! I have made the changes. Once again thank you Max for your coding and thank you Niftyg for your diligence.

I have already found the indicator quickens up my analysis of volume/price action. I think I might even play around with the standard 20 bar look back to see if there are more optimal settings even though at first glance 20 bars looks sufficient.

I don’t want to bother Max anymore, he has been too kind! so does anyone know what I am doing wrong? I just want to set up my scan so that it finds EOD results from this indicator, when I put the first value to compare in BullScans as Better Volume Indicator (result 3) is true, I get an error message ‘The condition type you have selected may not be used with the type of first value’.

Happy trading everyone! Smile


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Post Options Post Options   Quote Niftyg Quote  Post ReplyReply Direct Link To This Post Posted: 24 Mar 2011 at 12:49pm
Hi Tanaka,
 
I think I might be able to answer that for you. Try using "is defined" instead of true.
 
Regards
 
Nifty
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