This is a useful conjunction of volume and volatility together in one script, so I named it a blended name! It can show the diagram of:
- Volume - Volume Variation (Volume - Past Volume) - Volume Density (Volume / (High - Low)) - Volatility in combination with the aforesaid ones
It also offers two concepts of bar colorizing, by using the size of the bars or by applying volatility from a higher time frame (HTF). The option "Absolute Bar Values" is included for the ones who like to see all bars positive above the zero line!
Feel free to use the script and send me your opinions. Thanks.
what part of the indicator displays volume in the market?
informanerd
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@siraaran, in the indicator settings, select "Volume" as Bars Source. That's pure volume.
dannithetrader
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How to use this ?
informanerd
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@dannithetrader, You could use it as a normal volume indicator, but ignore the size of the pale bars cause they are less effective. Change the indicator settings as you like and find the best setting that suits you.
Falcon_Trader_1
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This can be a very useful trading indicator if there were more possibilities of adding alerts based on better data points. E.g. Alert when Volatilium price is more than 234567899 but there is no scope to add another Volatilium price data point, may be you can add some lines, like a bottom and top that can be added as input and then alerts can be used based on that.
For futures trading this can be a good tool with a stop loss that can be added based on % movements in price or if Volatilum price is less than threshold or bottom line.
It should be alert friendly indicator so that bots can be used. Great work!
informanerd
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@Falcon_Trader_1, Thanks a lot for your suggestion. I'd like to do that very soon.