A simple indicator that shows volume expansion and contraction of a trend through colorization of the candles. It indicates the underlying volume support of a trend. This indicator might come in handy for any Elliott Wave analyst trying to incorporate volume into his analysis.
Some pointers on how to use this indicator. Consecutive red candles indicate that the trend is strong (both up or down). In a trending market blue candles should always be corrective. In lower degree a corrective structure should be visible within those blue candles. This indicates a healthy trend and there is a higher probability that the higher degree trend is likely to continue.
But when a market trends with consecutive blue candles, that could be interpreted as a sign of weakness.This could also be a fake out or a squeeze.
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Could you be a little more specific on how this could be used?
But when a market trends with consecutive blue candles, that could be interpreted as a sign of weakness.This could also be a fake out or a squeeze.