Volume is important.
Volume is VERY important.
But all the existing methods of volume analysis and order flow analysis fall into the same trap: they're all extremely complicated, hard to learn, and difficult for the human brain to distill down to an actual, tradable signal.
The Relative Volume Gradient Paintbars indicator seeks to address this issue by reducing...
Real price movement vs. expectation based on volume. Useful for evaluating price/volume relationship and drawing insight.
The blue line is real % price movement. The background columns represent the expected % price movement based on the volume of that candle.
Similar to Ease of Movement in concept, but more appropriate for studying price action bar by bar....
Just like the standard Stochastic RSI, this is a MFI(Money Flow) version.
The MFI is a Volume Weighted RSI and so this indicator will give that dimension to your technical analysis.
It also includes a "midway" line that can be altered if need be.
// Created 2018 - by @Squiggles#8806
// LTC Tip Jar: LX4bUBdjiRPsagUbZoAczSGgDC4YqTJL7w
