Overcalculated Volume indicator

[nht]

Hi,

I would like to share with you indicator which I was able to create (I'm not a coder )
It’s based on other indicators and it’s basically just a sum of them. Indicators which were used : Volume, Accumulation Distribution, Money Flow Index, On Balance Volume.

During tests I found that values of this indicator can be up to millions, so I introduced VolDivisor – (b) in inputs window, to lower these huge numbers. Additional restriction is VolMaxLimit – (c) in inputs window, which deals with spikes caused by quotes errors.

UniqueNumber – (a) in inputs window, is used for arrows creation on main chart window; purpose - prevent conflicts with objects from other indicators. Arrows are shown when indicator value is [greater] or [smaller] then indicator both MA’s. Arrows will appear only when MA’s are visible.

At first I didn’t expect much but visual backtest show some interesting things.
In short we are looking for 3 situations :
- Very low value (marked on attached picture as – 1, 3, 5 )
- Spikes ( 2, 4 )
- Flat regions ( 6 )
In each situation price reacted quite nicely. Of course I didn’t discover anything new but this is much more than pure Volume shown on chart window.

Currently I’m trying to exploit this indicator info in Bob’s 10.4 strategy, ie. confirmation for countertrend trades, but it’s too soon to came with “bullet proof” plan.

Hope you like it, and it will be useful.

Best regards
nht

[mjws00]

Looks interesting. Thanks for sharing.

[SWG123]

During tests I found that values of this indicator can be up to millions, so I introduced VolDivisor – (b) in inputs window, to lower these huge numbers.

Maybe to overcome this can MQL use logarithmic values? Just a thought - I'm not a coder so just ignore me if I'm talking total cr@p.

[lazypips]

Very good indi.
I've tested it on a M1 EU chart, set the MFI period to 60 and let the other settings to default. As such, the signals are good; but i get an issue after a while: the drawing stop after about an hour . Sadly there is no warning/error writen and cant see what is wrong when i glance at the code.

Looking deeper at the code, i cant see how the arrays are managed: seems missing either to be resized or set as series.
Hope it got a skilled coder attention, because that indi is usefull (when it works).

[AnotherBrian]

It seems to pick off some good buys when the indi hits the bottom.
The other signals (spike and flat) are more subjective.
Possibly useful during active hours with buys only and tight stops under the demand zone that price is reacting too.
I'll keep my eye on this on a live demo and put some manual orders in. I might also put it up while I'm scalping to see if it can forecast. It doesn't hit bottom very often so an email alert would be a nice addition running it on an hourly chart (giving us time to get to the trading desk)

[ellcz]

Very nice indicator. Maybe it can be good for my strategy. o.O Thanks i will give a try.

[emiko]

Thanks for sharing it look great.