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Help needed to create a SM Volume indicator
https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=3311		 Page 2 of 2
Author:  schmurex [ Sun Dec 15, 2013 9:44 am ]
Post subject:  Re: Help needed to create a SM Volume indicator
Tim wrote:
schmurex wrote:Ok,
problem solved!
Thanks to all the people who offered their generous help.
here it is:
SMTracks.mq4
I'm going to test it and improve it as needed.
If you find it of any interest, please give me some feed back
Cheers
J-L
Thanks a lot, schmurex.

Can you please explain your indi and how to use it?

Regards


SMTracks.png
Tim

Hi Tim,
if you look at the 1st post you can see how I overlay the spread indicator on the volume indicator.
SMTracks does just that.
If you enable "ShowNormSpreadVol=true" in the input you get exactly the same picture except that the value are normalized and the level of intersection of the spread line with the volume stays fixed when you scroll the window. The main histogram (Magenta and blue) shows the difference of volume with spread.
Quickly eyeballing a chart, I have noticed bars up to 3 times up and 7 time down the average relationship of volume to spread.
Stop hunt and news spikes are also interesting to look at in this regard.
Too much volume means there is probably a lot of selling in a bullish bar and vice versa.
Huge spread compared to the amount of volume might mean that SM is marking up or down in order to offload their long/short positions accumulated before when they were trying to buy/sell without moving the market against themselves by the sheer size of their transactions (a lot of volume with little spread).
At least that's the idea behind VSA.
I'm just a beginer with VSA and I'm not sure this new indicator will make the picture clearer but I am going to watch it as I go following the fox tracks.
I prefer to leave "ShowNormSpreadVol=false" and use iBetterVolume as volume indicator. This way SMTracks is more readable.
For more on VSA, google VSA or tradeguider.
For more on the fox tracks see http://www.stevehopwoodforex.com/phpBB3 ... =59&t=1572 and http://www.stevehopwoodforex.com/phpBB3 ... =59&t=2969
Regards
J-L
Author:  fok [ Sun Dec 15, 2013 4:23 pm ]
Post subject:  Re: Help needed to create a SM Volume indicator
Thanks, schmurex. :D
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