Normalized Volume Oscillator

v10.3
Normalized Volume Oscillator

First of all, the normalized values are expressed in percentage of the average value for a period. Accordingly, the data on the chart can now take negative values, too. This will mean some lull on the market.

Another useful innovation is coloring histogram bars according to the normalized volume size.

– Blue color means that the current volume is less than the average one for this period.
– Dark green color means a small exceeding in volume as compared to the average one for this period.
– Light green color means that the increase in volume has exceeded the Fibo level of 38.2% as compared to the average one for this period.
– Yellow color means that the increase in volume has exceeded the Fibo level of 61.8% as compared to the average one for this period.
– White (it is red in the image below not to melt into the background) color means that the increase in volume has exceeded the Fibo level of 100% as compared to the average one for this period.

this indicator is converted from Tradingview platform and a metatrader indicator.

This volume  indicator works best on comparatively small timeframes (15 minutes, for example).

See also:
– Are price updates a good proxy for actual traded volume

 

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Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

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