Volume Based S/R
I got a question if it would be possible to Automatically draw S/R levels based on Volume rather than RSI as I had earlier done in this script;
Well it certainly is and it looks as though it might even be tradeable.
The indicator compares the size of volume bars so that if there is a noticeable increase in volume (noticeable here meaning above the indicator threshold) it marks the bar high and low prior to the bigger volume candle.
The indicator compares the size of volume bars so that if there is a noticeable increase in volume (noticeable here meaning above the indicator threshold) it marks the bar high and low prior to the bigger volume candle.
