[g8] Volume Observer Basic

16 Mar

A simple indicator to highlight surges and drops in recent average volume with custom settings and alerts.

How to interpret the signals: A white signal indicates a surge in recent average volume, meaning we expect a probable move in the direction of the highlighted candle. A gray signal is the opposite: a drop in volume suggesting the current move is losing momentum and may be nearing it's conclusion. Keep in mind that a surge does not always mean bullishness and a drop does not always mean a drop in price is coming, but rather view these signals as the market's interest in continuing or ending the current move.

I made this indicator because I'm terrible at interpreting regular volume bars. I hope you find it useful.

31 Mar

Sürüm Notları

A shorter period average volume is compared to a longer period average volume. When the shorter average rises above the longer average, a spike signal (white) is produced. When that comparison shows a drop in relative volume, a drop signal (gray) is produced.