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Enhanced Candlestick Chart with Volume Variation

by QuantShare, 4270 days ago
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This indicator plots candlesticks with four different colors instead of two.
The buit-in "PlotCandleStick" function plots a Red bar (or any other color defined in the settings) if the bar's close is lower than the bar's open. It plots a Green bar if the bar's close is higher than the bar's open.

This function plots:
Red Bars: Close lower than open and current volume is higher than previous bar volume (volume increasing)
Light Red Bars: Close lower than open and volume decreasing
Green Bars: Close higher than open and volume increasing
Light Green Bars: Close higher than open and volume decreasing

This indicator allows you to quickly detect strong bars (either bullish or bearish) that were accompanied by an increase in the trading volume.

To use this tool in a chart, you can simply add it directly to a pane or replace the "PlotCandleStick" function in your chart. To do this, right click on the chart, select "Edit Formula", and replace the formula by:
a = PlotCandleStickVol();
Plot(volume, "Volume", colorLime|55|colorLime|64|0, ChartBar, StyleOwnScale);






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Type: Trading Indicator

Object ID: 1260


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Style:
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Technical Analysis


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Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.