PROTECTED SOURCE SCRIPT
True Range Specified Volume
This indicator measures the "Effort" required to shift price.
By using Volume and Average True Range, it reveals how much volume was used to create each candle period.
The resistance threshold is set to 1.5x and will light up with an aqua or purple colour (bullish or bearish candle).
This means that the current bar is 1.5 times the previous bar and can be seen as a signal of a buying or selling frenzy - potential reversal.
If the bars light up with lime green or red, then this indicates that the value has exceeded TWICE the resistance threshold - a very strong signal.
A moving average is also included and can be set to filter out lower level signals. you can choose either a SMA or EMA and can adjust this moving average up or down by a percentage.
There is also an option to use the standard candle range rather than Average true range, should you get curious.
Enjoy!!
------------------------------------------------------------------
Kind regards
Created 2018 - by squiggles#8806
Want to support the creation of these indicators?
LTC Tip Jar: LX4bUBdjiRPsagUbZoAczSGgDC4YqTJL7w
By using Volume and Average True Range, it reveals how much volume was used to create each candle period.
The resistance threshold is set to 1.5x and will light up with an aqua or purple colour (bullish or bearish candle).
This means that the current bar is 1.5 times the previous bar and can be seen as a signal of a buying or selling frenzy - potential reversal.
If the bars light up with lime green or red, then this indicates that the value has exceeded TWICE the resistance threshold - a very strong signal.
A moving average is also included and can be set to filter out lower level signals. you can choose either a SMA or EMA and can adjust this moving average up or down by a percentage.
There is also an option to use the standard candle range rather than Average true range, should you get curious.
Enjoy!!
------------------------------------------------------------------
Kind regards
Created 2018 - by squiggles#8806
Want to support the creation of these indicators?
LTC Tip Jar: LX4bUBdjiRPsagUbZoAczSGgDC4YqTJL7w
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