Indicator
Volume Zones Multi-Timeframe OverlayAt its core, this indicator is a variation of my other indicator, Welkin Advanced Volume Overlay (for VSA )
This version is based on the power of multi-timeframe analysis. The basic functionality is simple: Plot lines from the high and low of candles formed during periods of high volume and fill the space between them. The volume levels for deciding what counts as "high volume" are based on standard deviations of the volume's SMA , and the higher the volume , the brighter the zone. i.e., a volume zone set by a volume level that is 4 standard deviations higher than average will be more "filled in" and less transparent than a volume zone from a 2 standard deviation candle.
These zones tend to act as areas of congestion, and the "ceilings" and "floors" of the zones as support and resistance . Overlapping zones tend to indicate strength and are likely to require more effort to get through. The more timeframes that agree with each other, the stronger the zone, ceiling, or floor.
By default, these zones are drawn based on the chart's timeframe and 1 timeframe higher, automatically set based on some "standard" values:
1m -> 5m
5m -> 15m
10m -> 30m
15m -> 60m
30m -> 60m
60m -> 1d
1d -> 1w
Finally, both the base timeframe and the higher timeframe are customizable; this is intended to make it easy to "double" up copies of the indicator to fit even more timeframes on the chart, creating a sort of heatmap for volume price analysis.
An example of three copies of the indicator, showing volume zones from 6 different timeframes. Indicator
Indicator
Realtime Volume Bars w Market Buy/Sell/Neutral split & Mkt Delta
What is it?
A tool that shows Real-time Volume bars split into 3 components: (1) Market Buy Volume - i.e., the volume that got transacted on upticks; (2) Market Sell Volume - i.e., the volume that got transacted on downticks;
and, (3) Neutral Volume - i.e., the volume that got transacted without a change in price. (This feature can be turned off if you want normal volume bars).
Market delta (i.e., Market Buy Volume - Market Sell Volume) is also displayed above each volume bar. (On by default; can be switched off from Settings)
The split and Market Delta data are ONLY AVAILABLE FOR REAL-TIME BARS. Historical bars are shown just like regular ones. The dotted line marks the start of real-time data (i.e., the bar from which the indicator started collecting and displaying data). You will see accurate data for bars to the right of this line. The longer you keep a chart open with the study enabled, the more data it collects and displays, and the better your analysis can potentially be.
Note that the data gets reset every time any of the options is changed, the market is switched, the browser is refreshed, or the script is reloaded
DATA ISN'T STORED. I.e., every time a new symbol is loaded, the previous symbol's data is lost. So if you intend to monitor a symbol, you would need to keep it loaded all the time.
Who is it for?
For traders who are used to analyzing buy/sell activity using market buy/sell volume and market delta information
Although you can use this independently as well, use it in conjunction with "Market Delta Volume for Realtime Bars" indicator to get a better visual representation of the numbers. Indicator
Market Delta Volume for Realtime BarsWhat is it?
Market Delta Volume Tool for real-time bars
A market delta tool that shows, (1) the volume that got transacted on upticks - or the market buy volume; (2) the volume that got transacted on downticks - or the market sell volume (3) the market delta volume (i.e., market buy volume - market sell volume); (4) the total volume (market buy volume + market sell volume + neutral volume); and (4) the volume that got transacted without a change in price - or the neutral volume (total volume = market buy volume + market sell volume + neutral volume)
NOTE: THIS WORKS ONLY ON REAL-TIME BARS, NOT ON HISTORICAL BARS! The dotted line marks the start of real-time data (i.e., the bar from which the indicator started collecting and displaying data). You will see accurate data only for bars to the right of this line.
The longer you keep a chart open with the study enabled, the more data it collects and displays and the better your analysis can potentially be.
Note that the data gets reset every time any of the options is changed, the market is switched, the browser is refreshed, or the script is reloaded.
DATA ISN'T STORED. I.e., every time a new symbol is loaded/or the same symbol is reloaded, data gets refreshed.
Who is it for?
For traders who are used to analyzing buy/sell activity using market delta information. Especially, short-term trader/scalpers who are used to keeping the same chart open through the trading session.
Also for traders to see and study how anomalies in volume can give clues to buyer/seller absorption, initiative buying/selling etc.
Can be used to better understand VSA as well, although not necessary.
Essentially, this gives real-time delta volume information; use it however you see fit. Indicator
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