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Need help!! Is there a volume indicator for tick based chart?
I just wanted to know if there is a volume bar indicator for tick based chart? I tried loading VOL, but ended up seeing nothing but junk. Thank you for your help.
Can you help answer these questions from other members on NexusFi?
Not sure what the junk was. Most of the time, the bars of a tick chart, which by definition have the same number of trades, will also have about the same volume, because the average trades won't be that different in size. Sometimes that will not be the case.
Here's a pretty much ordinary tick chart, with VOL, which shows that.
Does this mean that volume may not be as important on tick charts as on time charts? Probably does.
But you can and do have other volume bar indicators available that you might want to try. Here's one:
Exported using NT Version 7.0.1000.26
This is a simple version of the Better Volume Indicator from www.emini-watch.com. It is not based on the later versions but the original version and identifies the following events
Breakout or Climax Bars: A …
Here's @Fat Tails' discussion of its use with tick charts:
The indicator basically performs volume spread analysis (VSA). On range charts the spread cannot be analyzed, because it is constant. Also you will not find any climax or churn bars, but you will just detect climax churn bars or low volume bars.
So …
Other ways of using volume, of course, would include volume profile, and, in a way, VWAP. Both are useful with tick charts.
