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Another update. In this version, I corrected the averaging functions to use the compoundValue() function. It may not make that big of a difference but it should be there.
I've also created the volume indicator as a separate study. I'm not that well versed in Thinkscript to know how, or if, an indicator can have a graph on 2 different panes. If someone knows, let me know so I can combine these two. See the screenshot with the volume.
Thanks to Mike for adding the .ts extension to the list of file uploads.
Regards,
-C
“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” - Sun Tzu
Latest update. This version has the volume bar definitions and title banners. I have not done a thorough comparison with the NT version yet, so if there are any changes, I will post a new version here.
Note: I did not include the message banners (long text descriptions) from the NT version and I don't know if I will a this time.
I'm still debating if I want to include the audible alerts, provided that ToS let's me do that in a nice way I will experiment with this in the next few days.
Regards,
-C
“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” - Sun Tzu
Alerts have been added. I'm not a fan of this feature, but some of you may like/need this. It's not because the user needs to be alerted, but because of the way ToS presents alerts.
Regards,
-C
“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” - Sun Tzu
The version I posted in my previous is the last I will do for this, barring any code fixes. I will not be adding the more verbose message banners to the ToS version because there's no nice way to display that banner in ToS. Not until ToS provides a better way to give a specific location of a message box for display.
As I pointed out in the first post of this thread, there are (minor) difference between the NT and ToS versions. These differences are because ToS can not do some of the plotting NT can (as of the version of ToS I have anyways), such as diamonds and down pointing triangles.
The following list should help decoding the signals as I tried to make it easier to locate where each symbol is in relation to the bar.
On top of Bar:
Yellow Triangle
High volume Downbar after an upmove on high volume indicates weakness.
Blue Circle
Reversal possible, yesterday was high volume wide spread up bar, but today we reached 10 days high with low close wide spread down bar.
Red Triangle
UpThrust confirmation.
Blue Triangle
A Down Bar closing down after a Pseudo Upthrust confirms weakness.
Blue Square
Psuedo UpThrust, A Sign of Weakness /OR/ A High Volume Up Bar closing down in a uptrend shows Distribution /OR/ No Demand.
On bottom of bar:
Aqua Triangle
High volume upbar closing on the high indicates strength (in short term down trend).
Deep Pink Square
Test for supply.
Green Square
Strength bar (either strength is showing in down trend or a supply test in up trend).
Green Circle
Stopping volume. Normally indicates end of bearishness is nearing /OR/ No supply.
Yellow Triangle
An Upbar closing near High after a Test confirms strength.
Green Triangle
The previous bar saw strength coming back, This upbar confirms strength.
F.Y.I.
You may post the code as either .ts or .txt, your choice.
If we use Microsoft Wordpad to open either of those files it will be in a friendly readable format.
I have put this indicator in my study, I put it on CRUS (Cirrus Logic) 5 minutes chart. It seem don't work well. Do you have any suggestion for the time frame ? Thank a lot for the explanation.
I have try to configure how it really work. I really don't understand how I read it. I am sure you could help me with these folowing question.
My question number is connected with the picture I attach. Here are my question :
Number 1-2 :
This one is a bullish sign then why the next following price drop and continue falling to $13.45 from $14.44
Number 3 :
What is the meaning with red square on top
Number 4 :
What is the different between red, yellow, green and grey bar. And what is the different between empty bar and fully collored bar.
Number 5 :
How many bar for short term, mid term, and long term.
And the following question is not connected with the picture but still connected with VSA.
1. When I should buy
2. When I should sell
3. How many point should I put my stop loss for the best system.
4. Before today market close. Could this VSA detect any gap up or gap down in the next day. or predict how is the condition in the next day.
5. Could I Apply VSA analisys to low volume stock.
I am sorry if I ask you too much. I will be so grateful for your help
Because Right now I feel .
I'm not an expert on VSA, but there is plenty of resources on the web explaining how it works. The NT version is someone's interpretation of Tom William's description. My role is limited to converting it to ToS.
VSA can only give indication of what smart money is doing based on price spread and volume. In one sense it provides the user with what could happen next and not what will happen next.
Guess I missed this one in the description. A red square indicates an upthrust, but not a confirmation of weakness.
The indicator makes no use of empty and filled bars, only the color itself. The colors were taken from the NT version and are used to describe the long term, short term and mid term trend:
green - short term up, mid term up, long term up
light green - short term up, mid term up, long term down
lime green bar - short term up, mid term down, long term down
red bar - short term down, mid term down, long term down
lime green bar - short term down, mid term up, long term up
orange bar - short term down, mid term down, log term up
yellow bar - anything not matching the above.
According to the code, the bar trends are 5, 15 and 40 bars for short, mid and long term, respectively.
For buy, sell and targets, this is something you have to work out by backtesting and applying to your trading comfort level. To my knowledge, VSA can not predict gapping or what would happen the next day. It only gives clues as to what smart money is doing based on historical price and volume movement.
Regards,
-C
“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” - Sun Tzu