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there're many ways to use or display that price/volume indicator. you can use it bar by bar or over several bars to look for divergences. my version displays information on the price panel (bar by bar). like mentioned earlier, the delta divergence indicator uses similar inputs, so I combined those 2 indicators into one.
for the conditions, there're also different possibilities. here's what I used:
- bullish alert = negative delta, but price bar closes higher
- bearish alert = positive delta, but price bar closes lower
price/volume:
- bullish alert = current bar has a lower low than previous bar, current volume is smaller than previous volume, current delta is positive while previous delta was negative
- bearish alert = current bar has a higher high than previous bar, current volume is smaller than previous volume, current delta is negative while previous delta was positive
you can choose either one of the indicators, or both the same time. it also has 2 different display options:
data:
- delta divergence = current delta
- price/volume = difference between current and previous delta and difference between current and previous volume
label:
- user defined labels for both indicators (bullish and bearish)
when used on a footprint chart, there's enough space to use the "data" option:
when used with regular charts, maybe the "label" version is the better option:
also like mentioned earlier, those are not signals one should take blindly. you need other tools for confirmation
since this is a non-elite thread, I'm not allowed to post the indicator here (it contains gom stuff). you can download it here:
Thanks silvester17 for the contribution! This already looks really promising as a confirmation tool for another part of my strategy. I've learned a lot watching this thread over the last few weeks. Thanks to all of you in the thread!
About the vfb? No, not at all. They had a bad and self inflicted season. Let's see next Saturday how they pull themselves out of the swamp by their own hair.