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-- Big Mike, Site Administrator
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Yes..... you are correct..... I am waiting for an indicator. Right now I am not sure what to look at with regard to volume. I've checked out Big Mikes Volume Graph also the ported version of the Tradestation "Better Volume" the VPA Beta.... you name it I've been looking at it. So.... it's tough to get a handle on volume when you're really not sure what you should be looking at.
So, for a Ninja user..... what volume indicator would you suggest we be looking at?
Volume doesn't have anything to do with whether you sell or buy. It's the contracts/shares traded. So volume would go up. It's the same as if you bought 1000 shares and then immediately sold them. Volume would show 2000 + whatever else was going on.
This is a great question. I never really truly understood volume when using Ninjatrader. I switched to tradestation about 5 months ago and that's when I discovered uptick & downtick volume (which TS supports historically & real time) and that's when I got really interested in volume. I don't currently subscribe to CME data (just the emini) so for trading Euro I'm using Ninjatrader and I'm wondering what to use for my volume.
I'm hoping RJay can come up with something. Sorry RJay I didn't have time to check it out yet, will look at it tomorrow I hope.
My current idea is:
- RJay's Better Volume for NT + some modifications I have in mind
- The VSA indicator
- My Momentum indicator which is based on volume
I therumpleone talking about volume stop many times, so I check it out. It's at Better Emini website TradeStation EasyLanguage Code: Stopping Volume
I code the indicator with my own spin but I don't know how to draw a triangle and color the volume bar at the same time. This version doesn't color the volume bar. Zip file is at download section.
I just updated my weekly S&P thread and highlighted a couple volume bars that weren't detected by Better Volume, again stressing the importance of not relying on any indicator to tell you what you can see from the charts. I have a feeling people are waiting for the indicator and that's not really the point of this thread. The indicator is only there to speed things up for you and to highlight volume patterns that you might have missed! Especially on 233 tick charts where it can move quickly.
I'm attaching the chart here, and if you're interested in my S&P analysis (really the whole market) here's the link:
I quoted a few relevant parts from last week when I clearly stated "I have no idea". Well I never expected that we'd break our trendline on very large volume! That was a big surprise. I read on CNBC that there was a rumor about banks and …
Since this is a discussion about volume, you may want to check out the OBV Divergence indicator I just wrote, if you are a VIP member (it is for VIP's only).
It will identify divergences between OBV and period price.
Some recent posts have been talking about OBV. I have been on a Divergence kick lately, so decided I wanted to write an OBV Divergence indicator. It turned out pretty well, so I am releasing it here.
