Volume Bar Breakout and Breakdown Indicator

Volume shows strength of a movement and highest volume shows the region that pushed price to certain extent with full strength. Breakout or Breakout of the highest volume bar range shows continuity further push by sellers or buyers indicating a trend continuation for a small period if not for long duration. Entries can be taken once signal is generated with stoploss as recommended.

Guidelines:

• Don't trade if range is too large
  
• Don't trade if Breakdown or Breakdown candle body / range is too large or if there is high volatility
  
• Use additional indicator to get the idea of overall trend analysis
  
  

Versionsinformation:

Additional guidelines

• Avoid taking trade in case of large range. Wait for the smaller range to increase Risk : Reward ratio
  
• In case of big range, wait for the retesting of breakout/breakdown
  

Versionsinformation:

Added bar state confirmation to ensure that signal comes after the bar is close.

Versionsinformation:

Refined criteria on relative volume checks.

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Added healthy bearish/bullish bar criteria

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Lookup value change minimum to 5 min