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Volume Extensions PRO uses advanced calculations based on cumulative trends to determine a range at which volume can become over or under extended. Thus signalling potential points of support or resistance.
Combine Volume Extension PRO with signals basic Support & Resistance to give you the cutting edge you need to become a successful trader!
TUTORIAL Volume Extension: The volume bars represent the current candle volume extension based on historical data. The higher the extension, the more volume present compared to the user set lookback period. Volume bars that extend past 1 represent a massive surge in volume.
Extension Oscillator: The extension oscillator is the most advance feature with this indicator. It uses cumulative volume averages to create a range in which volume travels in. The extension oscillator reads very similar to an RSI.
Over 1 = overbought / over extended volume
Under 0 = oversold / under extended volume
The extension oscillator may also be used a tool to pin point levels of volume divergence
Signal Colors: The colored bars represent either a surge in volume (gold), or over or under extension. These colored bars may be used to pinpoint key volume levels to help determine short or long term trend reversal points.
Combine these signals with basic support and resistance to give you professional edge!
The chart above has manual placed arrows to represent when and where the Volume Extension PRO indicator gave these signals.
Settings: Length: Lookback period of the oscillator Weight: Adds additional weight to the cumulative volume averages for lower volume exchanges.
Warning: This is a based volume indicator. Therefore its results are entire based on the the volume of that exchange! Some exchanges or currency pairs may not provide enough volume to give accurate results. Do not solely rely on this indicator to make your trades. Please use responsibly.