This indicator has many components; below, each component is explained and how it can be used as a trading tool.
The indicator analyzes past volume movements, allowing you to visualize selected volume percentages above and below candles and to visualize live recovery of High-Volume Candles.
1) The High-Volume Candles project to the current time to show how much of the High-Volume Candle has been recovered and how much remains unrecovered.
a. The indicator can be customized to a user-defined volume percentage; this allows you to focus on candles with volume over a given percentage (e.g., 500%.)
b. You can customize the candle colors and volume percentage thresholds.
2) You can select the option to display percentages above the candles, allowing you to research and back-test theories.
a. For example, the chart below shows High-Volume Candles above 500%. Throughout 2021, 92% of the 500%-plus candles have been recovered, leaving only four high volume zones yet to be recovered, one below and three above the current price.
For a further breakdown of the statistics click on the below chart image.
3) There is also the option to show the volume percentage within the unrecovered High-Volume Zone.
a. This allows you to instantly assess how strong the price movement was of that particular High-Volume Zone.
4) Lookback periods can also be adjusted to fine-tune the indicator.
Below is the indicator in full operation.
DISCLAIMER When pressing the play button in the chart above it does not display the recovery. A TV "HOW TO" idea will be published soon, to demonstrate the indicator in full action or for more info please read "Author's instructions".
Versionsinformation
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Extension of Recovery Zones
Configuration to enable the user the option to extend the recovery zones.