Volume at Price indicator gives an approximation of volume at each price level. Volume is vital when determining which price level is strong and which is not.
With this indicator which estimates the volume at each price level by using some sort of statistical techniques along with Tick Volume, you will be able to detect the areas of high volume and the areas of low volume or even volume divergence and gaps in volume.
Interpretation of the volume chart is estimated by the user: some traders will use high volume areas as strong support or resistant levels, whereas others will use areas with low volume as the strong level of support or resistant levels. It can’t be used as stand alone indicator, use it as decision support tool that confirms trading decisions of your own strategy.
Shows historical volume profiles for previous periods by scrolling the chart to left: the indicator will show the profile for the selected period for the selected timeframe. Please note the maximum historical data the indicator can show is limited to the amount of historical data that your broker provides.
Can work with CFDs such as metals, stocks by enabling CFDs mode.
Customized Tick value.
Shows volume profile for custom periods. Use Cycle Line tool to select the period you want.
Time Frame: Select the required time frame from which the indicator will get its information. Sure, if you select lower time frame this will give you more accurate results, however it may lead to unnecessary results “overcrowding” on the chart, in addition for late periods there might be not enough data.
Histogram Color: Select the color of the histogram.
Instrument is Commodity or stock: Select true is you are working with CFDs, Gold, Stocks etc.In fact this will give you better results, in general you can use this option for instruments that have big values and that are highly volatile such as gold, it’s not logical to count every tick for gold when its value can move up to 100 pips in just a couple of minutes.
Custom Tick Value: This can be used to customize the amount of tick value, this works if the previous parameter is set to true.
Histogram Every xx Points: This option determines the width of the histogram in points. 2 Points is recommended for lower timeframes, on higher timeframes it’s better to change it to higher number like 4 or 5. This is also makes the chart looks better and avoids a lot of unnecessary histogram bars on chart.
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