Not long ago I have thoroughly updated my indicator EvoLevels, and because the Market does not show updated products on any dedicated page (the only related one could be the Last page, but it shows brand new products only) there is a need to present the indicator to the public. It has been changed a lot and reborn in something completely new.
The former EvoLevels indicator found important price levels solely by analysis of price action. For every small price range, it calculated how much time price was there on predefined number of recent bars, and marked the ranges that got most attraction as important levels. It was an ordinary indicator and it just asked for an upgrade. What could it be?
According to the Market statistics that I have in my account, the highest demand is for products dealing with volumes. So it was not surprise that the first idea to improve EvoLevels came from another indicator VolumeDelta. As far as VolumeDelta provides an algorithm for calculation of volume distribution on a specific bar, it looked quite natural to embed the algorithm into EvoLevels, and obtain price levels with regard to underlying volumes. So said, so done. As a bonus for smart inheritance, it's became possible to build the levels not only for total volumes, but separately for buy volumes, sell volumes, and - most importantly - volume delta!
The result was good, but it was about tick volumes. So the next idea was to utilize an algorithm from another indicator TrueVolumeSurrogate, which builds pseudo-real (surrogate) volumes from tick volumes. And after corresponding modification, EvoLevels does now provide an option to build the levels on pseudo-real volumes.
In addition to abovementioned improvements, one more feature has been introduced. It's now possible to display a histogram of price/volume distribution at the last bar, making it easy to understand how the levels formed and providing in depth information across entire price range under consideration. This is a kind of "market depth" view built from recent history.
You know, a picture is worth a hundred words. So here is a screenshot:
Other ones are presented on the product page.
