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- 4716
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- Published:
- 2016.10.10 15:39
- Updated:
- 2016.11.22 07:32
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Real author:
Vadim Shumiloff
The indicator is the development of the idea of using the Normalized Volume.
First, the normalized volume values are now expressed as a percentage of the average value for the period. Consequently, the data on the chart can now take negative values, which means a lull in the market.
Another useful addition is coloring of the histogram columns depending on the value of the normalized volume.
- Gray color means that the current volume is less than the average for the period;
- Blue color means a small excess of the volume compared to the average for the period;
- Brown color means that the increase in volume has exceeded the 38,2% Fibo level compared to the average for the period;
- Red color means that the increase in volume has exceeded the 61,8% Fibo level compared to the average for the period;
- Yellow color (red in the figure below, so as not to blend with the background) means that the increase in volume has exceeded the 100% level compared to the average for the period.
Originally this indicator has been written in MQL4 and was first published in the Code Base on 19.06.2008.
Fig.1. The Normalized_Volume_Oscillator indicator
Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/16030
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