Indicators: Clarity Index

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Clarity Index:

Clarity index is a purely volume based indicator which is constructed on basis of volume, range and positive/negative candle count. It reflects the strength of trend with respect to volume.

Author: Navdeep Singh

 

Thanks to you for a new approach to volume.

I am still testing, but I found that I had to alter the code from 'Black' for the indicator line, as black-on-black does not work at all well. Perhaps a default of 'Red' would be better.

 
ModestTrader2021:

Thanks to you for a new approach to volume.

I am still testing, but I found that I had to alter the code from 'Black' for the indicator line, as black-on-black does not work at all well. Perhaps a default of 'Red' would be better.

You can also try this new version with an updated formula and no need to change the code as you can change color from the indicator panel
Files:
ClarityIndex_2.mq4  4 kb
 
Navdeep Singh:
You can also try this new version with an updated formula and no need to change the code as you can change color from the indicator panel

Hi,

Is this indicator about Trade Volume or just Tick Volume?

Documentation on MQL5: Constants, Enumerations and Structures / Indicator Constants / Price Constants
Documentation on MQL5: Constants, Enumerations and Structures / Indicator Constants / Price Constants
  • www.mql5.com
Price Constants - Indicator Constants - Constants, Enumerations and Structures - MQL5 Reference - Reference on algorithmic/automated trading language for MetaTrader 5
 
HosseinKOGO:

Hi,

Is this indicator about Trade Volume or just Tick Volume?

It uses tick volume as only that is available in forex.
 
Navdeep Singh:
It uses tick volume as only that is available in forex.
I can not understand. How does tick volume could result to decide a trend is weak or strong? Can you tell me a bit about the idea behind it?
 
HosseinKOGO:
I can not understand. How does tick volume could result to decide a trend is weak or strong? Can you tell me a bit about the idea behind it?
In simple words tick volume shows the fight between the buyers and sellers. Higher tick volume means bigger fight. So basically the resulting candle(bearish or bullish) shows us who won thereby letting us know the will of the market.
 
Navdeep Singh:
In simple words tick volume shows the fight between the buyers and sellers. Higher tick volume means bigger fight. So basically the resulting candle(bearish or bullish) shows us who won thereby letting us know the will of the market.
Thank you for your clarification.
 
Hi, is this indicator used in trending or ranging markets? 
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