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This order is for a simple custom indicator.
The Indicator is based on the existing "Volumes" indicator in the MT4 platform. The specific details will be mentioned below -
The required functionality of the indicator is very simple i.e. a signal should be displayed on the chart as well as in the 'Volumes' indicator window when 2 conditions are met -
Condition 1 - If [Candle(1) high minus Candle(1) low] is less than or equal to [Candle(2) high minus Candle(2) low]
and
Condition 2 - if Candle (1) Volume is greater than Candle (2) Volume
For reference
Candle(0) = the 'now' candle or 'Live' candle
Candle (1) = last candle
Candle(2) = second last candle
Then
1) a signal (chart signal) is displayed on the chart 'x' pips above/below the High/Low of Candle(1) . The 'x' pips value will be user specified
1.a) if Candle (1) is a bullish candle ---> chart signal will be 'x' pips above the High of Candle (1)
1.b) if Candle (1) is a bearish candle ----> chart signal will be 'x' pips below the Low of Candle (1)
1.c) if Candle (1) is neither bullish nor bearish----> chart signal will be 'x' pips below the Low of Candle (1)
Note - 'x' pips can be any value between 0.1 pip to 10.0 pips. Hence keep in mind the difference between what is a pip on all currency pairs. Example 1 pip differs on 5 decimal currency pairs than when compared to 3 decimal currency pairs.
The preferred default 'x' pips value is 0.3 pips.
2) a signal (volumes bar signal) is displayed on the Volumes Bar corresponding to Candle(1) in the "Volumes" indicator window at a User Specified 'volumes bar signal level value'. The preferred default value is 0.85.
Example - if Volumes Bar value is 400 and the 'volumes bar signal level value' = 0.50 . Then a 'Volumes bar signal' will be drawn at the value of 200 (because 400 x 0.50 = 200) on the specific Volumes Bar.
In this case on a Volumes bar of value 400, 'the volumes bar signal' will be drawn at 200.
Other specifics are -
1) User defined chart signal
For the graphical display for the chart signal ideally a horizontal line would be preferred. The line would be no more than the width of the Candle(1).
If the small horizontal line is not possible, at the minimum the User should have the option to choose between - 158,159,160,161 and 162 as shown on - https://docs.mql4.com/constants/objectconstants/wingdings
The User should also be able to specify the color and size for the graphical display for the chart signal.
2) User defined volumes bar signal -
For the graphical display for the volumes bar signal ideally a horizontal line would be preferred. The line would be no more than the width of the Volumes bar specific to Candle(1).
If the small horizontal line is not possible, at the minimum the User should have the option to choose between - 158,159,160,161 and 162 as shown on - https://docs.mql4.com/constants/objectconstants/wingdings
The User should also be able to specify the color and size for the graphical display for the volumes bar signal.
3) Volumes bar
Just as in the original 'Volumes' indicator - the User should also be able to specify the color and size for the volumes bars.
4) Minimal resource utilisation
In this regard - a "signal history period' option would be good - Example- if Signal history period = 240, the indicator will only display signals for the last 240 candles. The preferred default value is 240.
Ideally the developer should prioritise on the indicator being very efficient i.e. it should use minimal RAM and CPU resources . Keeping this is mind I am also open to additional suggestions from the developer.
I have attached a reference screenshot below -
Thankyou