Indicator introduction: Custom Volume - Periodic Peaks & Troughs
Updated
This script is a custom volume indicator with additional features.
But why is this useful?
The minimum and maximum volumes, in different time periods, are displayed by labels below the bars. I call them "Peaks" and "Troughs"(Hover your mouse cursor over the labels to see more details)
These parameters are widely used in technical analysis .
If traders want to confirm a reversal on a level of support–or floor–they look for high buying volume . Conversely, if traders are looking to confirm a break in the level of support, they look for low volume from buyers.
If traders want to confirm a reversal on a level of resistance–or ceiling– they look for high selling volume . Conversely, if traders are looking to confirm a break in the level of resistance, they look for high volume from buyers.
How to use alerts
Note that by creating an alert, an instance of the indicator, with all your settings, will be activated on the site's server and alerts will be triggered by it.
After that, changing the indicator settings on the chart will no longer affect the alert.
It's finished. After a few moments, your alert will be added to the Alerts menu.
But why is this useful?
The minimum and maximum volumes, in different time periods, are displayed by labels below the bars. I call them "Peaks" and "Troughs"(Hover your mouse cursor over the labels to see more details)
These parameters are widely used in technical analysis .
If traders want to confirm a reversal on a level of support–or floor–they look for high buying volume . Conversely, if traders are looking to confirm a break in the level of support, they look for low volume from buyers.
If traders want to confirm a reversal on a level of resistance–or ceiling– they look for high selling volume . Conversely, if traders are looking to confirm a break in the level of resistance, they look for high volume from buyers.
How to use alerts
Note that by creating an alert, an instance of the indicator, with all your settings, will be activated on the site's server and alerts will be triggered by it.
After that, changing the indicator settings on the chart will no longer affect the alert.
- Open the settings window and select the alert conditions as you wish
- Click the Create Alert button (or press the A key while holding down the ALT key)
- In the Condition section, select the name of the indicator.
- Make the rest of the settings as you wish.
- Finally, click on the Create button.
It's finished. After a few moments, your alert will be added to the Alerts menu.
Note
Indicator link:
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