Using Volume Coloured Candles - An EASY WAY for Trading Stocks!An EASY WAY for trend-trading Stocks, Indices, ETF, Commodities --
using VCCB Volume Coloured Candle Bars!
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This indicator colour-codes the candlesticks to help traders easily identify if price action is supported by STRONG BULLISH -or- BEARISH VOLUME.
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DARK GREEN CANDLE when prices MOVE UP & VOLUME is MORE than 150% of its 21 day average --- indicates price action is supported by a VERY STRONG BULLISH VOLUME.
TIP: I will look out for this DARK GREEN CANDLE to identify entries for trading price breakout with high volume)
OLIVE GREEN CANDLE when prices MOVE UP & VOLUME is BETWEEN 100% AND 150% of its 21 day average ---- indicates volume is STRONG BULLISH.
LIGHT GREEN CANDLE when prices MOVE UP & VOLUME is EQUAL to or MORE than 50% but LESS than 100% of its 21 day average ---- indicates volume is neither strong or weak.
YELLOW CANDLE when prices MOVE UP but VOLUME is LESS than 50% of its 21 day average ---- indicates volume is weak and does not support the bullish price action.
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DARK RED CANDLE when prices MOVE DOWN & VOLUME is MORE than 150% of its 21 day average --- indicates price action is supported by a VERY STRONG BEARISH VOLUME.
TIP: I will look out for this DARK RED CANDLE to identify entry setups for trading price breakdown with high volume.
RED CANDLE when prices MOVE DOWN & VOLUME is BETWEEN 100% AND 150% of its 21 day average ---- indicates volume is STRONG BEARISH.
PINK CANDLE when prices MOVE DOWN & VOLUME is EQUAL to or MORE than 50% but LESS than 100% of its 21 day average ---- indicates volume is neither strong or weak.
ORANGE CANDLE when prices MOVE DOWN but VOLUME is LESS than 50% of its 21 day average ---- indicates volume is weak and does not support the bearish price action.
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I recommend using this indicator in conjuction with Supertrend Indicator (that provides dynamic levels of support and resistance) to help you identify potential entry/exit points.
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Hope this idea helps new traders! :)
