VolumeSentimentLong
The installation of the Technical Analysis Package is required in order to access this indicator.
Description
This indicator detects bullish volume activity based on the analysis of the volume of a period, the price span of a bar and the close of the bar (=VolumeSpreadAnalysis).
It screens for 3 signals (listed are the sub-criteria that must be met for the respective signal):
SellingClimax (dark green) 6.11..1. Lowest low since 50 periods 6.11..2. Bar with large range 6.11..3. Extremely high volume
DemandComingIn (lime green) 6.11..1. UpBar (current close larger than previous close) 6.11..2. Previous Bar: DownBar (close smaller than previous close) 6.11..3. Previous Bar: Bar with large range 6.11..4. Previous Bar: Above-average high volume
BagHolding (light green) 6.11..1. Lowest low since 50 periods 6.11..2. DownBar 6.11..3. Bar with small range 6.11..4. Above-average high volume 6.11..5. Close larger than or equal to the middle of the bar
The VolumeSentiments provide the foundation for the calculation of the volume condition; see point 5. When a bullish VolumeSentiment occurs, the bar is colored in the respective color of the signal; you can change this color in the parameter setting
Parameters
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Return value
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Usage
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Visualization
Example
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