OmniTrader Professional Forum - OmniScripts
VOLUME INDICATOR

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nawaz

Posts: 2

Joined: 5/16/2016
Location: SURREY BC CANADA

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Subject : VOLUME INDICATOR
Posted : 5/13/2023 1:41 PM
Post #32244

Please , can i get help, some one make volume indcator script,
"percentage difference between the current volume and the 20-day average volume"

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Etherist

Posts: 27

Joined: 6/9/2024
Location: South Australia

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Subject : RE: VOLUME INDICATOR
Posted : 6/9/2024 7:56 AM
Post #32431 - In reply to #32244

Hey there Nawaz

Try out this attached file **Volume % Diff Indicator**, set to a 20-period default, and see if this works for you.

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The Volume Percentage Difference indicator can be used in a trading strategy to identify potential trade opportunities based on changes in trading volume. Here's how you might integrate this indicator into a trading strategy:

Trading Strategy Concept

Identify Volume Spikes: Significant deviations in trading volume can indicate strong buying or selling interest, often preceding price movements.

Combine with Other Indicators: Use in conjunction with price action analysis, trend indicators (like moving averages), or momentum indicators (like RSI) to confirm signals.

Entry and Exit Rules: Define clear rules for entering and exiting trades based on the percentage difference and other confirming factors.

Example Strategy

Buy Signal:

The percentage difference is significantly positive (indicating a volume spike).

The price is above a key moving average (e.g., 50-period MA) to ensure the trend is upward.

A momentum indicator (e.g., RSI) is above a certain threshold (e.g., 50).

Sell Signal:

The percentage difference is significantly negative (indicating a drop in volume or increased selling).

The price is below a key moving average to ensure the trend is downward.
A momentum indicator is below a certain threshold (e.g., 50).

Exit Rules:

Set a stop-loss at a percentage below the entry price.

Use a trailing stop to lock in profits as the price moves in your favor.
Exit the trade if the percentage difference shows a significant reversal.

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Attached file : VolPercentDiff.txt (1KB - 183 downloads)

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Etherist

Posts: 27

Joined: 6/9/2024
Location: South Australia

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Subject : RE: VOLUME INDICATOR
Posted : 6/24/2024 8:06 PM
Post #32454 - In reply to #32244

Hi Nawaz ... please note the attached Script above.


Attached file : VolumePercentDiff.jpg (125KB - 244 downloads)



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