Date/Time: Tue, 23 Oct 2018 17:29:51 +0000
Post From: Offering To The Community: Volume Bars Stacked By Tick
|bjohnson777 (Brett Johnson) - Posts: 239|
I've been programming some indicators from my base tool kit and am offering them to the community. I request they be added into the main SC distro once checked over.
From the "Display Study Documentation" button:
Volume Bars Stacked By Tick. To properly use this indicator, Sierra Chart must be set up in tick by tick mode with intraday bars. If all "Input Data" options show a straight line at 0.0, then tick by tick data is not available or not enabled. Note that some volume data is only available when the market is open.
This indicator shows a traditional volume bar split by buy and sell volumes as opposed to being a traditional entire buy or sell volume bar.
As of this programming, Sierra Chart doesn't have a stacked bar output feature. This is simulated using a trick from gnuplot by partly overwriting an existing bar. "Total Volume" should be the same color as "Sell Volume" (typically red). A red bar drawn on top of a red bar will look like the larger red bar. "Buy Volume" is then drawn on top again to show the usually green bar. Because of this, changing the bar colors may lead to unexpected consequences. For this reason, separate "Buy Color" and "Sell Color" entries have been made on the "Settings And Inputs" page. Change these two colors to your preferred settings and the rest of the bar colors will be automatically set. "Volume MA" still has its color on the "Subgraphs" page.
Observations. Institutions are known to manipulate bar open and close values to make the bar look like it was totally an up or down day. In reality, they may be buying or selling with or against the bar behind the scene. Having an accurate intraday volume count helps expose those patterns.
The three data bars are left independent in case someone wants to change them to line graphs to experiment.
A volume average line is included and can be disabled if desired. Normal values are 9 and 21 periods. SMA 9 is known to be a good activity indicator. When volume is above the line, a new movement is taking place. When volume then drops below the line, the movement is ending.
Minor update 2016-10-15. No major function changes.
Regular compiles moved to "Brett Johnson's Standard Tool Kit" DLL.
Date Time Of Last Edit: 2016-10-15 07:07:45
VolumeBarsStackedByTick.cpp - Attached On 2016-10-15 07:07:30 UTC - Size: 9.08 KB - 68 views
VolumeBarsStackedByTick.dll - Attached On 2016-10-15 07:07:36 UTC - Size: 78 KB - 51 views