Well, I was trying to implement EquiVolume Charts that were developed by Richard W. Arms, but unfortunately I got a poor result. Instead, I used my groundwork on EquiVolumes to create Volume Candles indicator to help you make better, smarter trades.
What are the cool features?
Excellently filters the instrument's movements
Gives a better view of the accumulation/distribution phases
Completely removes price gaps
Works on ANY instrument that has available volume data.
Personally, I am a big fan of the volume-based indicators and to clarify my position I cite the following words of Buff Pelz Dormeier from his book "Investing with Volume Analysis: Identify, Follow, and Profit from Trends":
A trade produces only two pieces of information: the price and price's neglected sibling, volume. Perhaps the least appreciated piece of the puzzle, volume represents fertile ground for technical analysis. Proficiency in volume analysis is a rare skill. Properly understood, though, volume analysis can provide its practitioner with the power to peer deeply into market mechanics.
Benjamin Graham, the father of value investing and a mentor of Warren Buffett, often called the market a 'voting machine'. If so, then volume is the ballot box. Volume is a literal illustration of the power behind the forces of supply and demand.
Volume is understood as the validation of price, the source of liquidity, the substantiation of information, the fulfillment of convictions, the revelation of divergent opinions, the fuel of the market, the proponent of truth, and the energy behind the velocity of money. If you believe any of this information might be important in making an investment decision, volume analysis is important to you.
I attached some screenshots to show you how it works with other instruments.
How to get access
Buy for only 129$ to get lifetime access to this indicator
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Happy Trading!
Nota Keluaran
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Added 26 types of moving averages
Added ability to plot up to 3 moving averages
Nota Keluaran
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Refactored
Nota Keluaran
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Optimized calculations
Supported Bands and Channels (up to 3 on the same chart)
Bollinger Bands (by John Bollinger)
Kirshenbaum Bands (by Paul Kirshenbaum)
Donchian Channels (by Richard D. Donchian)
Supported Moving Averages (up to 3 on the same chart)
AHMA, Ahrens MA (by Richard D. Ahrens)
ARSI, Adaptive RSI
DEMA, Double Exponential MA (by Patrick G. Mulloy)
DWMA, Double Weighted (Linear) MA
EMA, Exponential MA
FAMA, Following Adaptive MA (by John F. Ehlers)
FRAMA, Fractal Adaptive MA (by John F. Ehlers)
HMA, Hull MA (by Alan Hull)
IIRF, Infinite Impulse Response Filter (by John F. Ehlers)