The indicator provides a replacement for real trading volumes based on tick volumes. It uses a special formula to calculate a close-to-real estimate of the distribution of trading volumes, which can be useful for instruments for which only tick volumes are available. Note that the absolute values of the indicator do not correspond to any data on real volumes, but the distribution itself, including the general shape and behavior, repeats the general shape and behavior of the real volumes of related instruments (for example, currency futures).
The indicator displays a histogram of volumes in several colors. By default, green means that the volume of the current bar exceeds the volume of the previous one, and red means that the volume of the current bar has a smaller value than the volume of the previous one.
- AlertSigmaFactor, ExtraAlertSigmaFactor-enable / disable alerts when volumes exceed the specified levels;
- CalibrationPeriod – how often to recalculate the average and sigma of bars with volumes; specified in minutes, by default 60;
- CalibrationSize – the number of bars to recalculate the mean and sigma; default is 1000;
- VolumeActionColor – highlight colors for bars with increased and decreased volume; by default, Increase/Decrease;
- PriceActionColor – colors of the bars ‘ illumination depending on the price rise or fall (on the main chart);
- StrengthEffect-selects one of the visual effects of color changes depending on the” strength ” of the bar (the relative position of the closing price on the main chart);
- ColorIncrease, ColorDecrease, ColorExtra – 3 primary colors;
- ColorBlendingType-select one of the color mixing algorithms;
The AlertSigmaFactor and ExtraAlertSigmaFactor parameters (set to zero by default, i.e. disabled) allow you to specify two volume levels, when exceeded, the main and additional alerts are displayed. The values are set as the number of standard deviations (e.g. 1.0, 3.0) counted from the average over the available history. If both levels are set to non-zero, two alerts can be received on one bar – one of each type. These levels are displayed on the chart as horizontal lines (red dotted lines).
There is a version of TrueVolumeSurrogate for MetaTrader 4.