What do you see inside a candle? How to interpret the fight between bulls and bears?
The candlestick chart has a lot of information, but the body of candlesticks lack volume.
This is where the Volume On Candle indicator comes in.
This indicator looks for a set of recent trades, calculates the buy and sell attack volumes and prints, on the candles, the volume value in each price range.
You’ll also be able to define up to ten colors to filter volumes and make it easier to interpret large movements.
For each filter you can select whether it will be active, the cutoff value for the volume and in what color it will be displayed on the graph.
Finally, you can also select whether or not you want to see the point of control indicator, that is, the region, inside the candlestick, where the highest trading volume occurred.
NOTE: This indicator does not work with Forex. As the indicator searches for ticks in real time, if many days are chosen for an asset with many trades, the system may generate a delay in opening. Also, the data provider can limit the amount of information. The same can happen when changing the viewing period.
Therefore, the best sequence to start the indicator is: First select the period you want to work, then open the Volume On Candle indicator and configure the filters according to your need.
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The volume is totaled within price ranges that depend on the difference between the candlestick’s maximum and minimum values. Thus, as the candlestick increases in size, the ranges are dynamically updated within it.
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