Relative Volume indicator

[redislk]

Hi,

I'm looking to come up with a relative volume chart. See the attached pic to see what it would look like. They way I want it to calculate the relative volume is based on how much volume was done in a downticks and how much volume was done in upticks and then display it according to the attached pic.

Thanks,
Mario

[redislk]

Here's a start

I found the following file. It almost does what I want but it has this in between value. Can some one get rid of the pale yellow? I was thinking count volume that hits the ask as positive (green) and volume that hits the ask as negitive (red).

[eSignal_JasonK]

Hello redislk,

Try adding the following line just before the return statement at the end of main.

aRet[_IN] = aRet[_IN]+"";

This converts the number to a string so it won't plot on the chart but you can still see the value in the cursor window.

You may also want to check out the following formulas from our library, if you haven't already.
BidAskAnalysis.efs
BidAskVolume.efs

[redislk]

Almost it

jason,

The bidaskvolume.efs is almost it. Can you some how place the red volume on the bottom and then stack the green volume above so that the two stacked on each other makes up the total volume?

[eSignal_JasonK]

Hello redislk,

Sure, all you need to do is change the return statement and put a negative sign in front of nBidVol like below. After modifying your formula, you should save it with a new name.

return new Array(nAskVol, nInsideVol, -nBidVol);

If you also want to get rid of the InsideVol number add a +"" to the end of nInsideVol.

return new Array(nAskVol, nInsideVol+"", -nBidVol);

[redislk]

Jason,

I have a bit of a twist on what we have so far.

1) I have come to realize that we do not have relatitive volume right. To have something relative we need to compair it to something else. Hence we should compair the current bars up/down volume to the previous bars up/down volume. It would also be nice to get it to look back a user specified number of bars. Lets say anywhere from 1 to 40 bars back and take that average up/down volume and compair it to the current bars up/down volume.

2) I have noticed how hard it is to read the bars as are because the volume bars that we were painting in where always different sizes. So it would be nice to keep the bars equal size to make it easier to see the differences in relative volume. This would mean we have to put it in another pane on the chart. See the attached image for an example of what I'm speaking of.

[luvette]

Jason,

is possible to have the efs display net buying (green) / net selling (red)

[redislk]

This may do it

The following efs may do what your looking for luvette.

[luvette]

thnx Redislk

Peter