Volume Threshold

[TBond]

Simple request - I think, though a search did not yield any EFS studies to match.

I want to plot a shape above or below the current price bar if the volume of that price bar exceeds some level. For example,

1. if the price has been in a downtrend (5 lower highs) the past 5 bars and the volume exceeds 100, plot a green diamond or green arrow below that price bar;

2. if the price has been in an uptrend (5 higher lows) the past 5 bars and the volume exceeds 100, plot a red diamond or red arrow above that price bar.

The uptrend/downtrend check would be ideal but just being able to plot a volume threshold shape would be fine. Thanks in advance!

[rmclean]

TBond,
Try this.
I have set for a default of 3 bars, not 5, to determine trend. On my 3 minute ES chart a 5 bar trend was usually the end of a move so you wouldn't see enough to know if it is working for you.

You can choose trend length and colors for the arrows. You could change the arrows to something else, but you will have to do it in the editor.

I have not tested it on any other contract, but it should work on them all.

Let me know.

Bob

[TBond]

thx- i'll give it a try

[rmclean]

Sorry everyone,
I couldn't test this in real time over the weekend, and I now realize that the study is not doing it's job.

First, arrows are being drawn all up and down the bar height, but worse, it looks like the drawTextAbsolute function is not maintaining the proper bar location for the arrows. Each time a new bar prints (at least on my computer) the arrows shift...not what is supposed to happen.

I don't have time to fix it now...taxes today and leaving town...if anyone else wants to tinker with it, please be my guest. If not, I'll look at it again later.

Bob

[rmclean]

OK,
At last...I still am not back at home, but thanks to a borrowed computer and Version 7.5 eSignal I think that this study should work in real time. I tested it with tick replay, not real time, so let me know.

I realized that I defined Up Trend and Down Trend differently than what the request asked for...that is, an UpTrend can be either Higher Highs, or Higher Lows, and conversely for a DownTrend. So, now there is a choice in Edit Studies for which method to use. Selecting "Higher Lows" to determine UpTrend automatically means that you determine a DownTrend by Lower Highs and not by Lower Lows. No option for mixing the two.

Good luck, I will check back after a real time day or two to see if it is working for you...I won't be able to check realtime for myself just yet.