Volume DayAverage

[Tams 20]

Volume DayAverage

(this indicator uses extended EasyLanguage, it is only applicable in MultiCharts)

 

This is a volume indicator with a twist -- in its average.

 

Instead of a traditional moving average, this indicator calculates

the average from the beginning of the day... and

draws a horizontal bar across its entire day.

 

i.e. the 2nd bar has a 2 bar average,

the 3rd bar has a 3 bar average...

the 10th bar has a 10 bar average, and so on.

 

You can easily see the average volume per bar since the beginning of the day,

and set your anticipation for the current bar's direction accordingly.

You can also compare today's average volume with previous day's average volume.

 

The average color will change when the bar's volume exceeds the average.

 

 

note: you should set the plot "DayAvg" to invisible.

 

 

Volume_DayAverage.txt

Edited April 14, 2009 by Tams

[Tams 20]

The above code is for MultiCharts.

Attached is the generic version of DayAverage.

 

I have not tested it in TradeStation or other compatible programs.

Please refer to your owners manual for importation instructions.

 

 

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Volume_DayAverage_(EasyLanguage).txt