Optimal Swing Volume
Optimal Swing Volume
Optimal Volume
simplifies bar volume analysis by linking price direction with volume magnitude
Tn simple terms, this means the volume of consecutive renko trend bars is cumulated until a reversal bar forms, at which point the volume counter is reset and begins to cumulate in the reverse direction.
This makes comparative analysis of swing volumes very simple.
Divergences are particularly clear.
As an objective measure, standard deviation bands are plotted above and below the mean allowing the price bars to be colored according to volume strength.
Optimal Swing Volume cumulates the volume of renko trend bars until a reversal bar forms, at which point the volume counter is reset and begins to cumulate in the reverse direction.
This makes comparative analysis of swing volumes very simple. Divergences are particularly clear.
As an objective measure, standard deviation bands are plotted above and below the mean allowing price bars to be colored according to swing volume strength.
Strategy builder compatible. Works on any renko bar type.
Arrows are for illustration purposes only and are not plotted by the indicator.