Normalized_Volume_Oscillator - MetaTrader 5 script - MQL5 #1705

Real author:

Vadim Shumilov

This indicator is a development of the concept of normalized volume ( normalized volume ).

First, the volume normalized value is now expressed as a percentage of the average value for the period. Therefore, the data in the chart can now take negative values, which indicates calm markets.

Another useful innovation is the coloring of histogram bars based on normalized volume values.

The indicator was first implemented in MQL4 and published in the code base of mql4.com on June 19, 2008.

Figure 1 Normalized_Volume_Oscillator indicator

Attachment download

📎 normalized_volume_oscillator.mq5 (6.08 KB)

Source: MQL5 #1705