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> Really strange!
Thanks for going through the exercise anyway. Not sure why my count was off
but it's no biggie.
I'll include comments here that I was also promted for on the MetaStockusers
group, and attach charts also unless.
> Finally I used the indicator on a stock. I first noticed that one of the
inputs was "Scaling % in Parameter Box". What does this mean? Then I tried
to interpret the series of horizontal lines, and I quickly realized that I
had no idea what this indicator was designed to show. Can you explain what
the purpose of the indicator is?
Scaling allows the histogram bars to be lenghened or shortened
proportionately so that the logest bar is the required percentage of the box
width, or if scaling is disabled each bar will be show the percentage (box
width being 100%) volume for each price range.
> And finally, I was wondering why the Indicator's Last Date does not
default to Today's date?
The original indicator (possibly not posted to this list) did just that, and
the box size was determined by number of bars rather than date. Someone
requested an indicator that could be moved around a chart and have a start
and end date allows that. It could just as easily be a start and end bar.
To have the indicator always finish at the hard right edge just change the
default for the end year to 2004.
These are two separate indicators, one for US date format users (mm/dd) and
the other for British date format users (dd/mm). The differences are pretty
obvious and shouldn't need explanation once pasted separately into the
indicator builder (to create two indicators) and dropped onto a chart.
The purpose of the indicator is to show the distribution of volume (by
price) over a selected period of any EOD chart. This is done by dividing the
price range for the selected period into 10 sub-ranges, and then summing the
volume for each sub-range. The volume is displayed as a horizontal histogram
with one bar placed in the centre of each price sub-range. The histogram is
boxed on three sides, top and bottom showing the extremes of CLOSE for the
period, and the left (almost) vertical line showing the starting bar of the
period being checked.
The first draft of this indicator was tied to the hard right edge of the
chart and allowed the user to specify how many price bars to include in the
"volume by price" calculation. One or two people suggested that it would be
of more use if it could be moved to different areas of a chart, selected by
date, and that's what these two examples do.
There is a "scaling" feature that can be used to extend the highest volume
bar for the full width of the box, where every other bar is increased in
proportion. The same option caters for setting the volume bars to the actual
percentage of total volume. this is purely cosmetic to allow for different
user preferences.
One possible use would be to confirm support/resistance areas based on
relatively high (or low?) volume in a particular price range. There is no
way this can be used in an exploration or system test because of the
extensive use of the LastValue() function to create the various line
displays. It's not beyond the realms of possibility that a system test (non
visual) version could be created but to date feedback has been low
suggesting little interest in "volume by price" tools.
The attached gifs should give you some idea of how to set up and use the
indicator. The 12 bar version (not posted on this forum as far as I can
recall) has not been adapted to use start and end date settings, and to do
this would probably require the removal of the scaling option. The 20
variable limit is a major factor in limiting the number of volume bars
(price sub-ranges) than can be displayed.
Roy
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