Hi Ganium community.
I would love to have a simple volume-based indicator that could pick up when extreme volume of trade was experienced on a candle/bar. This would be useful as extreme volume events are often associated with a “Change of Behaviour” to use Wyckoff terminology, such as a breakout/breakdown or a selling/buying climax.
The indicator could be something similar to the MAR (Moving Average Ratio) that we currently have on Gainium, but instead of the averages based on price it is based on the Volume of trade. The inputs would simply be the length of the average (i.e. how many bar/candles to use in the calculation) and a multiplication factor (similar to the MAR). Typically, the signal would be triggered when the volume is 2 to 3 times more than the average of the last 20 bar/candles. It is probably better explained here: https://www.tradingview.com/script/NMA9CaSp-Extreme-Volume/
Thanks in advance.