Volume Average - replaces basic volume indicator. This is a super enhanced volume indicator that shows the average as well as providing audible alerts when the volume goes over the threshold that you have set. This alert tool will let you know as soon as activity has picked up in the market.
File name: volage.efs
Also uses VolXtreme.wav and VolAvg.wav files for sound.
Purpose: To provide enhanced functionality to the standard basic volume study provided with eSignal. Specifically provides 2 different audio alerts, 2 extra bar colors, a horizontal extreme line and a moving average line.
Availability: eSignal only - comes as part of the
The primary purpose of this indicator is to help the trader "watch" volume through auditory clues. When the volume moves above the moving average then a short non-intrusive sound is heard which alerts the trader to the fact that volume may be picking up. If the volume moves over the extreme setting then an intrusive sound alerts the trader to unusually high volume.
A secondary purpose of this indicator provides 2 more color combinations to allow the trader to quickly locate extreme volumes as well as volumes with no price change.
A unique aspect to this indicator is the way that the moving average is adjusted during the opening minutes of the market which gives the trader important information about the current volume relative to the average volume since the open of the market during the first crucial few minutes. The indicator excludes all of the low volume pre-market opening bars in its MA calculation as it dynamically adjusts its length during the start of trading.
When the volume crosses above the moving average for the volume on that bar the VolAvg.wav file is triggered and played.
When the volume crosses above the extreme volume setting then the VolXtreme.wav file is played.
Use the WAV files provided or copy your own sounds files and replace these ones. The WAV sound files must be in the c:\sounds\ directory.
If you wish to hear just one sound and not the other then replace the appropriate sound file with an empty sound file. If the WAV sound file is missing then a beep should be heard.
If you right click the VolAvg indicator and select Edit Studies... from the menu then you'll be presented with the settings that you can change.
Start Hour and Start Minute are there so you can tell the indicator when to start averaging from. This is to get you in on the action and using the right moving average from the minute the markets open. If you're in Chicago and your computer is set to CST and you're trading the ES then you probably want to change the hour to 8. Some users may want to change the minute to 29 to capture the volume on the minute before market opens.
The last of the parameters (Num Bars to watch) is the length of the moving average. However, that moving average will take into account all the small bars just before the market opens. The Start Hour and Minute will only use the bars from 09:30 EST (in this example) to calculate the moving average until 09:50 when the MA will be calculated using the last 20 bars. So at 09:40 EST for example the volume MA is only using the 11 bars from 09:30 to 09:40 EST inclusive. So effectively it's giving you a true volume MA from the open of the market until your desired number of bars for an MA is reached. The advantage of this is an accurate MA reading in the opening crucial 15 minutes of the market.
Bar Thickness and Line Thickness allow you to vary how thick the line is drawn on the screen. 1 is the thinnest.
Xtreme Vol is the value that is used to (1) trigger the VolXtreme.wav file, (2) change the volume bar color and (3) draw a horizontal extreme volume line on the panel.
Extreme Vol, Down Vol, Up Vol and Equal Vol Colors are used to determine the color of the histogram bars. Down, Up, Equal are taken from close to close on the price and Extreme Vol Color from the Xtreme Vol setting above.
Average Line Color is the color of the MA line of the volume
Sound Alerts allows you to disable the sound alarms. If you just want to disable 1 sound then follow the instructions above.
Num Bars to watch is the length of the MA. The length of the MA will be 1 until the Start Time is reached and then it will be then number of bars between the Start Time and the current bar until the current bar is more than Num Bars to watch past the Start Time and then it will be Num Bars to watch . If you want the study to use a fixed length all the time then set the Start Hour and Minute to at least "Num Bars to watch" minutes before the market opens.
Other indicators in this Pack/Series: