Need Help - Custom Indicator

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Cstroot
Last seen: 5 days 8 hours ago
Joined: 01/10/2017 - 16:39
Need Help - Custom Indicator

I am having trouble with a particular indicator. I was attempting to use PVP (Price Volume Pattern) to construct this as I would like a signal marker to show up on each bar if the following logic is true.

The logic is as follows:
Highest Price Volume < N
2nd Highest Price Volume > Highest Price Volume
3rd Highest Price Volume > 2nd Highest Price Volume

and

Lowest Price Volume < N
2nd Lowest Price Volume > Lowest Price Volume
3rd Lowest Price Volume > 2nd Lowest Price Volume

Thank you very much in advance!

0
Eddy
Last seen: 1 day 8 hours ago
Joined: 03/01/2024 - 15:25
Price Volume Pattern indicator : setup examples

Hi,

Please find below a chart that includes the pattern recognition you are looking for

https://www.linnsoft.com/charts/ef-profile-shape-review-es

You will find below the corresponding PVP (Price Volume Pattern) indicator definitions.

A screenshot of a computer

Description automatically generated

PVP settings are well explained in these videos : https://www.linnsoft.com/techind/pvp

but it is true it takes a bit of time to get used to the different options. Nevertheless, the ability to detect some patterns is extensive, especially when you start mixing PVP tokens inside Custom indicators.

In this case, both top and bottom 3 volume levels are colored whenever the conditions are met (N is modelized through V#50, you may use the up and down arrow buttons to change that value)

Then we added a custom indicator (and a color marker below the button pane) that returns 1 whenever both top and bottom patterns are detected in the same bar. In that configuration, I use an MPH indicator to color the candle background.

The chart is a good illustration of how to overlay several indicators (VS, MPH, PVP) using the slices / offset custom positioning options, ie :

A candle occupies the first vertical slice (#1 of 4) then volume at price values (using an MPH indicator) and some PVP-based coloring are located in slice #2. Finally, the right half section is occupied by the VolumeScope indicator.

Let us know if you need more explanations

Eddy