Description
The Total Volume indicator sums the negative and positive volume. It works in all timeframes as long as the instrument provides volume. It can even shows the total value of the volume for easier interpretation, based on the price of the instrument. You can also choose to reset the volume on every new day.
It’s perfect for observing how volume compares to price action, and even if there might be any divergence.
It also shows if there is more buyvolume than sellvolume.
Perhaps you want to use volume as a confirmation signal that the price will continue to move in a direction or change direction? New Total Volume high but lower high in price. may indicate something important?
Enough said – The use of this indicator is massive!
ZeroOnNewDay lets the Total Volume to reset to zero each new day.
VolTimesClose multiplies the volume with the close, so that the number is more relevant.
Tip: Put a moving average on it, and you have the volume smoothed. The one in the picture is MA 100.
