The Volume Momentum indicator is a personal favorite and we think it’s a must have.
The indicator sorts the volume based on negative or positive closes. If the close is the same as before (positive or negative) it will add this to show momentum.
It works in all timeframes and is very strong in the smaller ones to notice buying or selling power taking place.
You can also create a moving average with a single click. This can show you the bigger picture. Average > zero could for example be interpreted that it’s more buying power than selling. Or that there is a shift in trend when it crosses zero.
You could create a whole system around this indicator as this truly shows strenght and weakness in the instrument. Which is priceless.
Or just set an alarm or screener based on it and you will be notified when it’s seriousness in the market.
The usage of this indicator is just terrific!
You can also make it reset on a new day and multiply volume with close to easier interpret how much is being sold and bought.