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Old 01-03-2010, 03:23 PM   #1 (permalink)
 
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Indicator: Volume at Pricelevel


Is anybody aware of an Indicator that shows how much volume (average) was traded in the past at a specific price level?

This would be neat to confirm support / resistance levels.

I was also trying to write an indicator using thinkScript in TOS but failed miserably. I cant find a function that gives me the periods in the past in which price was traded in a given range.

who knows such a indicator? Names, script code for an alike indicator or names of similar indicators would be appreciated!

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Old 01-03-2010, 03:27 PM   #2 (permalink)
 
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Update:

I just found this on investopedia:

Quote:
Price By Volume Chart - PBV
A horizontal histogram plotted on the chart of a security, which corresponds to the volume of shares traded at a specific price level. Price by volume histograms are found on the Y-axis and are used by technical traders to predict areas of support and resistance.
source: http://www.investopedia.com/articles...6/PBVChart.asp
more: http://www.investopedia.com/articles...6/PBVChart.asp

charts can be found here: http://stockcharts.com/h-sc/ui (just activate "Vol by Price" in the Overlays)

Does anybody know if there is a similar indicator in TOS with a different name or anything?
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Old 01-03-2010, 03:42 PM   #3 (permalink)
 
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I think you could program one pretty easily.
The tricky part is how long a period you want to gather volume for. i.e. intra day, two days,a week a month?
Without ever using tos script, I assume that the data is structered as an array for volume, probobly named Vol[0] (for the current candle). To make a histogram you would make a new array VolByPrice with each cell holding a different price level.
You can initalise the array as empty and every time you get a new price level you can resize it (I'm not familiar with the languag but you should eithre have a function called ArrayResize or something similar to malloc from C).
Once you structure the array you need to move info into it in real time, i.e. on every tick you get the volume and the price.
Hope that helps
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Old 01-03-2010, 03:53 PM   #4 (permalink)
 
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thanks talorlord.

Being a programmer myself I understand what you mean and I would probably be able to program it with enough time in a proper language. but thinkscript is pretty much just a scripting language and I cant find anything on arrays there (its a pretty simple language).
I don't think its possible to even allocate arrays there. But they do have ENUMs.

(https://www.thinkorswim.com/tos/thin...rcCode=0309_02)

I will keep working on it

thanks
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Old 01-04-2010, 07:40 PM   #5 (permalink)
 
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I know exactly what you're taking about and I've seen it made for TOS already. If I run across the code again I'll send it to you. Also there are companies that sell charting packages that do exactly that and more. They provide a slight edge, but not much value beyond that. Good Luck

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Old 01-05-2010, 08:16 AM   #6 (permalink)
 
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This is a good example

Forexer
Attached Thumbnails
Indicator: Volume at Pricelevel-volume-price-gif  
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Old 01-05-2010, 11:32 AM   #7 (permalink)
 
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Hey Foreer,
is that for MT4? Can you put the file up or link to it? and the source?
Thanks
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Old 01-05-2010, 06:12 PM   #8 (permalink)
 
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forexer
thanks for the example! btw. is this the emini s&p daily chart? ?

The chart is similar to the PBV charts you can generate on stockcharts.com.

##############################################

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Thx, I really hope you will stumble across the code again. Would be very nice to see you post the code.
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Old 01-05-2010, 06:44 PM   #9 (permalink)
 
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On the Ninjatrader forum you have this indicator that provides what you want:

Price volume histogram
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Old 01-05-2010, 06:50 PM   #10 (permalink)
 
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thx trend I will check that out. they also look similar to PriceByVolume charts from stockcharts.com (see attachement)


But I'm still looking for a way to Implement a similar Indicator in TOS (scriptcode highly appreciated!)
Attached Thumbnails
Indicator: Volume at Pricelevel-pricebyvolume_creditsuisse-png  
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