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Hi, Please provide me the formula for three colour volume (if its possible in metastock).
Following are the conditions:
1) Blue - Volume greater than previous volume bar.
2) Red - Volume less than previous volume bar.
3) Green - Volume less than previous 2 volume bars.
Kindly help.
Regards, K
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Hi K
There are MetaStock formulas around for doing more or less what you want, but for using these indicators on every chart opened you would also need to add the indicator to a new SmartChart template and set the colours and (histogram) styles as required.
Before doing that you should clarify your colour conditions 2 and 3. It's not clear (at least to me) as to what the priority is for those conditions, so it needs to be spelt out.
Regards
Roy
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Rank: Member
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Hi,
Thanks for the reply.
Condition 2 - volume should be less than previous volume bar. For e.g. if previous volume bar value is 100 shares and current volume bar has volume of 101 shares, then it should be of RED colour.
Condition 3- Volume less than previous 2 volume bars.There are three possibilities:
E.g REF(V,-2) has volume of 100 shares and REF(V,-1) has volume of 90 shares and current volume bar is showing volume of 50 shares then it should be of GREEN colour.
REF(V,-2) has volume of 100 shares and REF(V,-1) has volume of 110 shares and current volume bar showing volume of 50 shares. Here also current volume is less than previous 2 volume bars so GREEN colour.
REF(V,-2) has equal volume as REF(V,-1) but current volume bar has volume less than both, GREEN colour volume bar.
Hope I am able to explain the things rightly.
Regards, K
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your code has 3 conditions, of which condition 2 and 3 are similar so you would have to differentiate a preference first: Chicken or an egg scenerio.
Also why not have a condition where volume is greater than the two previous bars? Code:
Signal:=If(Sum(V<Ref(V,-1),2)>1,-2,If(Sum(V>Ref(V,-1),2)>1,2,If(V<Ref(V,-1),-1,If(V>Ref(V,-1),1,0))));Signal
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