Name: Tick Volume Indicator v2
Download: TVI_v2.mq4 (8.5 Kb)
Description:
The Tick Volume Indicator was invented by William Blau and has been published in his book "Momentum, Direction and Divergence".
Usage:
Besides using TVI for divergence, I have found the change of TVI slope to be a very useful and precise proxy for change in price direction, especially in periods of high volatility in short timeframes.
Other MQL4 versions:
The indicator was implemented in MQL4 by Profitrader many years ago, using all available buffers for calculations and plotting a single line. I have found a few colored histogram versions across the Net, all of them called the tvi.mq4 via iCustom() and all repaint because of poor coding. So I decided to make myself a proper stand-alone histogram variant. 7 native buffers and 6 extra buffers (via arrays) are used. It will never repaint.
Settings:
Source: Codebase.mql4.com
Download: TVI_v2.mq4 (8.5 Kb)
Description:
The Tick Volume Indicator was invented by William Blau and has been published in his book "Momentum, Direction and Divergence".
Usage:
Besides using TVI for divergence, I have found the change of TVI slope to be a very useful and precise proxy for change in price direction, especially in periods of high volatility in short timeframes.
Other MQL4 versions:
The indicator was implemented in MQL4 by Profitrader many years ago, using all available buffers for calculations and plotting a single line. I have found a few colored histogram versions across the Net, all of them called the tvi.mq4 via iCustom() and all repaint because of poor coding. So I decided to make myself a proper stand-alone histogram variant. 7 native buffers and 6 extra buffers (via arrays) are used. It will never repaint.
Settings:
- r, s and u are the smoothing periods (see above). Try 21/21/8 for slower mode.
- To hide the histogram and only use the line, set colors 1-4 to None.
- To hide the line and only use the histogram, set color 5 to None.
- BarCount is necessary for array dimensioning and shifting (done once per bar).
- If you need to see more history, increase BarCount (default = 500).
- Alerts (if allowed) will be made on specified AlertCandle (0=current, 1=last closed, 2=previous closed, ect).
- For sending alerts per email, specify the AlertEmailSubject.
Source: Codebase.mql4.com
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