Better Volume Indicator

Hi All,

Is anybody able to convert the Better Volume Code for use in Tradovate please?

Link about the indicator here: The Better Volume Indicator [Free Code] | Emini-Watch.com (emini-watch.com)

The Better Volume indicator improves on your typical volume histogram by coloring the bars based on 5 criteria:

  1. Volume Climax Up – high volume, high range, up bars (red)
  2. Volume Climax Down – high volume, high range, down bars (white)
  3. High Volume Churn – high volume, low range bars (green, PaintBar blue)
  4. Low Volume – low volume bars (yellow)
  5. Volume Climax plus High Volume Churn – both the above conditions (magenta)

When there are no volume signals the default histogram bar coloring is cyan. The Better Volume indicator also comes in a PaintBar version, so you can see the coloring on the price bars themselves.

Better Volume Indicator - EasyLanguage - Version 19 August 2012

Inputs: LowVol(True), ClimaxUp(True), ClimaxDown(True), Churn(True), ClimaxChurn(False), LowVolColor(Yellow), ClimaxUpColor(Red), ClimaxDownColor(White), ChurnColor(Green), ClimaxChurnColor(Magenta), Color(Cyan), UseUpTicks(True), Use2Bars(True), ShowAvg(False), AvgColor(Red);
Variables: BarColor(Cyan), Lookback(20);

BarColor = Color;

If BarType > 1 then begin
If C > O and Range <> 0 then Value1 = (Range/(2Range+O-C))V;
If C < O and Range <> 0 then Value1 = ((Range+C-O)/(2
Range+C-O))V;
If C = O then Value1 = 0.5
V;
Value2 = V-Value1;
End;
If BarType <= 1 and UseUpTicks = False then begin
If C > O and Range <> 0 then Value1 = (Range/(2
Range+O-C))Ticks;
If C < O and Range <> 0 then Value1 = ((Range+C-O)/(2
Range+C-O))Ticks;
If C = O then Value1 = 0.5
Ticks;
Value2 = Ticks-Value1;
End;
If BarType <= 1 and UseUpTicks then begin
Value1 = UpTicks;
Value2 = DownTicks;
End;

Value3 = AbsValue(Value1+Value2);
Value4 = Value1Range;
Value5 = (Value1-Value2)Range;
Value6 = Value2
Range;
Value7 = (Value2-Value1)Range;
If Range <> 0 then begin
Value8 = Value1/Range;
Value9 = (Value1-Value2)/Range;
Value10 = Value2/Range;
Value11 = (Value2-Value1)/Range;
Value12 = Value3/Range;
End;
If Use2Bars then begin
Value13 = Value3+Value3[1];
Value14 = (Value1+Value1[1])
(Highest(H,2)-Lowest(L,2));
Value15 = (Value1+Value1[1]-Value2-Value2[1])
(Highest(H,2)-Lowest(L,2));
Value16 = (Value2+Value2[1])(Highest(H,2)-Lowest(L,2));
Value17 = (Value2+Value2[1]-Value1-Value1[1])
(Highest(H,2)-Lowest(L,2));
If Highest(H,2) <> Lowest(L,2) then begin
Value18 = (Value1+Value1[1])/(Highest(H,2)-Lowest(L,2));
Value19 = (Value1+Value1[1]-Value2-Value2[1])/(Highest(H,2)-Lowest(L,2));
Value20 = (Value2+Value2[1])/(Highest(H,2)-Lowest(L,2));
Value21 = (Value2+Value2[1]-Value1-Value1[1])/(Highest(H,2)-Lowest(L,2));
Value22 = Value13/(Highest(H,2)-Lowest(L,2));
End;
End;

Condition1 = Value3 = Lowest(Value3,Lookback);
Condition2 = Value4 = Highest(Value4,Lookback) and C > O;
Condition3 = Value5 = Highest(Value5,Lookback) and C > O;
Condition4 = Value6 = Highest(Value6,Lookback) and C < O;
Condition5 = Value7 = Highest(Value7,Lookback) and C < O;
Condition6 = Value8 = Lowest(Value8,Lookback) and C < O;
Condition7 = Value9 = Lowest(Value9,Lookback) and C < O;
Condition8 = Value10 = Lowest(Value10,Lookback) and C > O;
Condition9 = Value11 = Lowest(Value11,Lookback) and C > O;
Condition10 = Value12 = Highest(Value12,Lookback);
If Use2Bars then begin
Condition11 = Value13 = Lowest(Value13,Lookback);
Condition12 = Value14 = Highest(Value14,Lookback) and C > O and C[1] > O[1];
Condition13 = Value15 = Highest(Value15,Lookback) and C > O and C[1] > O[1];
Condition14 = Value16 = Highest(Value16,Lookback) and C < O and C[1] < O[1];
Condition15 = Value17 = Highest(Value17,Lookback) and C < O and C[1] < O[1];
Condition16 = Value18 = Lowest(Value18,Lookback) and C < O and C[1] < O[1];
Condition17 = Value19 = Lowest(Value19,Lookback) and C < O and C[1] < O[1];
Condition18 = Value20 = Lowest(Value20,Lookback) and C > O and C[1] > O[1];
Condition19 = Value21 = Lowest(Value21,Lookback) and C > O and C[1] > O[1];
Condition20 = Value22 = Highest(Value22,Lookback);
End;

If BarType > 1 then begin
If LowVol and (Condition1 or Condition11) then BarColor = LowVolColor;
If ClimaxUp and (Condition2 or Condition3 or Condition8 or Condition9 or Condition12 or Condition13 or Condition18 or Condition19) then BarColor = ClimaxUpColor;
If ClimaxDown and (Condition4 or Condition5 or Condition6 or Condition7 or Condition14 or Condition15 or Condition16 or Condition17) then BarColor = ClimaxDownColor;
If Churn and (Condition10 or Condition20) then BarColor = ChurnColor;
If ClimaxChurn and (Condition10 or Condition20) and (Condition2 or Condition3 or Condition4 or Condition5 or Condition6 or Condition7 or Condition8 or Condition9 or
Condition12 or Condition13 or Condition14 or Condition15 or Condition16 or Condition17 or Condition18 or Condition19) then BarColor = ClimaxChurnColor;
End;

If BarType <= 1 then begin
If LowVol and (Condition1 or (Condition11 and D=D[1])) then BarColor = LowVolColor;
If ClimaxUp and (Condition2 or Condition3 or Condition8 or Condition9 or ((Condition12 or Condition13 or Condition18 or Condition19) and D=D[1])) then BarColor = ClimaxUpColor;
If ClimaxDown and (Condition4 or Condition5 or Condition6 or Condition7 or ((Condition14 or Condition15 or Condition16 or Condition17) and D=D[1])) then BarColor = ClimaxDownColor;
If Churn and (Condition10 or (Condition20 and D=D[1])) then BarColor = ChurnColor;
If ClimaxChurn and (Condition10 or (Condition20 and D=D[1])) and (Condition2 or Condition3 or Condition4 or Condition5 or Condition6 or Condition7 or Condition8 or Condition9 or
((Condition12 or Condition13 or Condition14 or Condition15 or Condition16 or Condition17 or Condition18 or Condition19) and D=D[1])) then BarColor = ClimaxChurnColor;
End;

Plot1(Value3,“Volume”,BarColor);
If ShowAvg then Plot2(Average(Value3,200),“Avg”,AvgColor);

{ Change Log: }
{23 November 2007 - Added LowChurn colored volume bars }
{19 April 2008 - Got rid of LowChurn and replaced with ClimaxDown }
{19 April 2008 - Added open & close conditions with ClimaxUp and ClimaxDown }
{19 April 2008 - Added different calculations for tick/intra-day charts }
{26 June 2008 - Added ability to turn average volume line on and off }
{5 July 2008 - Changed Lookback from a variable to an input }
{13 July 2008 - Added 2 bar climax, churn and low volume conditions }
{4 September 2008 - Changed daily bars calculation to match tick/intra-day }
{25 January 2009 - Added condition total volume (Value3) could not be -ve }
{19 August 2012 - Changed calculation for Intra-day + UseUpTicks = False }

Better Volume PaintBar - EasyLanguage - Version 19 August 2012

Inputs: LowVol(True), ClimaxUp(True), ClimaxDown(True), Churn(True), ClimaxChurn(False), LowVolColor(Yellow), ClimaxUpColor(Red), ClimaxDownColor(White), ChurnColor(Blue), ClimaxChurnColor(Magenta), Color(Green), UseUpTicks(True), Use2Bars(True);
Variables: BarColor(Green), Lookback(20);

BarColor = Color;

If BarType > 1 then begin
If C > O and Range <> 0 then Value1 = (Range/(2Range+O-C))V;
If C < O and Range <> 0 then Value1 = ((Range+C-O)/(2
Range+C-O))V;
If C = O then Value1 = 0.5
V;
Value2 = V-Value1;
End;
If BarType <= 1 and UseUpTicks = False then begin
If C > O and Range <> 0 then Value1 = (Range/(2
Range+O-C))Ticks;
If C < O and Range <> 0 then Value1 = ((Range+C-O)/(2
Range+C-O))Ticks;
If C = O then Value1 = 0.5
Ticks;
Value2 = Ticks-Value1;
End;
If BarType <= 1 and UseUpTicks then begin
Value1 = UpTicks;
Value2 = DownTicks;
End;

Value3 = AbsValue(Value1+Value2);
Value4 = Value1Range;
Value5 = (Value1-Value2)Range;
Value6 = Value2
Range;
Value7 = (Value2-Value1)Range;
If Range <> 0 then begin
Value8 = Value1/Range;
Value9 = (Value1-Value2)/Range;
Value10 = Value2/Range;
Value11 = (Value2-Value1)/Range;
Value12 = Value3/Range;
End;
If Use2Bars then begin
Value13 = Value3+Value3[1];
Value14 = (Value1+Value1[1])
(Highest(H,2)-Lowest(L,2));
Value15 = (Value1+Value1[1]-Value2-Value2[1])
(Highest(H,2)-Lowest(L,2));
Value16 = (Value2+Value2[1])(Highest(H,2)-Lowest(L,2));
Value17 = (Value2+Value2[1]-Value1-Value1[1])
(Highest(H,2)-Lowest(L,2));
If Highest(H,2) <> Lowest(L,2) then begin
Value18 = (Value1+Value1[1])/(Highest(H,2)-Lowest(L,2));
Value19 = (Value1+Value1[1]-Value2-Value2[1])/(Highest(H,2)-Lowest(L,2));
Value20 = (Value2+Value2[1])/(Highest(H,2)-Lowest(L,2));
Value21 = (Value2+Value2[1]-Value1-Value1[1])/(Highest(H,2)-Lowest(L,2));
Value22 = Value13/(Highest(H,2)-Lowest(L,2));
End;
End;

Condition1 = Value3 = Lowest(Value3,Lookback);
Condition2 = Value4 = Highest(Value4,Lookback) and C > O;
Condition3 = Value5 = Highest(Value5,Lookback) and C > O;
Condition4 = Value6 = Highest(Value6,Lookback) and C < O;
Condition5 = Value7 = Highest(Value7,Lookback) and C < O;
Condition6 = Value8 = Lowest(Value8,Lookback) and C < O;
Condition7 = Value9 = Lowest(Value9,Lookback) and C < O;
Condition8 = Value10 = Lowest(Value10,Lookback) and C > O;
Condition9 = Value11 = Lowest(Value11,Lookback) and C > O;
Condition10 = Value12 = Highest(Value12,Lookback);
If Use2Bars then begin
Condition11 = Value13 = Lowest(Value13,Lookback);
Condition12 = Value14 = Highest(Value14,Lookback) and C > O and C[1] > O[1];
Condition13 = Value15 = Highest(Value15,Lookback) and C > O and C[1] > O[1];
Condition14 = Value16 = Highest(Value16,Lookback) and C < O and C[1] < O[1];
Condition15 = Value17 = Highest(Value17,Lookback) and C < O and C[1] < O[1];
Condition16 = Value18 = Lowest(Value18,Lookback) and C < O and C[1] < O[1];
Condition17 = Value19 = Lowest(Value19,Lookback) and C < O and C[1] < O[1];
Condition18 = Value20 = Lowest(Value20,Lookback) and C > O and C[1] > O[1];
Condition19 = Value21 = Lowest(Value21,Lookback) and C > O and C[1] > O[1];
Condition20 = Value22 = Highest(Value22,Lookback);
End;

If BarType > 1 then begin
If LowVol and (Condition1 or Condition11) then BarColor = LowVolColor;
If ClimaxUp and (Condition2 or Condition3 or Condition8 or Condition9 or Condition12 or Condition13 or Condition18 or Condition19) then BarColor = ClimaxUpColor;
If ClimaxDown and (Condition4 or Condition5 or Condition6 or Condition7 or Condition14 or Condition15 or Condition16 or Condition17) then BarColor = ClimaxDownColor;
If Churn and (Condition10 or Condition20) then BarColor = ChurnColor;
If ClimaxChurn and (Condition10 or Condition20) and (Condition2 or Condition3 or Condition4 or Condition5 or Condition6 or Condition7 or Condition8 or Condition9 or
Condition12 or Condition13 or Condition14 or Condition15 or Condition16 or Condition17 or Condition18 or Condition19) then BarColor = ClimaxChurnColor;
End;

If BarType <= 1 then begin
If LowVol and (Condition1 or (Condition11 and D=D[1])) then BarColor = LowVolColor;
If ClimaxUp and (Condition2 or Condition3 or Condition8 or Condition9 or ((Condition12 or Condition13 or Condition18 or Condition19) and D=D[1])) then BarColor = ClimaxUpColor;
If ClimaxDown and (Condition4 or Condition5 or Condition6 or Condition7 or ((Condition14 or Condition15 or Condition16 or Condition17) and D=D[1])) then BarColor = ClimaxDownColor;
If Churn and (Condition10 or (Condition20 and D=D[1])) then BarColor = ChurnColor;
If ClimaxChurn and (Condition10 or (Condition20 and D=D[1])) and (Condition2 or Condition3 or Condition4 or Condition5 or Condition6 or Condition7 or Condition8 or Condition9 or
((Condition12 or Condition13 or Condition14 or Condition15 or Condition16 or Condition17 or Condition18 or Condition19) and D=D[1])) then BarColor = ClimaxChurnColor;
End;

If BarColor <> Color then PlotPaintBar(H,L,O,C,“BetterVol”,BarColor);

{ Change Log: }
{23 November 2007 - Added LowChurn colored volume bars }
{28 March 2008 - Added ability to turn on and off different colored bars }
{28 March 2008 - Got rid of redundant code calculations }
{19 April 2008 - Got rid of LowChurn and replaced with ClimaxDown }
{19 April 2008 - Added open & close conditions with ClimaxUp and ClimaxDown }
{19 April 2008 - Added different calculations for tick/intra-day charts }
{13 July 2008 - Added 2 bar climax, churn and low volume conditions }
{4 September 2008 - Changed daily bars calculation to match tick/intra-day }
{25 January 2009 - Added condition total volume (Value3) could not be -ve }
{3 July 2009 - Allowed the default bar coloring to be changed }
{19 August 2012 - Changed calculation for Intra-day + UseUpTicks = False }

I love volume based indicators, and this takes advantage of Tradovate’s ability to distinguish up/down volume so gave this a shot. I dig it. Look for the “Tiki Better Volume” in the community indicators!

You can also configure the colors, and whether or not to paint the bars or display the volume histogram. Note that if you only want to paint bars and NOT show the volume histogram, configure it like this (note the “Ad as…”):

Thanks for sharing @Jay_M!

3 Likes

Wow! This is magnificent, thank you so much mate!

I will give it a good play but I find it the most useful volume indicator out there!

Again thank you very much for taking the time to do this it is really appreciated!

1 Like