For some time now, I’m experimenting with volume to improve the entry signals of the Price Action Indicators.
Decreasing or less volume, when approaching an old support or resistance shows a lack of interest from professional money to participate at these areas and prices are more likely to reverse.
The latest version of the Double Bottom/Top indicator compares the volume of the current bar with the volume of the 1st Bottom/Top (“old” support or resistance).
This calculated percentage (current bar’s volume divided by 1st Bottom/Top volume) can now be printed on the current bar. A value below 100 means, that the current volume is less than the volume transacted earlier at that support or resistance level, which might be an indication for that to reject price.
The “Volume Threshold” setting filters volumes below a certain percentage.
For now this is an experimental feature.
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