No Demand No Supply
This indicator identifies No Demand –No Supply candles to your chart and plots volume bars colored according to the signal. It can be applied to all timeframes or to a specific one only. It can also be used as regular volume indicator but with exceptional feature of WEIGHTED VOLUME. New feature WICK FILTER has been added to filter ND and NS candle according to wick (pinP size)
Furthermore it has an alert notification, sound and email when a signals occurs.
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The VSA (Volume Spread Analysis) definition for No Demand and No supply is as follows:
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No Demand (no buyers-potential short position):
The Volume within the candle formation again has to be lower than the volume of the previous 2 candles.
The candle has to close bullish (green body) and the next candle has to close bearish.
There has to be some sort of rejection (pin or wick) at the high of the candle.
If the candle closed at the top it would not be a no demand candle.
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No Supply (no sellers-potential long position):
The Volume within the candle formation has to be lower than the volume of the previous 2 candles.
The candle has to close bearish (red body) and the next candle has to close bullish.
There has to be some sort of rejection (pin or wick) at the low of the candle.
If the candle closed at the bottom it would not be a no supply candle.
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This is indicator provides additional to the above VSA definition the WEIGHTED VOLUME, ENGULFING FILTER, WICK FILTER and Alerts.
Available for MT4 & MT5
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