THIS PRODUCT IS FOR TRADESTATION 9. Trade Volume Index indicator and user function and paint forex 1 min chart strategy map for Tradestation .
This Indicator was conceptualised by Steve B Achelis and is a remarkable piece of ingenuity. Trade volume index makes its calculation from both volume and price in a combined algorithm which is remarkably elegant in its design. The TVI is designed to be calculated using intraday tick price data. The TVI is based on the premise that trades taking place at higher “asking” prices are buy transactions and trades at the lower “bid” price prices are sell transactions. When prices create a flat resistance level and the TVI is rising, look for a breakout to the upside. When prices create a flat support level and the TVI is falling, look for prices to drop below the support level. The raw indicator in its original for is the best one to use for tick data studies.
If length are smoothing are both set to 1 it plots the raw indicator in its original form as designed by Mr Steve Achelis. Why do you need this indicator? Then set length to 7 and smoothing to 4, notice the clarity of trend definition. Generally, one can filter buy signals which are not validated by the rising TVI line.