Introduction to the Waddah Attar Buy Sell Vol Indicator
Volume is a critical element of momentum. This is the reason why there are many seasoned traders who include volume in their consideration of price action.
The Waddah Attar Buy Sell Vol Indicator is a very useful tool which can help traders identify candles with huge volume that signify momentum.
What is the Waddah Attar Buy Sell Vol Indicator?
The Waddah Attar Buy Sell Vol Indicator is a technical analysis tool which allows traders to objectively assess the volume of each candle.
Unlike the traditional volume bars which displays the volume of each candle regardless of the direction of price movements, the Waddah Attar Buy Sel Vol Indicator indicates the portion of the volume which represents the buy trades and sell trades. It also shows the difference between the two volume profiles.
The Waddah Attar Buy Sell Vol Indicator displays volume bars on a separate indicator window. The volume bars it plots has a midlevel which is at zero. It displays the portion of the volume below zero as red representing the sell trade volume. It displays the portion of the volume above zero as green representing the buy trade volume. It also has a portion between the colors that is color yellow, which represents the difference between the buy trade volume and the sell trade volume.
How the Waddah Attar Buy Sell Vol Indicator Works?
The Waddah Attar Buy Sell Vol Indicator has an algorithm which can isolate the volume for upward price movements and downward price movements. This data is then used to measure the buy trade and sell trade volume. It then calculates for the difference between the two which is used to plot the yellow portion of the bars.
How to use the Waddah Attar Buy Sell Vol Indicator for MT4
The Waddah Attar Buy Sell Vol Indicator has no modifiable variables within its indicator settings. Users can only modify the color of each bar.
The Waddah Attar Buy Sell Vol Indicator bars can be used to confirm momentum on candles. This can be identified as candles with large corresponding volume spikes which also has yellow portions that favor the direction of the momentum candle.
Buy Trade Setup
When to Enter?
Open a buy order on the confluence of a bullish momentum candle and a large Waddah Attar Buy Sell Vol bar that also has a considerable yellow portion favoring the buy trade volume.
When to Exit?
Close the trade as soon as the volume spikes in the opposite direction with a large yellow portion favoring the sell trade volume.
Sell Trade Setup
When to Enter?
Open a sell order on the confluence of a bearish momentum candle and a large Waddah Attar Buy Sell Vol bar that also has a considerable yellow portion favoring the sell trade volume.
When to Exit?
Close the trade as soon as the volume spikes in the opposite direction with a large yellow portion favoring the buy trade volume.
Conclusion
Although the Waddah Attar Buy Sell Vol Indicator is not an indicator which provides trade signals, it can help traders confirm the direction of volume within a momentum candle. This information is very useful for traders who trade based on momentum signals.
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