PROTECTED SOURCE SCRIPT
Volume Confirmation Signal by BobRivera990
The purpose of this script is to determine the response of trading volume to price action
This is not an indicator but a set of four signals
1 - Bullish Strength Signal (Upward Green Triangle) :
If the resistance is broken at the same time is valid
this signal indicates the continuation of the bullish trend
the trading volume is relatively high.
If the bar is closed above the resistance level, It will probably turn into support.
2 - Bullish Reversal Signal (Upward Black Triangle) :
if the bar is closed above the support level is valid
this signal indicates trend reversal after a bearish candle
the trading volume is very high.
3 - Bearish Strength Signal (Downward Red Triangle) :
If the Support is broken at the same time is valid
this signal indicates the continuation of the bearish trend
the trading volume is relatively high.
If the bar is closed below the support level, It will probably turn into resistance.
4 - Bearish Reversal Signal (Downward Black Triangle) : if the bar is closed below the resistance level is valid
this signal indicates trend reversal after a bullish candle
the trading volume is very high.
This is not an indicator but a set of four signals
1 - Bullish Strength Signal (Upward Green Triangle) :
If the resistance is broken at the same time is valid
this signal indicates the continuation of the bullish trend
the trading volume is relatively high.
If the bar is closed above the resistance level, It will probably turn into support.
2 - Bullish Reversal Signal (Upward Black Triangle) :
if the bar is closed above the support level is valid
this signal indicates trend reversal after a bearish candle
the trading volume is very high.
3 - Bearish Strength Signal (Downward Red Triangle) :
If the Support is broken at the same time is valid
this signal indicates the continuation of the bearish trend
the trading volume is relatively high.
If the bar is closed below the support level, It will probably turn into resistance.
4 - Bearish Reversal Signal (Downward Black Triangle) : if the bar is closed below the resistance level is valid
this signal indicates trend reversal after a bullish candle
the trading volume is very high.
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