Thanks!

Very useful indicator.

Pepperstone has a spread of  0.1/0.4  now btw.

@iburakbirer

But I still would like to know, how that strategy looks like that you say you have discovered.

Where would possible entry and exits be?

Please also explain what a "balancing wave" is and what it actually means in the context of positioning yourself correctly.

OK, I think I understand now when I looked at your image again.

That would mean a continuously resetting volume count whenever there is a confirmed zigzag high/low (which I implemented) but also a retroactive change over two zigzag high/low periods. That is going to be very difficult to implement. As I said the zigzag is not what it seems on the chart. I now even think the current implementation is buggy as it still contains all the temporary high/low values but these are still somehow ignored anyway. I tried to understand the algorithm's internals but must say that I failed.

iburakbirer - June 04, 2015 @ 12:15

Good that you can find something useful in it.

How would the strategy look like? 

But i think the trader should see the wave until the reverse zigzag is seen. So the delta divergences will be more obvious i guess?

Can you explain that a little more?

Upon further inspection I noticed that my volume plot is not in sync with the ZigZag line on the chart. It leaves much to be desired. This is due to the ZigZag filter I had to implement, which still doesn't produce a useful result from the ZigZag.

I consider it now as strictly beta and unfinished. There is not one single ZigZag indicator that produces a useful result. It looks like they all have the same problem: They all repaint (which is not the biggest problem because my accumulated volume repaints, too) and the output array is full of garbage and remnants of old calculations.

I'm giving up on this one for now. There is no way I can make it work without programming a better and more useful zigzag indicator.

Don't install if you need perfect results.

iburakbirer - June 02, 2015 @ 13:09

I'm finally done. It needs more refinement but you can go to

/algos/indicators/show/858

and download from there.

@iburakbirer

I'm done since yesterday with the implementation of the zigzag. However upon closer inspection of the zigzag output I realized that the zigzag needs to be filtered. And for that I need to write a filter. I'm also looking into using the fractals indicator. Due to the volatile nature of these indicators and their changing indication my accumulative volume indicator also needs to be able to rewrite its volume count. This needs time to implement.

I wrote:

I also generally tend to only mildly trust known indicators that have been used ad nauseam and have already been around for decades. Usually I find them to be useless and that's why they are put out for free for everybody's use.

I have to correct myself here. I don't mean my own indicators that I put out but generally the vast majority of the indicators that can be found on the net (that I have come across at least). They are usually free for a reason and have been deliberately placed in my understanding.

New version out

Added save feature for backfill of collected data and filter for very high volume.

@iburakbirer - May 27, 2015 @ 14:15

I read your post. I may have a solution for these problems but for now I start with the implementation of either a type of zig-zag or other reversal indication. The question is if it makes sense to use another means of detection of reversals in order to have the volume indicator showing a reversal too that it should do on its own in the first place.

Either way it quite possibly will only show a reversal AFTER it already happened.

But I understand the direction where this is going. It also already results in a lot of work for me.

I have a completely different understanding of the "market". What we see at these typical "brokers" is not the real volume that causes a hypothetical (at best) "overpowering" of a previous move that results in a subsequent reversal. That happens at Reuters and EBS. These are out of reach. We only see the wholesale volume of a selection of banks and mostly market makers plus the useless volume of the algorithmic trading of smaller entities. The implications should be obvious. I already have trouble to see something useful in as simple as my volume plot no matter what filter settings I use.

I also generally tend to only mildly trust known indicators that have been used ad nauseam and have already been around for decades. Usually I find them to be useless and that's why they are put out for free for everybody's use.

But the general idea of something like this may yield a good outcome.

@iburakbirer

I admit that these are fascinating ideas.

I will see what I can do.

@Iwori

That is nice to hear. Thank you and good luck with this indicator. :-)

I don't know what you mean and I don't have additional strategies and tips on how to use this. It is only a log that displays the activity of the large volume in the market.

As you already found out if the indicator doesn't show any entry for a long time the filter value has to be lowered.

I didn't make recommendations because every broker, market, currency and time of day is different. 

List length means that old items are dropped of the list after this number of bars. So the list doesn't display entries that are older than that.

As for a detailed explaination of the configuration I will maybe write something more in a week or so.

It should be self explainatory anyway.