Now with the Volume Point of Control, this poxy is taken to the next level adding the concept of time, and inspired by the ideas behind market profile.
Whilst the Quantum tick volumes indicator considers the relationship between a single volume bar and its associated candle on the price time x-axis or groups of candles and volume bars, the Quantum VPOC indicator analyses the density and intensity of volume over time against price. In other words the volume price relationship on the y axis. It does this in three distinct ways as follows: The Volume Profile is then presented as a vertical histogram shown at the right edge of the chart — a stack of horizontal bars of varying lengths, but of equal height representing the amount of activity at each price level.
Second, the Quantum VPOC analyzes the Volume Profile to find the key price levels where activity is strong and rising, or weak and falling. In other words, the indicator looks for peaks long bars of the Volume Profile where price tends to be attracted as these are areas where price was previously accepted. The indicator also looks for troughs or valleys short bars of the Volume Profile where price tends to be repelled as these are areas where price was previously rejected. Both types of price level act as precise zones of support and resistance and as such are projected across the chart within the given period.
The indicator completes its calculations and updates as each new volume bar is delivered.
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The result is a chart revealing the overarching influence of volume at price, coupled with time. The peaks and troughs are clearly displayed highlighting both High and Low Mftatrader nodes. As a result, as the market approaches these regions on the chart price action is likely to become waterlogged with further congestion likely with the metatraddr acting as a strong area of support or resistance. As we have seen a strong acceptance of price at this level in the past, this is likely to be repeated with the market swinging in a range. Ultimately the market may reverse off these levels, with any move through then confirming the current sentiment.
There are many formulas to calculate averages. For a detailed explanation on the modified exponential moving averageplease read the related article. Moving averages also form the building blocks for many other technical indicators. This is the case of our next indicator, the moving average convergence divergence MACD. Its default settings are usually 26, 12, 9 and there are its components: The MACD line takes a short length and a long length exponential moving average defaulted to 12 and 26 and calculates the difference between these two averages.
A signal line is an exponential moving average of the MACD line. This proxxy plotted as the MACD signal. The third element is the median line also called 'zero line' or 'center line'. The MACD moves around a center line and it has not upper or lower limits as other oscillators have. It is thus called an 'open oscillator '.
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The median line represents the point at which the moving averages are equal. And vice versa, when the MACD line crosses Cakarilla median line to the upside, this means the two EMAs built in the indicator are crossing upwards. If you are going to use the MACDconsider including the histogram as well. On occasion, the MACD itself may be following the price nicely, but the histogram can alert the trained analyst that a turn in price is in the air by giving signs of divergence.
What a divergence is will be explained further below. The same dilemma as for the moving averages applies ptoxy the MACD: Ldvels then not change its default settings and do something creative with the MACD? The signals provided levles the settings 36,81,18 may be few, but are they therefore Camarulla reliable? Note how the below settings evidence the start of a trend when the MACD line crossover is close to Camarillw median line. You may ask where this weird numbers are coming from. The answer is that they are multiples prixy 9. The MACD is based on the concept of convergence- divergence. But what is the convergence- divergence of a moving average? We have said the MACD consists of two exponential moving averages that range around the median line.
The result is an indicator that oscillates above and below that line. When the MACD is above the median line, this means the period moving average is above the period moving averageindicating that recent prices are higher than the previous ones. Conversely, when the MACD is below the median line, it means the period moving average has a value of less than 26 periodsindicating that prices are falling. In other words, the bigger the spread between the two EMAs taken into the equation of the MACD line is, the more distance the indicator will print to its median line. When a currency pair is volatilethe MACD shows broad movements on both sides of the median line. However, when the market is calm, its moving averages converge and the MACD line takes a break close to the median line.
This feature makes the MACD indicator useful to measure the speed and volatility.
Notice how each volatility boost starts after a period of consolidation. Since the EMAs forming MACD can't theoretically distance from each other ad infinitum, there is logically always a return of the lines towards the median line. To identify periods of overbought and oversold conditions, we must look at past figures in the range of values which the MACD has registered. Technical indicators work particularly well when combined with each other. Besides, they also perform well with different settings than the default ones. A proof of it is the below illustration. You may ask again where these weird numbers are coming from.
The answer leve,s they belong to the Fibonacci sequence. The next section will cover the sequence in more detail, but for now just observe how an ascending SMA acted as a filter for the signals generated by the MACD crossovers. Cmaarilla purpose was to go with the trendtherefore no bearish cross was taken as valid. Do you conceive the MACD or even moving average crossovers as the only way to determine the overall trend in your analysis? It's true these are great methods, but they always produce series of losses, specially when the market is consolidating. There is another method which enables traders to profit from consolidation periodsand this is done by identifying divergences between price and the MACD lines.
In both cases the next level then denotes the level for the stop loss. For a reversal off the S3 level higher, the stop loss could be placed at S4 and for a reversal off the R3 level, the stop loss could be placed at the R4 level — assuming these levels fit your risk and money management rules. The potential price targets are then as follows: For an R3 reversal the profit targets are from S1 to S3.
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For an S3 reversal the profit targets are from R1 to R3. Breakout Trading For breakout trading the key levels are the R4 above the buffer zone and the S4 below. These are levels at which the price is expected to breakout from the current region and develop a strong move away from the region. So any move to test and break the R4 level is likely to see price continue higher and develop a strong trend. Equally if the S4 level is tested, then price is likely to continue lower and develop a strong trend. For an S4 breakout the profit targets are S5 to S6 For an R4 breakout the profit targets are R5 to R6 Using the Camarilla levels in this way offers a complete solution to two distinct approaches to trading, and in addition, also provide potential target levels along with suggested stop loss positions, but as always these must meet your risk and money management rules.
And it is important to understand the indicator and associated levels can be adopted in two very distinct ways. First, if you are more suited to mechanical trading where you feel more comfortable with a rule set, then the levels can be considered as your rule set. However, if you are more suited to discretionary trading then the indicator is a perfect complement to other Quantum indicators such as the support and resistance indicator, which again is one based purely on price, and so helps to reinforce levels delivered by the Camarilla protocol. Other indicators such as the Trend Monitor also work perfectly in association with this indicator.
The Camarilla levels indicator works in all timeframes on both standard and custom charts, and in every market, so can be used to trade stocks, commodities, forex or indices on the MT4 platform. To help you when using the indicator we have also included some simple messages to guide you as the various levels are approached and tested. These appear as follows: If the current open price is between R3 and S3 the indicator displays the words — Possible mean reversal trade is on the horizon If the current open price is between S3 and S2 the indicator displays the words — Possible long position now on the horizon If the current open price is between R3 and R2 the indicator displays the words — Possible short position now on the horizon If the current open price is between R3 and R4 the indicator displays the words — Possible breakout now on the horizon for a long position If the current open price is between S3 and S4 the indicator displays the words — Possible breakout now on the horizon for a short position When there is nothing of interest, the indicator displays the message — Analysing the chart… You can of course elect to switch these messages off, and they are only included to alert you to possible set ups occurring.
To start using the indicator, you can click and drag QuantumLiveCamarillaLevels from the Navigator to a chart or you can also double-click QuantumLiveCamarillaLevels which will then be applied to the currently selected chart. Doing either one of these will display the Custom Indicator window where you can configure all the various user settings for your Quantum Live Camarilla Levels These options are grouped and can be accessed by selecting the tabs which will be discussed further in the following sections. About tab Here you will find basic information about the indicator such as its name, description, and version number.
This is required by all Quantum indicators to properly communicate with its accompanying DLL file. Other than this, please leave other options to their default setting.