DeMarker_Histogram_Vol - MetaTrader 5 Script - MT4/MT5 Resource

Demark uses volumes to display oscillators as color histograms.

Calculation formula:

 DeMarker Histogram Vol = (100 * DeMarker - 50) * Trading Volume

For perfectly understandable reasons, the same formula should be used to recalculate overbought and oversold levels in such modified oscillators. In the final version, these levels are no longer permanent. Two levels with appropriate breakout indications are used.

 Enter an integer High level 2 = + 20 ; // Overbought level 2
Enter an integer High level 1 = + 15 ; // Overbought level 1
Enter an integer low level 1 = - 15 ; // oversold level 1
Enter an integer low level 2 = - 20 ; // Oversold level 2

In the indicator input parameters, these levels are additionally multiplied by 100 and moved to the 50 level of the source DeMarker, then multiplied by the volume at each indicator tick.

Figure 1. DeMarker_Histogram_Vol

Attachment download

📎 demarker_histogram_vol.mq5 (24.41 KB)

Source: MQL5 #21909