WPVH - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

The Wyckoff PriceVolume Histogram Oscillator allows the analysis of the market by applying Richard Wyckoff's Volume Spread Analysis VSA.

The "spread" here does not mean the ask price - the bid price, but the full size of the candle: high price - low price.

The indicator has three input parameters:

First, calculate the candlestick "outline". Then, based on the obtained curve, the "volume weight" of the candlestick is calculated, and then the histogram value is calculated by subtracting the past candlestick curve from the current curve.
In order to plot the average, two different periods of SMA (fast and slow) need to be calculated based on the candlestick chart.

If "Show Histogram" = "Yes", an additional histogram is plotted showing the difference between the past and current profiles.

Figure 1. Show Histogram = No

Figure 2. Display Histogram = Yes

Attachment download

📎 wpvh.mq5 (13.66 KB)

Source: MQL5 #21858