As I watched the market today, I paid particular attention to the Volume Channel study I coded last week. Volume often speaks, well, volumes about the underlying price action. I’ve circled the instances where price revisited a high volume level and a rejection occurred. Not bad…I see a bright future ahead for this one or some part thereof in another study.
Volume Channel In Action
Eric
Have you been using this? I just stumbled upon and might incorporate into my es charts for a run.
Thanks
Chris
Chris,
I coded this one up for one of the subscribers and initially used it on my charts. It does a pretty good job of showing volumetric support and resistance. Once I created the Volume Profile (now replaced by the TOS native versions) I stopped using these as there is more info presented by the profiles.
Eric