One question/feedback about Volume indicator:
As far as I know, Volume indicator print in bars the sum of buy orders and sell orders if there are more buying orders, the bar is printed in green color, if there are more sell orders than buy orders is printed in red.
If we take a look to this volume indicator in bitcoinwisdom we can see that the color bars of the indicator are printed depending on the price, independently of the number of buy orders or sell orders that occurs in that period of time.
IMO, I think this is wrong. Why?
i.e: -Chart time-frame of 1H (or another one). Current price is at 299.9 (candle open at this price). Below 299.9 is almost clean of bitcoins in the OB (it takes a little amount of bitcoins to take the price down). If I put a limited sell order at $300 of 28.000BTC(i.e), I am creating a "wall" over the current price. If the people buys 27.999BTC (1 BTC left on the wall) and after this one person sell just 10BTC, the result is:
- The number of buying orders executed >>>>> than selling orders executed
- Candle opened at $299.9,
- Candle closed at $390 (or any other price under the current price)
- The price candle have to be red because it closes at a lower price than it opens
An here is the good one:
- The volume bar have to be green, no matter the price that the candle close, lots of more buying orders were executed than selling orders.
Now, the fact is taht the volume bars ar of one color or another just depending on the price that the candle open and close. The volume indicator actually is not indicating if the volume of this bar at a certain timeframe was powerfull at the buyer side or at the seller side, they jus t print if the candle close lower or higher the open and in my opinion this is wrong and can confuse us.
Anyway, your site looks gorgeous, love it and I'd been watching it since your beginnings. Goog job
screenshot of what I'm saying:
It was implemented long time ago, but it won't applied currently for no suitable colorscheme. Maybe it will be an option in future. You could use 'Bid Ratio' indicator to check the bid ratio, but not all market support that indicator. As far as I know, Volume indicator print in bars the sum of buy orders and sell orders if there are more buying orders, the bar is printed in green color, if there are more sell orders than buy orders is printed in red.
If we take a look to this volume indicator in bitcoinwisdom we can see that the color bars of the indicator are printed depending on the price, independently of the number of buy orders or sell orders that occurs in that period of time.
IMO, I think this is wrong. Why?
i.e: -Chart time-frame of 1H (or another one). Current price is at 299.9 (candle open at this price). Below 299.9 is almost clean of bitcoins in the OB (it takes a little amount of bitcoins to take the price down). If I put a limited sell order at $300 of 28.000BTC(i.e), I am creating a "wall" over the current price. If the people buys 27.999BTC (1 BTC left on the wall) and after this one person sell just 10BTC, the result is:
- The number of buying orders executed >>>>> than selling orders executed
- Candle opened at $299.9,
- Candle closed at $390 (or any other price under the current price)
- The price candle have to be red because it closes at a lower price than it opens
An here is the good one:
- The volume bar have to be green, no matter the price that the candle close, lots of more buying orders were executed than selling orders.
Now, the fact is taht the volume bars ar of one color or another just depending on the price that the candle open and close. The volume indicator actually is not indicating if the volume of this bar at a certain timeframe was powerfull at the buyer side or at the seller side, they jus t print if the candle close lower or higher the open and in my opinion this is wrong and can confuse us.
Anyway, your site looks gorgeous, love it and I'd been watching it since your beginnings. Goog job
screenshot of what I'm saying:
