Volume Plus
This MotiveWave study gives you a visual display of relative volume on the chart and displays significant volume changes directly on the candle bars. This is massively helpful for assessing market sentiment.
Whether you're a day trader or a swing trader, Volume Plus works on any timeframe, providing a simple way to get the visual clarity needed to make informed decisions.
If there is one single indicator that I would consider essential for any trader who uses volume data, this would be it.
How to use Volume Plus
Identifying Trend Reversals
High volume candles, especially when combined with reversal candlestick patterns such as Engulfing Candles, Pin Bars, Morning Star, etc., can indicate a trend reversal.
In this example, notice how the first candle with a bullish close and high volume marked the local low in both of these legs down.
Confirming Breakouts
Breakout attempts that are backed by high volume can give you more confirmation that the breakout is real.
In this 1-minute range example, notice how there was an increase in volume just before and after price started closing outside of the range. This suggests that institutions and big money were interested in continuing the upward trend, so you may not want to try to fade it.
Assessing Momentum
Volume Plus can be used to measure the strength of price movements. If there are continued above-average volume candles in one direction, this typically indicates a strong trend.
When combined with other technical analysis tools and context, this can give you a very clear picture of market sentiment and the overall trend.
Support & Resistance
You can even draw boxes on candles that are accompanied by high volume, especially ones that were the start of a big move. These often act as support and resistance, because the high volume on that candle indicates that many positions will likely be closed and/or opened when price eventually returns to that level, causing a price reaction.
I encourage you to experiment with different ways of drawing these levels—using candle closes, different timeframes, combining with order blocks, etc.
Non-time based bars
Use it together with non-linear bars such as Renko, Range, and Reversal bars in the same way you would use it with traditional time-based charts.
Combine with your own strategy
Use it as extra confluence for your own strategy. Whether you're a momentum trader or a reversal trader, this indicator can give you more visual clarity to know when to enter or stay out of a trade.
For example, if you have a level of interest and you see a high-volume reversal candle at that price level, it could give you more confidence in taking the trade.
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