Trends and patterns analysis is the basis for understanding the best way to trade in the financial markets. Various tools, such as the 24-hour volume indicator, analyse these critical technical stock activities well. Unlike other indicator series traders use, the 24-hour volume indicator measures the number of assets traded from different timeframes. Check out the trading views community for great ideas.
What Is a 24-Hour Volume Indicator?
The 24- hour volume indicator is a technical analysis tool used in the financial market to calculate the total volume of a symbol traded within 24 hours expressed in a particular currency to determine the market’s interest. It has two main inputs:
Price source – this is used to convert the base volume into currency volume where necessary.
Target currency – sets the currency to be represented, such as USD, EUR, CAD, JPY, GBP, HKD, CNY, NZD, and RUB, among others.
The Features of the 24-Hour Volume Indicator
Unlike other indicators, it has multi-time frames of up to four customizable slots.
The volume change is expressed through a particular currency.
It has a volume change rate.
It has a volume moving average rate.
Furthermore, it has customizable table colours for traders.24-Hour Volume Indicator | Indicator Series Click To Tweet
How It Works
The 24-hour volume indicator uses data from different timeframes on the main chart to calculate the sum of volume for the last number of bars of the lower timeframe opened over the previous 24 hours. The 24-hour volume indicator changes the base volume into the target currency volume by matching the volume to the price in the price source from the chart. A higher 24-hour volume implies high, healthy, and viable demand, while a low 24-hour volume indicates an unpopular demand.
Uses of the 24-Hour Volume Indicator
Used to measure market interests in currency over the past day and night
Gauges the health and viability of a market.
It is used to read the stock’s price movement, showing trading signals changes.
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