Volume Momentum Divergence Panel

Price momentum and volume momentum are usually shown as separate, differently-scaled studies, which makes their agreement or disagreement hard to read at a glance. This indicator computes an ordinary rate of change for both price and tick volume over the same lookback period, then independently rescales each series onto a shared -100..+100 band using that series' own trailing high/low over InpNormWindow bars. A fixed multiplier could never make a points-scale price ROC and a count-scale volume ROC comparable across different symbols; rescaling each against its own recent range does. A third histogram marks divergence: bars where the two normalised lines carry opposite signs and the gap between them is at least InpDivergenceThreshold. Price still advancing while volume momentum is falling (or the reverse) is read as the classic warning that a move is running low on the participation needed to continue it - the histogram makes those bars visible without having to eyeball the two lines against each other on every bar. Notes and limitations - Non-repainting: every value depends only on already-completed bars within the lookback and normalisation windows. - "Volume" is tick volume (the count of price changes per bar) - forex has no exchange volume on either MetaTrader platform, and this is the standard MT4 proxy for participation, not traded contract volume. - The normalisation window resets its own high/low as new bars arrive, so the same raw ROC value can map to a different normalised reading once the window's extremes change - this is intentional (it keeps the scale relevant to recent conditions) but means the normalised lines are not directly comparable across widely separated points in history. - This is a visual flag, not a trade signal generator - no alerts or arrows are produced.

Indicator · MT4 · v1.0 · Free

Tags: Volume · Divergence · Momentum · Trailing Stop & Break-even · MT4 Indicator · MQL4 Source Code

MetaTrader 4 & 5 indicators · PolyMaria