A volume indicator that measures buying and selling pressure over a given lookback period.
As described at traders.com
- Are price updates a good proxy for actual traded volume in FX?
- Using Tick Volume in Forex: A Clear NVO Based Example
This is my first indicator born from my trading ideas.
This is basically an OBV based Osciallator.
Here are my advices for the users,
I generally use this indicator for day trading for 1 min and 5 min timeframes (Higher timeframes can be used)
Use this indicator for currencies with high volume and high volatility (Take some high risks!..)