Volume Candles (RTX)

The Volume Candles RTX Extension requires the TPO Profile Package.

This Volume Candles Forum Topic provides some good documentation of Volume Candles 2.4 and beyond.

Volume Candles draws a candle, volume profile, and volume as text, for each bar, making efficient use of the horizontal space available for each bar.  It is recommended to set the drawing style of the instrument to "Invisible" and then add the VolumeCandles to the instrument pane to replace the bars.  Each of the 3 elements is optional, giving users the ability to plot candles with volume profiles, volumes with volume as text, etc.  User must ensure there is enough room vertically and horizontally to properly display elements.  To create more horizontal space, use the mouse scrollbar (or up/down arrow keys on keyboard).  To create more vertical space, use the mouse scrollbar while holding down the shift key.

Presentation

 

Volume Candle Preference - Background, Text, and Candle

Volume Candle Prefs

Volume Candle Preferences - Candle Only

  • Background - Background drawing options include Volume Profile, Shaded Block, Bid Ask Profile, and Bid Ask Profile (Left).
  • Color (Background) - Background color options include Constant, Volume Shaded (Back), Volume Shaded (Chart),  and Delta.  Volume Shaded (Chart) will blend the volume color into the background color for lighter volume prices.  Volume Shaded (Back) will use the Background color at the bottom of the Volume Candle preferences and blend the Volume Color into that color for smaller volume prices.
  • Hollow - When checked, teh background shape is drawn hollow with the border/edge shaded based on the background color specified.
  • Scale/Shade to Max of - Three choices are available: Bar, Visible, and Chart. This option refers to the scalnig of the volume profiles. Choosing Bar will scale each profile to the max volume at price of that bar. This option has the advantage of maximizing the space available but the disadvantage of not allowing comparison among and between profiles. Visible will scale each profile using the max volume at price of all bars that are visible, allowing for comparison among the visible profiles. Chart will scale each profile using max volume at price of all bars in the chart.
  • Scale Profiles / Colors - Offers three choices for the basis to use when scaling the Volume Profile: Low Constrast, Lower Contrast, and Lowest Contrast. If this option is unchecked, a linear scaling will be used (if a price contains twice the volume of the price above it, its histogram bar will be twice as wide). When scaling is turned on, the user has three options the contrast between the width of the large volume prices and the small volume prices descreases, with the smaller volume prices getting more ink/width.  This option also effects the shaded color options, descreasing the contrast in color between large volume prices and small volume prices (both for shading of the profile and the text if applicable).
  • Text - Options are available to display either Volume, Trades, Average Size, or Price, textually at each price.  In order for this text to display, there must be sufficient space both vertically and horizontally for each price to be printed as text.  Use the shift scrollwheel for vertical zooming to increase/decrease the amount of vertical space per price.  Use the scrollwheel to increase the horizontal space available to each bar (zoom in horizontally).
  • Font - A variety of font styles are available, including the choice "Quotepage".  When Quotepage is chosen, whatever font style is specified for the Screen Font in File > Preferences > Quotepages > Quotepage Defaults, will be used for the text.  This gives the user access to the full range of available fonts on his system.  Keep the Quotepage preferences window open and experiment with various fonts, applying the preference window after each change, and then clicking on the chart with Volume Candles to see the result, until a satifactory font is discovered.
  • Size - The list to the right of the font allows the user to specify the maximum font size at which the text should be drawn.  The size will be variable and reflective of the amount of space available for each price vertically, up until this maximum size limit.
  • Position (Text) - This listbox will ONLY appear when Text is turned on but the Background and Candle are turned off (Text Only).  Choices for horizontal position of text include: Left, Right, Center, Left Center, and Right Center.  This allows users to horizontally stack up to 5 items of text within the space of each bar, each with it's own unique horizontal position.
  • Color (Text) - Text coloring options include Constant, Volume Shaded (Back), and Volume Shaded (Chart).
  • Overlay Text on Profile - Optionally overlay the volume at price as text on top of the Profile.
  • Scale Values- Divides the volume at each price by a divisor to reduce the number of characters needed to infer the volume levels at each price.
  • Candles - When checked, draws a Candlestick and enables Color Controls for specifying the Up and Down body color of each candle.  Many of the Candle options below are ONLY available when Candle is checked but Text and Profile are unchecked (Candle Only).
  • Wick - Candle Wick color, along with options for the width of the candle wick and an optional unique border color for the wick.
  • Width - Width of the candle wick.  (This option is only available when Candle is checked and Profile and Text is unchecked.)
  • Border - Border color of the candle wick.  (This option is only available when Candle is checked and Profile and Text is unchecked.)
  • Variable Candle Width - Options include EquiVolume and EquiTime.  The width of the candle is reflective of the volume or time of the candle.  (This option is only available when Candle is checked and Profile and Text is unchecked.)
  • Volume Driven Border Width - When checked, the border itself is drawn in variable width representative of the relative volume of the bar.  A larger wick width should be specified (10 or more).  (This option is only available when Candle is checked and Profile and Text is unchecked.)
  • Rounded Rectangles - When the Rounded Rectangles checkbox is checked, the corners of the candle body will be rounded.  This will also apply to the candle wick if the wick is wide enough (4 pixels or greater).  The background Profiles or Blocks will also be rounded if this option is turned on.
  • Up Background Color- Background Color for up candle body and for Ask Volume in Bid Ask Profiles.
  • Down Background Color - Background Color for down candle body and for Bid Volume in Bid Ask Profiles.
  • Up Border Color - Border Color for up candle body.
  • Down Border Color - Border Color for down candle body.
  • Volume Color - Background Color used for Volume Shaded Profiles and Text.
  • Profile Border Color - Optional Border color for background profiles and blocks.
  • Text Color - Color used for text or profiles when the Constant coloring option is chosen.
  • Background Color - Background Color which is used for blending in the Volume Shaded (Back) coloring options.
  • Detach Last X Bars - When this option is checked, the Volume Candles will draw to the right of the rightmost bar, instead of overlaying the bars or candles.  This way, the user can zoom the chart out (make bars smaller horizontally) and yet still see the text and profiles in the user specified width in the right margin.
  • Title - Options to Title each bar with Delta, Time (Secs), Time (hh:mm:ss), and/or Volume, in any order desired.  This comes in especially handy for keeping up with the ending times of each bars when detaching the indicator from the underlying bars and drawing in right margin.
  • Custom Position - Option to position the indicator within the left half of bar, or right half of bar. With this option, users may stack 2 Volume Candlesside by side within each bar with different preferences.
  • Hide Underlying Bars - This option is turned on by default, and will force the underlying bars into invisible mode when adding the Volume Candlesto the chart, so they do not interfere with the drawing of the Volume Candles.
Volume Candles Chart (RTX)
Volume Candles overlays existing price in a chart and plots Volume at price in both a text and profile form.

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