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VSA Text Custom Indicator for MT4
Introduction to the VSA Text Custom Indicator
Many new traders try to identify trend direction solely based on price action and its corresponding patterns. However, this often does not tell the whole story. Volume is one of the key elements that many seasoned traders look at when trying to decipher how price is behaving and where it may potentially move. The VSA Text Custom Indicator simply combines both price action and volume to arrive at an educated assumption of how price might behave.
What is the VSA Text Custom Indicator?
VSA stands for Volume Spread Analysis. The VSA Text Custom Indicator is a technical indicator which interprets price movements and price action in relation to the volume of each candle. It can identify whether a certain price action pattern is moving with strong momentum or not. It then indicates the characteristics of the candle whether it has enough supply or demand, or whether a momentum candle took effort to form or if a reversal candle had a strong thrust. It does this by labeling the identified candles with its price action and volume characteristics.
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