Volume Rate of Chg (Indicator)
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Input Information
| Name | Expression | Default | Description |
| Length | Numeric | 14 | Bar ago used to compare with the most current bar. |
| ColorNormLength | Numeric | 14 | Number of bars over which to normalize the indicator for gradient coloring. |
| UpColor | Numeric | Cyan | Color to use for indicator values that are relatively high over ColorNormLength bars. Set to -1 to disable gradient color plotting. |
| DnColor | Numeric | Magenta | Color to use for indicator values that are relatively low over ColorNormLength bars. Set to -1 to disable gradient color plotting. |
Market Synopsis
The Volume Rate of Change indicator compares the most current bar's volume to the volume of a bar in the past (default is 14 bars ago). The difference is calculated as a percentage and plotted as a histogram, and like an oscillator, fluctuates above and below a zero line. Volume can provide insight into the strength or weakness of a price trend. This indicator plots positive values above the zero line, and negative below. A positive value suggests there is enough market support to continue to drive price activity in the direction of the current trend. A negative value suggests there is a lack of support and prices may begin to become stagnant or reverse.
Plot Information
| Number | Name | Default Color | Description |
| Plot1 | VolROC | Cyan/Magenta | Plots the Volume Rate of Change value. |
| Plot2 | ZeroLine | Dark Green | Plots a reference line at zero. |
When applied to a chart, this indicator contains two plots, displayed in a separate subgraph from the price data.
Set either UpColor and/or DnColor to -1 to disable gradient plot coloring. When disabled, Plot1 color is determined by settings in indicator properties dialog box. Plot2 (ZeroLine) color always comes from indicator properties dialog box.
This indicator only returns significant results when applied to bars with a time interval of daily or larger.