GreyPool VSA Signal Scanner

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This Indicator combines powerful Climactic Action Volume Spread Analysis (VSA) signals and displays them on multiple time frames and 8 symbols simultaneously.

Climactic Action is defined as - Excessively large volume or an excessively large price change within a relatively short amount of time where "hidden" buying or selling is indicated.

Glossary:

Climactic Down Bar - A bar closing lower than the previous bar with above average volume and a large spread wherein the close of the bar is significantly higher than the low of the bar (Indicates "hidden" buying).

Climactic Up Bar - A bar closing higher than the previous bar with above average volume and a large spread wherein the close of the bar is significantly lower than the high of the bar (Indicates "hidden" selling).

Trap Down Bar - Also known as a "Shakeout" and occurs when price makes a new low and quickly retraces to close near the high of the bar with excessively large volume and a large spread (Indicates "hidden" buying).

Trap Up Bar - Also known as a "Shakeout" and occurs when price makes a new high and quickly retraces to close near the low of the bar with excessively large volume and a large spread (Indicates "hidden" selling).



Green Buy Signals:

- Created when Climactic Down or Trap Down bars are formed within a range of 3 bars wherein the volume is at the high or very high level and volume is consecutively increasing


Red Sell Signals:

- Created when Climactic Up or Trap Up bars are formed within a range of 3 bars wherein the volume is at the high or very high level and volume is consecutively increasing



How to Use:

1. Choose your favorite 8 trading pairs and signals will be generated for each and on the time frame that you set.
2. Setting the time frame of the indicator higher than your current chart time frame is a way to receive reliably powerful signals from this indicator the 1 hour and 2 hour time frames are particularly helpful.
3. It is also possible to add the indicator to your chart more than once and set a different time frame for each instance.



These signals do not occur often but when they do the market responds in the indicated direction with a high degree of probability.


ALERT FUNCTION INCLUDED
-You can set an alert to trigger when a signal occurs (buy or sell)