At TrendSpider we are always working on ways to innovate new features, as well as improve upon existing ones. For today’s software update, we are happy to release a brand new drawing tool meant to build off the existing Volume By Price indicator. Introducing … the “Volume By Price” drawing tool, with it, comes the ability to draw volume by price ranges on charts to highlight specific areas of price action. Enjoy!
Volume by Price Drawing Tool (ALT-B)
The TrendSpider Volume by Price indicator has become a crowd favorite over the past few months gaining popularity across Fintwit and StockTwits. From increased demand, comes innovation, and we are super excited to release a specific drawing tool just for all you VbP junkies!
To access this drawing tool either select it from the drawing tool tab on the left or use ALT-B for quick access. When activated you will be able to drag two points to form a window of interest like shown below. After selecting your second point the volume figure for the range will be plotted.
Once your range is identified you can right-click any Volume By Price drawing tool to access the drawing’s properties. Here you have mostly the same configuration as the normal Volume by Price indicator but with added ability to align the volume figure to the left-hand or right-hand side of your identified window.
With the VbP drawing tool, you may now create monthly and weekly raindrop candles for specific sections of price action. An example is shown below. Share with us ways you are using this tool on Twitter!