Imperial Whazoo - can you share if there is some website which sells this software or is this your own personal TA and combination of work ?? You wrote this below ... " I use a real time charting package used by lots of people to chart real time data.
I set my screens up like this:
I have a 1 period, a 13 period window and a 1 day Ichimoku up. Every one of them can change the displayed time frame to 1, 2, 3, 5, 6, 10, 13, 15, 26, 30, 39, 65, 78, 130, and 195 periods because thats what I set the chart defaults to. These are all factors of 390 minutes, which is how many minutes there are in a trading day.
So, looking at the 1 minute chart, you see a huge (640.5K) volume bar in a single minute at 11:57 AM central. The price action confirmed this was to be understood to be a buy rather than a sell event (even though its true that every buy consists of a sell and visa versa) for one reason: price climbed after that event and never looked back. There have been NO similarly sized, concise volume events since then. Its safe to read this as somebody buying in one quick pull of the trigger and not looking back.
Since then, the waveform is a stairstep where every multi-minute increase in volume that happen contiguous to each other ARE NOT followed by a similarly sized set of contiguous sell bars.
The idea is that volume goes up for several minutes. You can see it in the histogram along the bottom. If equal volume comes back out after that contiguous multi-minute volume event, the momo is NOT up or down. Its sideways. If a multi-minute volume event is over balanced to the up side, its a buy event. If its over balanced to the down side, its a sell event. Volume is like a fingerprint telling you what the momo is.
Then, once the chart declares its internal momo, you use standard charting tools to lay out guidelines by which to gain focus as price navigates around. Gaps, trends, hammer candles, hanging men.... that kind of things. "
