WmiVol: Finding Intraday Activity from Candle Range
Summary
WmiVol is an indicator for locating times of day when an instrument tends to show greater price activity. It reads chart bars and uses candle height, calculated from the high and low, as its activity measure. The display distinguishes periods of higher activity with blue bars and lower activity with pink bars. Traders can use the resulting time-of-day profile to filter strategies that need active markets or to help identify when an unfamiliar instrument is more active.
The document describes the indicator’s design and intended use, but supplies no performance study, trading rules, or evidence that selecting high-range periods improves returns. Candle range captures price movement, not traded volume or direction, and may be affected by isolated price spikes. The profile is based on bars available on the chart, so its usefulness depends on the data and sampling period. The page notes that the indicator was first implemented in MQL4 and dates its original publication, but does not explain calibration or validation.
Key ideas
- WmiVol measures activity using each bar’s high-to-low range.
- It displays relatively active and quiet times of day with different colors.
- The activity profile can serve as a timing filter for strategies that require movement.
- Candle range does not indicate whether prices moved up or down.
- The document offers no evidence that the indicator improves trading performance.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.