VOLUME PRICE ANALYSIS (LAST UPDATED 10/25/15)

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VOLUME PRICE ANALYSIS (LAST UPDATED 10/25/15)INTRODUCTIONThis indicator is based upon concepts originally popularized by Richard Wyckoff and JesseLivermore nearly a century ago to read the tape to determine what the "smart money" wasdoing.Tom Williams of TradeGuider was the first to computerize the indicators which he refers toas VSA, Volume Spread Analysis. Both VPA and VSA use the same concepts. Others havefollowed Tom William's lead, and there are other software programs out there usingVPA/VSA.The HGSI version is based upon the work of Karthik Marar who generously coded VPA forAmiBroker, and placed his code in the public domain several years ago.What sets the HGSI version apart from any other version of VPA is the ability to analyzemarkets, sectors, groups, stocks and ETFs from the top down. No other software programgives this kind of insight.The best explanations of the concepts behind VPA are by Anna Coulling in her book, AComplete Guide to Volume Price AnalysisINDICATOR OPTIONS:TIP: For best display use this indicator on a dark or black windowName: Your name to describe theindicatorComment: Your description of thisindicatorUse Private Scale: Notrecommended. This indicatorannotates price bars if you use PrivateScale the signal symbols will not bealigned correctly.

DISPLAY OPTIONS1.Display VPA analysis in upper corner of chart windowVPA line: Shows the stocks symbol, period mode of the chart, the date and volume basedon the current location of the crosshair. The text after the volume is an English descriptionof the VSA signal. The description will also appear in the Data Window (see below).

Volume: A description of the volume compared to the 90 day average volume.Very HighTwice average volumeHigh1.3 times average volumeAbove AverageHigher than average volumeLess than AverageBelow average volume but above 70% of average volumeLowBelow one standard deviation of the average volumeSpread: A description of the day’s price range compared to the average spreadWideGreater than 1.5 times the average spreadAbove AverageAbove the average spreadBelow AverageBelow the average spread but above 70% of the average spreadNarrowAbove 50% but less than 70% of the average spreadVery NarrowLess than 50% of the average spreadClose: A description of the day’s close value compared to the spread and the day's low value.Very HighClose above 75% of spreadHighClose above 70% of spreadMidClose between 30% and 70% of spreadDownBelow 30% of spreadTrend: Descriptions of the price trend at the location of the crosshair/last click location. There are three types oftrends:Major TrendUp/Down/NoTrendMinor TrendUp/Down/NoTrendImmediate TrendUp/Down/NoTrend2.Major Trend also has an additional status description ofMajor Uptrend Ended and Major Down Trend Ended.E.g. No Trend Major Down Trend Ended.For all three trends the direction is determined throughthe use of a long and short term Random WalkIndicator. The parameters for controlling the RandomWalk Indicator are in the VPA indicator options underTrend Analysis Options.Draw VPA signals on chart.When this option is turned on Shape images will appear indicating a certain condition hadoccurred. See the HGSI Shape Guide for explanations of the various shape images.

3.Include VPA commentary in data windowThe data window displays data under the cross hairs.4.Highlight VPA Signal days on chartThe VPA Signal (vertical bar) needs to have at least 120 records to compute fully, plus 30days for standard deviation computation, about 24 weeks or about 6 months of data to bedrawn on the chart. If the stock does not meet these requirements its computations resultsin no VPA/VSA colors and no shapes. IPOs are an example where signals will not beavailable.Once the number of record requirements are met, the daily volume must be higher than100,000 plus have one of many internal signals to be true. Most of these internal signalswill also draw a VPA Shape image on top of the VPA Signal. Shape images can appear onthe chart without the VPA Signal (vertical bar) because shapes do not require the 100,000or more daily volume. Shapes are explained in the HGSI Shape Guide.On the chart snippet below are two instances of the VPA Signal (marked with the redarrows). Those VPA Signals also have VPA Shape images that have a specificmeaning. There are also numerous examples on the snippet were VPA Shape images arepresent but without the VPA Signal. The VPA Signal and the VPA Shape icons are twoseparate systems for generating the VPA chart indicator.

VPA Signal Color Button: Color defaults to gray. Change to a color of your choice.PRICE INDICATOR OPTIONSDraw Price Indicator using VSA colors:The default is No Price Indicator.The VSA coloring rules are based on volume.The trend coloring rules are based on the trend direction.Price Style and Line Type are the standard HGSI options used for the Price indicator.NOTE: When enabled with the VSA or Trend Colored Price Indicator you need to remove thestandard Price indicator from the window where the VPA Indicator will be used, otherwiseboth copies of the price will be drawn in the window.

VSA Colored Price IndicatorColors are based on the condition of various signals. The color of the price bar isdetermined by whatever signals are positive for that day starting at the top of this table.First signal to match decides the day's color.ColorSignalConditionTurquoiselowVolTestTest for SupplyPinkdistributeBarHigh volume up bar closing down in uptrend.Dark RedownerTransferWide-range bar on volume at least 1.5 times avgYellowupThrustBarPrice moves above resistance of trading rangeLimebullBarBullish BarRednoDemandBarSign of weakness.WhitenoSupplyBarSign of strength.MagentaupBarTodays close is up vs yesterdayGreendownBarTodays close is down vs yesterdayBlue---Flat line. Neither up or downTrend Colored Price IndicatorTrend is determined by computing 3 best fit lines (40 period, 10 period and 3 period)against a 5DMA. A value above 0 means the stock is trending up during that time period,less than 0 the stock is trending down.ColorSignalConditionLimeShortTerm 0MediumTerm 0LongTerm 0GreenShortTerm 0MediumTerm 0LongTerm 0PaleGreenShortTerm 0MediumTerm 0LongTerm 0RedShortTerm 0MediumTerm 0LongTerm 0PaleGreenShortTerm 0MediumTerm 0LongTerm 0OrangeShortTerm 0MediumTerm 0LongTerm 0Blue----All three time periods are trending up.Trending up in the short and mediumtime frames, but down in the longtime frame.Trending up in the short time frameonly.Trending down in all three timeframes.Trending up in the medium and longtime frames only.Trending up in only the long timeframe.Neutral

TREND ANALYSIS OPTIONSThese control the length of the Random Walk Indicator used to compute the trenddirection. The default settings are a short term minimum of 2 and a maximum of 8, a longterm minimum of 10 and a long term maximum of 40.These defaults are also used to compute the HGSI Warehouse columns for VPA Signal. Youcan alter these time frames to change the Random Walk Index to get a faster or slowertrend, but your results will no longer match the fixed Warehouse column computations.WAREHOUSE VPA SIGNAL COLOR GUIDEWarehouse column colors used for the VPA Signal Condition and the VPS Signal Descriptions.ColorColorConditionYellowstrengthDown or strengthDown1Pale GreenbuyCondPale GreenstrengthDown2Light OrangeupThrustBar or upThrustCond1OrangeupThrustCond2 or upThrustCond3LimeeffortUpRedeffortDownLight OrangePseudoUpThrustOrangeYellowpseudoUtCond or noDemandBarstrengthDown0 or noSupplyBar or lowVolTest or lowVolTest1 orlowVolTest2YellowstopVolume or revUpThrustOrangeupThrustCond1Light OrangedistributeBarLight OrangetrendChange

VPA SHAPE GUIDESHAPESIGNALAnnotates VPASignal on chartDESCRIPTIONCONDITIONBcRed down triangle withyellow border above dayhighA potential buying climax, a wide range baron heavy volume.buyCondLime up triangle below day An up bar closing near its high.lowThe previous bar saw strength coming back.This upbar confirms strength.confirmWeak1White box below day lowTest for Supply.Selling pressure is easing in a downtrend asprice closes off of the daily low.distributeBarBlue box above day highA high volume up bar closing down in anuptrend.A wide range, high volume bar in an uptrend.Closing down is an indication that distributionis in progress. The smart money is selling thestock to the late comers rushing to buy thestock not wanting to be left out of a bullishmove.effortDownYellow circle at daymidpointSecurity trades higher from its opening price,but closes lower than its open.Effort to fall.This is normally found in the beginning of amarkdown phase.Bearish. The security is showing signs ofweakness with a close near the low of itsdaily range on a wide range bar.

effortUpTurquoise circle at daymidpointEffort to rise.This is normally found in the beginning of amarkup phase and is a bullish sign. Thesemay be found at the top of an Upmoveas the Smart money makes a last effort tomove the price to the maximum.lowVolTestlowVolTest1Magenta box below daylowTest for supply.Lime box below daily lowTest for supply in a uptrend.Bar closes near the top of its daily range astraders “test” the market for supply and findthat demand is greater than supply. Volumeis generally light.The previous bar was a successful Test ofsupply. The current bar is a upbar with highervolume. This confirms strength is returningafter a down trend.lowVolTest2noDemandBarnoSupplyBarYellow up triangle belowday lowMagenta box above dayhighA security in an uptrend trades downintraday, then closes in the upper portion ofits daily range on light daily volumeAn upbar closing near high.The previous bar was a successful test ofsupply. The current bar is a upbar with highervolume. This confirms strengthNo demand. A sign of weakness.Any up bar which closes in the middleor low, especially if the volume has fallen off,is a potential sign of weakness.If the market is still strong, you will normallysee signs of strength in the next few bars,which will most probably show itself as adown bar with a narrow spread closing mid tohigh or a down bar on low volume.Lime circle below day low No supply. A sign of strength.Security closes in the lower part of its dailyrange, but on lighter volume. This indicatesselling is subdued, even though the close isgenerally lower than the open. It is better towait for confirmation.

NutLime down triangle above Wide range bar closing down on heavyday highvolume after a new high. Bearish. A raresignal.ownerTransferHollow red circle at daymidpointA wide-range bar on volume at least 1.5times average where the bar closes aroundmid-range. Bulls and Bears transfer shares asthey fight for control.PseudoUpThrust Blue box above day highPseudo upthrust.pseudoUtCond Blue down triangle aboveday highThis normally appears after an up bar withabove average volume. This looks like anupthrust bar closing down near the low butthe volume is normally lower thanaverage. This is a sign of weakness. If thevolume is high then weakness increases.Smart money is trying to trap the retailersinto bad position.A down bar closing down after a pseudoupthrust.Confirms weakness. If the volume is aboveaverage the weakness is increased.revUpThrustYellow box below day low Reverse upthrust.Strength seen returning after a down trend.Reverse upthrust. Indicates strength.sellCondRed down triangle aboveday highSimilar to the topRevBar. Bulls lost control ofthe security as the day progressed. Anupthrust bar after a move up is a sure sign ofweakness.

stopVolumestrengthDownHollow lime circle belowday lowLime box below daily lowStopping volume.This will be a down bar during a bearishperiod closing towards the top accompaniedby high volume. A stopping volume normallyindicates that smart money is absorbing thesupply which is aIndication that they are bullish on themarket. Hence we can expect a reversal inthe down trend.A down bar that closes near the top of itsdaily range on heavy volume. This indicatesbuyers are stepping in to absorb panic sellingby those who must get out at any price.Strength seen returning after a longdown trend.The stock has been in a down trend. An upbarwith higher volume closing near the high is asign of strength returning. The Down trend islikely to reverse soon.strengthDown1 Lime box below daily lowStrength seen returning after a downtrend.A security in a down trend is now showingsigns of strength on higher than normalvolume.strengthDown2 Aqua up triangle below day High volume upbar closing on the high.lowHigh volume upbar closing on the highindicates strength.topRevBarBlue circleabove day highWide range down bar with higher volumefollowing an up bar. A rare signal.

trendChangeYellow down triangle above High volume downbar after an upmoveday highon high volume.The stock has been moving up on highvolume. The current bar is a downbar withhigh volume. Indicates weakness andprobably end of the up move.upThrustBarRed with yellow borderdown triangle above dayhighupThrustBartrue White above day highand notsellCondAn upthrust bar.The price moves above the resistance level ofa trading range that quickly reverses itselfand moves back into the trading range. Themarket will 'test' almost immediately. Oftena “bull trap”.Up-thrusts are designed to catch stops and tomislead as many traders as possible. Theyare normally seen after there has beenweakness in the background. The marketmakers know that the market is weak, so theprice is marked up to catch stops, encouragetraders to go long in a weak market, andpanic traders that are already short intocovering their very good position.An upthrust bar after an up move. A sure signof weakness.Volume is above average.

as VSA, Volume Spread Analysis. Both VPA and VSA use the same concepts. Others have followed Tom William's lead, and there are other software programs out there usin g VPA/VSA. The HGSI version is based upon the work of Karthik Marar who generously coded VPA for AmiBroker, and placed his code in the public domain several years ago.

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