The real author:

Vadim Shumiloff

The indicator is the development of the idea of the normalized volumes (Normalized Volume).

At first, volume normalized values are expressed now as a percentage of the average value for the period. Accordingly, the data in the chart can now take negative values which indicates of the silence in the market.

Another useful innovation is the histogram bar coloring depending on the normalized volume value.

• The blue color indicates that the current volume is less than the average one for the period;
• The dark green color indicates a little increase of volume compared to the average one for the period;
• The light green color indicates that increase of volume overcame Fibo level of 38.2% compared to the average one for the period;
• The orange color indicates that increase of volume overcame Fibo level of 61,8% compared to the average one for the period;
• The yellow color indicates that increase of volume overcame Fibo level of 100% compared to the average one for the period;

This indicator was first implemented in MQL4 and published in Code Base at mql4.com on 19.06.2008.

Fig.1 The Normalized_Volume_Oscillator indicator