The Price Rejector indicator of VolSys identifies the volumetric-based pattern on imbalance returning the marker directly on the chart to highlight potential reversal. 

INDEX

• Settings-of-Use
  • General
    • Min % imbalance
    • Min Diag Comparison
    • Lookback Period
    • Tick Offset
  • Series

Setting Usage

Clicking on the indicator settings icon will open its configuration window, within which you will be able to make several choices regarding the functionality of the indicator itself.

• General

• Min % imbalance

Defines the minimum % of imbalance that there must be in the highs for bearish candles or the lows for bullish candles;

• Min Diag Comparison

Defines the minimum diagonal comparison where to look for a imbalance. 

Specifically if you enter 1, the indicator will search for imbalances by comparing the last tick in Ask with the penultimate tick in Bid in bearish bars and the last tick in Bid with the penultimate tick in Ask in bullish bars.

If you enter 2 in addition to the previous comparisons you will also compare the second-to-last tick in Ask with the third-to-last tick in Bid in bearish bars and the second-to-last tick in Bid with the third-to-last tick in Ask in bullish bars and so on;

• Lookback Period

Defines the number of bars there must be on the left to qualify the maximum or minimum of a candle as a swing. 

It goes without saying that the shorter the search period, the more likely there is to be some marker provided by the indicator with the risk of incurring less resilient signals, conversely if you increase the search period the markers provided by the indicator will gradually be lower. 

The same consideration can be made if you change the previous conditions;

• Tick Offset

Defines the number of ticks away from the maximum/minimum where the marker is plotted.

• Series

In this section you can change the color of the marker differentiating between bullish and bearish signals, change the type of marker, choosing between square, circle, diamond, triangle and cross, as well as the thickness of the same.