Constant Volume Bars and TFlow for the E-mini S&P 500
In today’s example of the Constant Volume Bars applied to the e-mini S&P 500 futures contract, which I use to compress the intraday trading action, there was a strong rally, as indicated by the RSI readings climbing above 62, which I think flashed good upside momentum. Now, the market is has dropped enough to flash RSI readings slightly below 38, signaling a moderate downtrend. If the RSI readings begin to fluctuate between 38 and 62, then the market is in a trading range.
Using the one-tick version of the TFlow chart we can see that some buyers are coming in as the buy volume line (green) of the TFlow Volume Cross Study (TFVCrss) is peaking above the sell volume line (red).
Keep in mind, at this level, this view is a very short-term view, and the situation reverses if the buy volume line starts to peak over the sell volume line.
To read more about these two custom studies, please check out my article TFlow Custom Studies.