Remora Volunacci Indicator

Remora Volunacci Indicator

The Volunacci indicator is a custom technical analysis tool designed for MetaTrader 5. It combines volume analysis with Fibonacci retracement principles.

In essence, it displays the current volume as a colored histogram within its own window. The unique feature is that it calculates a recent volume range (high and low over a user-defined period) and then projects key Fibonacci retracement levels (23.6%, 38.2%, 50%, 61.8%, 100%) onto this range.

The color of the volume histogram changes dynamically (e.g., from green to red) based on where the current volume level stands relative to these Fibonacci thresholds. This visual design allows traders to quickly assess whether volume is at relatively low, average, or high levels compared to its recent activity.

The indicator's main purpose is to identify potential volume-based support/resistance zones and gauge the intensity of buying or selling pressure through the lens of Fibonacci ratios.