For me, any indicator should be a visual assistant in trading and not clutter the screen with too much analysis.
Gadi_NormalizedVolume is already done (can be founf @FF “Killing Zone” thread), now I’m working on Extreme Volume Oscillator, which will show “Overbought/Oversold” extreme areas.
The challenge was to take the Volume which, like price chart, is not horizontal and make an oscillator out of it.
Now it display Extreme Volumes spikes. Since the market is “normal” most of the time (like 80%), the extremes are the remaining 20% that extends above/below the 40% lines.
The beauty of it is that its reaction is immediate and short, i.e. you can enter immediatly on breakout.
See attached. It’s a prototype and needs further development.
My suggestion to your indicator is to put extra indicative “dots” on the chart itself.