bullish signal on Volume shrinkage scan

[hyen52]

The price often retraces back from the recent high while the volume shrinks, typically, it is a signal to enter with the existing trend with less risk. Is there a signal or scan for this? Thanks.

Red Line - Uptrend
Green Line - Price retracement
Purple Circle- Volume Shrink

 

[BenTen]

Great! Now put that into logic and parameters that we can use to put a script together.

 

[Mawnty]

Would this make sense? Sounds like hyen52 wants to buy the pullback.

Detect price increase with volume increase over the average volume during a period, or multiple periods.
Detect price decrease with volume decrease, but price doesn't drop below the high of the prior period,
Detect price and volume increase after prior decrease as scan/buy signal.

Volume increase/decrease would have to be a adjustable factor or multiplier.