**Volex** is a trading system that uses changes in volatility to indicate a change in prices. It analyses average true ranges to detect unusual price action.

The **Volex** indicator can be used to confirm trends or changes in direction. Continuing trends will usually display lower levels of volatility, while higher levels of volatility will frequently be encountered around changes in direction.

The calculation of **Volex** starts with a **True Range** determination of each interval in a user defined **Period**. Refer to the Average True Range Indicator's help topic for a description of the **True Range** calculation.

The true ranges for the entire user defined **Period** are then averaged. The resulting **Average True Range (ATR)** for the period is then multiplied by the user defined **ATR Multiple**.

The result is then added to the current interval's **High** and this amount is plotted as the upper **Volex** line.

The result is then subtracted from the current interval's **Low** and this amount is plotted as the lower **Volex** line.

Increasing the number of periods will smooth out the line. **Decreasing** the number will make the lines more responsive to current prices.

The user can set the number of periods to use in the **Volex** calculation.

The more periods used, the smoother the **Volatility** display will be.

Type in a whole number in the **Periods** text box in the **Parameters** tab of the **Volex Properties** dialog box.

The **ATR Multiple** will control the spread between the two lines.

The **Volex Range** is displayed in an indicator window below the price chart.

The exact display of the plot is controlled on the **Plots** tabbed page of the **Volex Properties** dialog box.

The **Style** selected for the plot can be one of the following: **Solid, Dashes, Dots, Points, Histogram** or **Step**.

Once the style is selected the **Color, Weighting** and **Visibility** can also be controlled from this page.

The **Scale's** display is controlled from the **Scale Settings** and **Scale Appearance** tabbed pages.

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