I've been using the Klinger Oscillator lately and find it to be very helpful. This oscillator is a construct of volume and used to determine whether it (volume) is confirming price changes. I just haven't been satisfied trying to read volume bars, OBV, or up/down volume so I trolled through the Tradestation forums and dug this out.
The Klinger Oscillator (KO) uses the high-low price range (movement), volume (force), and Accumulation (sum of the bar's high+low+close = greater than the previous bar)/Distribution (H+L+C = less than previous bar). When the sums are equal the trend is maintained.
Volume force is converted into an oscialltor that represents the difference between a 34- & 55-period exponential moving average and uses a 13-period trigger.
From what I have read, the KO works well when going with the trend, but not as effective going against it. When the KO diverges with the price action, especially on new highs/lows in overbought/oversold territory.
So, on the short time-frame (5-min. chart) we use an 89- or 100- EMA to determine our trend. If price is greater than the 100-EMA the trend is up, vice versa when price is below the 100-EMA. If the trend is up you look for the KO to dip deep under the zero line and a cross of the trigger would be a buy signal. If the trend is down, look for the KO to rise up above the zero-line and a crossing of the trigger is a short signal.
Scalping can be accomplished with confirmation of overbought/oversold price conditions and a crossing of the trigger lines.
Here are two examples I just pulled of today's price activity in AAPL & FSLR.