OPEN-SOURCE SCRIPT
Volume Zones Multi-Timeframe Overlay
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At its core, this indicator is a variation of my other indicator, Welkin Advanced Volume Overlay (for VSA )
This version is based on the power of multi-timeframe analysis. The basic functionality is simple: Plot lines from the high and low of candles formed during periods of high volume and fill the space between them. The volume levels for deciding what counts as "high volume" are based on standard deviations of the volume's SMA , and the higher the volume , the brighter the zone. i.e., a volume zone set by a volume level that is 4 standard deviations higher than average will be more "filled in" and less transparent than a volume zone from a 2 standard deviation candle.
These zones tend to act as areas of congestion, and the "ceilings" and "floors" of the zones as support and resistance . Overlapping zones tend to indicate strength and are likely to require more effort to get through. The more timeframes that agree with each other, the stronger the zone, ceiling, or floor.
By default, these zones are drawn based on the chart's timeframe and 1 timeframe higher, automatically set based on some "standard" values:
1m -> 5m
5m -> 15m
10m -> 30m
15m -> 60m
30m -> 60m
60m -> 1d
1d -> 1w
Finally, both the base timeframe and the higher timeframe are customizable; this is intended to make it easy to "double" up copies of the indicator to fit even more timeframes on the chart, creating a sort of heatmap for volume price analysis.
An example of three copies of the indicator, showing volume zones from 6 different timeframes.
This version is based on the power of multi-timeframe analysis. The basic functionality is simple: Plot lines from the high and low of candles formed during periods of high volume and fill the space between them. The volume levels for deciding what counts as "high volume" are based on standard deviations of the volume's SMA , and the higher the volume , the brighter the zone. i.e., a volume zone set by a volume level that is 4 standard deviations higher than average will be more "filled in" and less transparent than a volume zone from a 2 standard deviation candle.
These zones tend to act as areas of congestion, and the "ceilings" and "floors" of the zones as support and resistance . Overlapping zones tend to indicate strength and are likely to require more effort to get through. The more timeframes that agree with each other, the stronger the zone, ceiling, or floor.
By default, these zones are drawn based on the chart's timeframe and 1 timeframe higher, automatically set based on some "standard" values:
1m -> 5m
5m -> 15m
10m -> 30m
15m -> 60m
30m -> 60m
60m -> 1d
1d -> 1w
Finally, both the base timeframe and the higher timeframe are customizable; this is intended to make it easy to "double" up copies of the indicator to fit even more timeframes on the chart, creating a sort of heatmap for volume price analysis.
An example of three copies of the indicator, showing volume zones from 6 different timeframes.
Nota Keluaran
Updated comments to conform with house rules.Nota Keluaran
- Added previous zone plotting for the base timeframe.
- Reordered drawing to prioritize base timeframe (draw it on top).
- Added auto settings for 2m/3m -> 5m timeframes.
Nota Keluaran
Split up visibility settings for each volume level (lines and fills) and improved settings panel layout some.Nota Keluaran
- Updated to PineScript v5
- Set minimum fill level to 0 from 10.
Nota Keluaran
- Changed the default color for higher timeframe volume zones to improve readability.
- Disabled Above Average volume zones by default.
- Updated settings input panel layout.
- Changed the "Above Average" volume level threshold calculation (from 1 standard deviation above average to just above average)
- Added toggles for each individual volume level threshold.
Skrip sumber terbuka
Dalam semangat sebenar TradingView, penulis telah menerbitkan kod Pine ini sebagai sumber terbuka supaya pedagang dapat memahami dan mengesahkannya. Sorakan kepada penulis! Anda boleh menggunakan perpustakaan ini secara percuma, tetapi penggunaan semula kod dalam penerbitan ini adalah dikawal oleh Peraturan dalaman. Anda boleh menyukainya untuk menggunakannya pada carta.
Thanks for using my indicators; I hope they make you money! Check out the website link for more, and thanks for your support!
Penafian
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