colejustice

Welkin Advanced Volume Study (for VSA)

This is a translation of Welkin's Advanced Volume Study Indicator originally written for ThinkOrSwim. This version is simpler than Welkin's and attempts to streamline that basic functionality for beginners to Volume Spread Analysis.

This can be used to replace the built-in volume bar with a more advanced version that is designed to facilitate Volume Spread Analysis. The basic idea is to clearly call out areas of high and low volume that help a trader determine where to "Smart Money" may be attempting to move the market. Volume is an incredible powerful tool for the retail trader; learn how to use it.

Grey bar are Below Average volume .
Blue bars are Average Volume , from a 20sma of volume .
Orange bars are 2-sigma (or 2 standard deviations) above average.
Magenta bars are 3-sigma (3 standard deviations) above average.
The plotted lines represent these levels.

Yellow bars have relatively higher volume compared to the previous bar.

The study can also apply these same colors to the price candles themselves, as well as showing buying and selling pressure of the volume bars.
Catatan Pelepasan: Fixed bug where 2- and 3- sigma levels didn't update with changes to volume average type.
Catatan Pelepasan: 1) Added a sigma-4 level to the possible volume tiers, represented by white bars/candle colors.
Catatan Pelepasan: Added a toggle for the volume moving average plots and cleaned up some color code.
Catatan Pelepasan: Fixed a problem whereby the blue volume average MA didn't hide when intended.
Catatan Pelepasan: Added a toggle for ignoring extended hours when calculating the volume averages.
Catatan Pelepasan: Removed an obsolete settings option and cleaned up some code.

If you like this indicator, check out some of my other work here!
Catatan Pelepasan:
  • Added tooltips to better explain input options.
  • Split volume bar and moving average plot visibility levels and default the MAs to much more transparent to improve readability.
Catatan Pelepasan:
  • Upgraded to PineScript v5
  • Improved use of "security" function to improve accuracy of higher timeframe buy/sell strength.
Catatan Pelepasan:
  • Cleaned up inputs and added more customization options for colors and candle painting.

Thanks for using my indicators; I hope they make you money! Check out the website link for more, and thanks for your support!
Skrip sumber terbuka

Dalam semangat TradingView yang sebenar, penulis skrip ini telah menerbitkannya dengan menggunakan sumber terbuka supaya pedagang-pedagang dapat memahami dan mengesahkannya. Sorakan kepada penulis! Anda dapat menggunakannya secara percuma tetapi penggunaan semula kod ini dalam penerbitan adalah dikawalselia oleh Peraturan Rumah. Anda boleh menyukainya untuk menggunakannya pada carta.

Penafian

Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.

Ingin menggunakan skrip ini pada carta?