Volume Bars Color

11 Apr 2024

The Volume Bars Color indicator for the TradingView platform is a tool for visualizing trading volumes based on their values. It colors volume histograms on the chart according to their relative magnitude compared to the average volume and standard deviation.

Features:

- Volumes exceeding the average value by more than one standard deviation are considered large and highlighted in red.
- Volumes lower than the average by more than one standard deviation are considered low and displayed in orange.
- Volumes within one standard deviation of the average are considered average and marked in gray.
- Users can adjust the period for calculating the average volume.

How to Use:

- Add the indicator to your chart.
- Adjust the period for calculating the average volume using the corresponding parameter.
- Observe how trading volumes on the chart are colored based on their magnitude relative to the average volume and standard deviation.

Example Usage:
On the chart, red volume histograms indicate periods of high trading activity, orange histograms signify low trading volume, and gray histograms represent average trading volume.

Remember:
The Volume Bars Color indicator helps visualize trading volumes and identify periods with the most active or least active trading volume. However, it should be used in conjunction with other tools and analytical methods to make informed trading decisions.

9 Dis 2024

Nota Keluaran

Added Volume band colouring mean+-std deviation

13 Feb

Nota Keluaran

Added colouring of high volume candles on the chart

13 Feb

Nota Keluaran

some errors in previous version

13 Feb

Nota Keluaran

Added multiplier for finetuning volume bands. By default, volumes that deviate from the range of the mean ± sigma are highlighted. Approximately 32% of volumes fall outside this range (100% - 68%).

You can modify this range using a multiplier, for example, setting it to 2 sigmas, which would highlight only around 4.5% of volumes.

14 Feb

Nota Keluaran

Added alerts