Volume data can be interpreted in many different ways. This is a very basic script and novel idea to display volume as a chart. The purpose of this script is to visually help identify volume breakouts and other common chart patterns. While this indicator could be useful for finding big moves and early reversals it not reliable for determining the direction of the move.
Below is an example of a volume breakout:
Below is confirmation of the second ear in the batman pattern:
Lower highs and higher lows can give early signs of a reversal:
Below we can see retailers getting pumped and dumped on during the gaps while they sleep:
This struck me as a really cool idea and had a quick mod idea. Similar, but incorporates wicks and the last 4 volume bars. Seems to add some dimension to it by giving it context. I bet with some more thought into it, better ideas for highs/lows for the wicks can be developed. Check it out
@kurtsmock, Thanks for sharing. It's a really nice improvement and looks much more natural. I am keen to see what else you can come up with.
RubicPattern
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Only 5 lines of code and it seem very powerful. Thank you once again.
veryfid
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@RubicPattern, All the heavy work is done with Trading Views inbuilt ploctandle() and plotbar() functions. It's an interesting indicator that can help find cycles and loop holes within a chart but I would not use it for live trading.
Marc_Bavaria
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Maybe, it would be cool to combine this kind of Volume Indicator with the PVSRA from @TradersReality Setup and his kind to read the machine behinde the chart-scenes. ;-))
veryfid
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@Marc_Bavaria, Hi, thanks for the suggestion, I will have look into it.
A_Traders_Edge
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I dont know how I didn't try this before. Thanks for it....and ALL else you do. I knew when I saw your first script and talked with you that you were something....special. And I dont mean 'short bus' special ;)
veryfid
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@chasinalts, haha thanks for stopping by. Hope all is well :)