OPEN-SOURCE SCRIPT
Relative Volume Tiers
Volume bars that change colour when volume is unusual: grey is normal, orange is high, magenta is extreme. Each bar is compared with the normal volume for that time of day over the last 20 sessions, so the open and close don't get coloured every day just for being busy. I use it to see whether a move has real volume behind it. It works from 5 second charts up, and the thresholds adjust to the timeframe automatically.
This is a volume indicator that looks like the regular volume bars, but each bar is coloured by how unusual its volume is. I made it to check whether a move on the chart has real participation behind it or is happening on thin volume.
How it works
Every bar is compared to a baseline, which is the volume you would normally expect for that bar. The bar then gets one of three colours (all adjustable):
- Gray: normal volume
- Orange: high volume, above the High multiplier times the baseline
- Magenta: extreme volume, above the Extreme multiplier times the baseline
The baseline
On intraday charts the baseline is based on time of day. A bar at 9:35 is compared with the 9:35 bars of the previous 20 sessions, not with the bars right before it. Without this the open, the close and news times would get coloured every day just because they are always busy, and the quiet midday hours would never get coloured at all. This way a bar is only coloured when its volume is unusual for that time of day.
A 5 second chart only covers a day or so of history, which is not enough for this. So on 5s, 10s, 15s, 30s and 1m charts the time of day profile is built from 5 minute data, which goes back much further, and scaled down to the chart's bar size.
If a time slot does not have enough history yet (5 sessions by default), or on daily and higher charts, the indicator uses the average of the previous 20 bars instead. The current bar is never part of its own baseline.
You can choose Median or SMA for the average. Median is the default, because one news day will not keep the baseline high for weeks afterwards.
Multipliers by timeframe
Volume on small bars jumps around much more than on large ones, so one pair of multipliers does not fit every timeframe. With Auto multipliers on, the indicator picks them based on the chart timeframe (High / Extreme):
- 10s and below: 2.5 / 5.0
- 15s to 30s: 2.0 / 4.0
- 45s to 4m: 1.8 / 3.0
- 5m to 20m: 1.5 / 2.5
- 30m and above: 1.4 / 2.0
All of these can be changed in the settings. Turn Auto off to use one fixed pair on every timeframe.
Other options
- Down bars (close below open) can be drawn fainter, so you still see direction.
- Price candles can be painted in the high and extreme colours.
- The live bar can be coloured by its projected volume, which is the volume so far divided by the part of the bar that has passed. It starts after 35% of the bar by default and can change until the bar closes. The bar height always shows the real volume.
- A baseline line, plus optional High and Extreme threshold lines.
- An info label showing the current relative volume, the multipliers in use and which baseline is active.
- Alerts for high, extreme, and high or extreme volume. They only trigger on closed bars.
Setup tip
The indicator is drawn on the price chart like the built-in volume. TradingView keeps a bottom margin under custom indicators, so the bars will float a little above the bottom edge. To make them sit on the bottom, right-click the chart, go to Settings > Canvas > Margins and set Bottom to 0. The Volume height setting controls how tall the bars are. If you would rather have it in its own pane, move it there and set Volume height to 100.
Notes
- Volume shows how many traders took part in a move, not which way price will go next. A big spike after a long run can mean the move is ending rather than starting.
- On futures, volume moves to the next contract around rollover, so make sure you are looking at the contract that has the volume.
- Time of day is only used on regular time based charts. On Renko, range and tick charts the indicator uses the average of the previous bars.
This is a volume indicator that looks like the regular volume bars, but each bar is coloured by how unusual its volume is. I made it to check whether a move on the chart has real participation behind it or is happening on thin volume.
How it works
Every bar is compared to a baseline, which is the volume you would normally expect for that bar. The bar then gets one of three colours (all adjustable):
- Gray: normal volume
- Orange: high volume, above the High multiplier times the baseline
- Magenta: extreme volume, above the Extreme multiplier times the baseline
The baseline
On intraday charts the baseline is based on time of day. A bar at 9:35 is compared with the 9:35 bars of the previous 20 sessions, not with the bars right before it. Without this the open, the close and news times would get coloured every day just because they are always busy, and the quiet midday hours would never get coloured at all. This way a bar is only coloured when its volume is unusual for that time of day.
A 5 second chart only covers a day or so of history, which is not enough for this. So on 5s, 10s, 15s, 30s and 1m charts the time of day profile is built from 5 minute data, which goes back much further, and scaled down to the chart's bar size.
If a time slot does not have enough history yet (5 sessions by default), or on daily and higher charts, the indicator uses the average of the previous 20 bars instead. The current bar is never part of its own baseline.
You can choose Median or SMA for the average. Median is the default, because one news day will not keep the baseline high for weeks afterwards.
Multipliers by timeframe
Volume on small bars jumps around much more than on large ones, so one pair of multipliers does not fit every timeframe. With Auto multipliers on, the indicator picks them based on the chart timeframe (High / Extreme):
- 10s and below: 2.5 / 5.0
- 15s to 30s: 2.0 / 4.0
- 45s to 4m: 1.8 / 3.0
- 5m to 20m: 1.5 / 2.5
- 30m and above: 1.4 / 2.0
All of these can be changed in the settings. Turn Auto off to use one fixed pair on every timeframe.
Other options
- Down bars (close below open) can be drawn fainter, so you still see direction.
- Price candles can be painted in the high and extreme colours.
- The live bar can be coloured by its projected volume, which is the volume so far divided by the part of the bar that has passed. It starts after 35% of the bar by default and can change until the bar closes. The bar height always shows the real volume.
- A baseline line, plus optional High and Extreme threshold lines.
- An info label showing the current relative volume, the multipliers in use and which baseline is active.
- Alerts for high, extreme, and high or extreme volume. They only trigger on closed bars.
Setup tip
The indicator is drawn on the price chart like the built-in volume. TradingView keeps a bottom margin under custom indicators, so the bars will float a little above the bottom edge. To make them sit on the bottom, right-click the chart, go to Settings > Canvas > Margins and set Bottom to 0. The Volume height setting controls how tall the bars are. If you would rather have it in its own pane, move it there and set Volume height to 100.
Notes
- Volume shows how many traders took part in a move, not which way price will go next. A big spike after a long run can mean the move is ending rather than starting.
- On futures, volume moves to the next contract around rollover, so make sure you are looking at the contract that has the volume.
- Time of day is only used on regular time based charts. On Renko, range and tick charts the indicator uses the average of the previous bars.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.