OPEN-SOURCE SCRIPT

Volume with Price Change-based Coloring

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This script presents volume as Gray bars unless there is a significant price gain or drop on that bar. This avoids the problem where there might be high volume within a time bar, but the price surges up or down and then returns near where it started. With conventional volume plots this would show as a large Red or Green bar, but the ultimate price move is somewhat arbitrary since the bar close is near the open. The script also includes a configurable moving average line and standard deviation line for visual reference.

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