OPEN-SOURCE SCRIPT
GC Overlay Pro v3.2
GC Overlay Pro
Ghost Candle Volume Visualization
GC Overlay Pro is a volume visualization indicator that integrates statistical volume analysis directly into price candles. Instead of relying solely on a separate volume histogram, this indicator adjusts candle transparency based on the relative significance of each bar's volume.
The goal is to make important volume events immediately visible on the chart while reducing the need to constantly reference a separate volume indicator.
Features
Statistical Volume Analysis
Uses Z-Score calculations to identify statistically significant volume events rather than simple volume comparisons.
This allows volume to be normalized across:
Futures
Equities
ETFs
Forex
Crypto
and across different market conditions.
Ghost Candle Visualization
Price candles remain bullish or bearish according to their normal direction.
Only the transparency changes.
Higher volume candles become more visible while lower volume candles fade into the background.
This creates an immediate visual representation of market participation.
Volume Classification
Each candle is classified into one of four categories:
Classification Default Z-Score
Extra High Volume > 2.0
High Volume > 1.25
Normal Volume > 0.50
Low Volume ≤ 0.50
Hybrid Rendering
The indicator uses separate rendering for:
Candle body
Candle border
Candle wick
This creates a more natural ghost-candle appearance that closely mimics native TradingView candle rendering.
Alert Conditions
Built-in alerts are included for:
Bullish High Volume
Bullish Extra High Volume
Bearish High Volume
Bearish Extra High Volume
Typical Uses
Breakout Confirmation
Strong breakouts often occur on High or Extra High Volume.
The most visible candles on the chart frequently correspond to institutional participation.
Pullback Analysis
Low-volume pullbacks often appear as heavily faded candles.
These can indicate a lack of conviction against the prevailing trend.
Support and Resistance Validation
Volume reactions at:
Weekly levels
TPO references
Camarilla pivots
Prior session highs and lows
become easier to identify.
Volume Price Analysis (VPA)
Useful for traders applying:
Volume Spread Analysis
Volume Price Analysis
Auction Market Theory
Market Profile
TPO
Default Settings
Lookback Length: 7
Standard Deviation Length: 20
Extra High Threshold: 2.0
High Threshold: 1.25
Normal Threshold: 0.50
Transparency:
Extra High: 0
High: 35
Normal: 70
Low: 95
Notes
This indicator does not generate trading signals.
It is intended to provide additional context for price action and volume interpretation.
Volume should always be analyzed alongside market structure, support and resistance, trend context, and other tools.
Ghost Candle Volume Visualization
GC Overlay Pro is a volume visualization indicator that integrates statistical volume analysis directly into price candles. Instead of relying solely on a separate volume histogram, this indicator adjusts candle transparency based on the relative significance of each bar's volume.
The goal is to make important volume events immediately visible on the chart while reducing the need to constantly reference a separate volume indicator.
Features
Statistical Volume Analysis
Uses Z-Score calculations to identify statistically significant volume events rather than simple volume comparisons.
This allows volume to be normalized across:
Futures
Equities
ETFs
Forex
Crypto
and across different market conditions.
Ghost Candle Visualization
Price candles remain bullish or bearish according to their normal direction.
Only the transparency changes.
Higher volume candles become more visible while lower volume candles fade into the background.
This creates an immediate visual representation of market participation.
Volume Classification
Each candle is classified into one of four categories:
Classification Default Z-Score
Extra High Volume > 2.0
High Volume > 1.25
Normal Volume > 0.50
Low Volume ≤ 0.50
Hybrid Rendering
The indicator uses separate rendering for:
Candle body
Candle border
Candle wick
This creates a more natural ghost-candle appearance that closely mimics native TradingView candle rendering.
Alert Conditions
Built-in alerts are included for:
Bullish High Volume
Bullish Extra High Volume
Bearish High Volume
Bearish Extra High Volume
Typical Uses
Breakout Confirmation
Strong breakouts often occur on High or Extra High Volume.
The most visible candles on the chart frequently correspond to institutional participation.
Pullback Analysis
Low-volume pullbacks often appear as heavily faded candles.
These can indicate a lack of conviction against the prevailing trend.
Support and Resistance Validation
Volume reactions at:
Weekly levels
TPO references
Camarilla pivots
Prior session highs and lows
become easier to identify.
Volume Price Analysis (VPA)
Useful for traders applying:
Volume Spread Analysis
Volume Price Analysis
Auction Market Theory
Market Profile
TPO
Default Settings
Lookback Length: 7
Standard Deviation Length: 20
Extra High Threshold: 2.0
High Threshold: 1.25
Normal Threshold: 0.50
Transparency:
Extra High: 0
High: 35
Normal: 70
Low: 95
Notes
This indicator does not generate trading signals.
It is intended to provide additional context for price action and volume interpretation.
Volume should always be analyzed alongside market structure, support and resistance, trend context, and other tools.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.