OPEN-SOURCE SCRIPT
Updated Volume Surge [Veilflame Lara]
**Volume Surge [幻焰]** is designed to identify candlesticks with volume that is significantly above the recent average.
The surge threshold is inspired by the standard normal distribution: **z = 1.2816** represents the **90th percentile**, meaning the candle’s volume is higher than roughly 90% of the sample, or close to the top 10% highest-volume events.
Because volume surge candles often suggest institutional participation, the open price of a surge candle can become an important level. This indicator marks that open price with a dotted line, representing a potential area institutions may defend.
When price later tested that level, the line changes to a faded gray, indicating that the liquidity has been taken.
The surge threshold is inspired by the standard normal distribution: **z = 1.2816** represents the **90th percentile**, meaning the candle’s volume is higher than roughly 90% of the sample, or close to the top 10% highest-volume events.
Because volume surge candles often suggest institutional participation, the open price of a surge candle can become an important level. This indicator marks that open price with a dotted line, representing a potential area institutions may defend.
When price later tested that level, the line changes to a faded gray, indicating that the liquidity has been taken.
Release Notes
Optimize loading speed and storageRelease Notes
Layout fixedRelease Notes
Indicator name updatedRelease Notes
Chart updatedOpen-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.