KivancOzbilgic

Volume Based Coloured Bars

Volume Based Coloured Bars:

Most of the time traders are confused about if the price movements were supported by VOLUME .
This indicator colors the bars into volume weighted signals...

When prices go down bars are red and contraversely when up, bars are green. Additionally we have two more colors for each
situation:

PRICE BARS ARE:

DARK RED when prices go down and VOLUME is bigger than 150% of its (default 21 day) average, that indicates us price action is supported by a strong BEARISH VOLUME

RED when prices go down and VOLUME is BETWEEN 50% AND 150% of its (default 21 day) average, at this situation we can think that volume is neither strong nor weak

ORANGE when prices go down and VOLUME is just less than 50% of its (default 21 day) average, so the volume is weak and doesn't support the price action much




DARK GREEN when prices go UP and VOLUME bigger than 150% of its (default 21 day) average, that indicates us price action is supported by a strong BULLISH VOLUME

GREEN when prices go UP and VOLUME is BETWEEN 50% AND 150% of its (default 21 day) average, at this situation we can think that volume is neither strong nor weak

LIGHT GREEN when prices go UP and VOLUME is just less than 50% of its (default 21 day) average, so the volume is weak and doesn't support the price action much


21 day Simple Moving Average used as default value which can be changed in the settings menu,

21 day is considered as a month for STOCK Markets, it would be more accurate to set the value to 30 for CRYPTO CURRENCIES

Release Notes: light green color updated...
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
Twitter: @kivancozbilgic
Youtube: http://youtube.com/c/kivancozbilgic

Comments

Hello thank you so much for this script it is the most amazing one! So accurate in determining bull bear pressure with volume easy to read and understand. I love you.
Is there anyway to modify the script in order to include alerts for when the candle changes color? For instance an alert To when the candle turns dark Red or dark green?
+21 Reply
Quick modification I made to be able to color red/green based on last close instead:

study("Volume Based Coloured Bars", title="VCB", overlay=true)
length=input(21, "length", minval=1)
avrg=sma(volume,length)
style = input(title="color based on:", defval="Open" ,options =)

isred = style == "Last close" ? change(close) < 0 : close < open
isgreen = not isred

highvolume = volume > avrg*1.5
lowvolume = volume < avrg/1.5
mediumvolume = not (highvolume or lowvolume)

vold1 = highvolume and isred
vold2 = mediumvolume and isred
vold3 = lowvolume and isred

volu1 = highvolume and isgreen
volu2 = mediumvolume and isgreen
volu3 = lowvolume and isgreen

cold1=#800000
cold2=#FF0000
cold3=orange

colu1=#006400
colu2=lime
colu3=#7FFFD4

color = vold1 ? cold1 : vold2 ? cold2 : vold3 ? cold3 : volu1 ? colu1 : volu2 ? colu2 : volu3 ? colu3 : na

barcolor(color)
+13 Reply
@saolof, Can you please check the line style=input(....). Getting syntax error. Can you please also explain, what is the modification you are trying to make, so that I can understand the concept.
Reply
saolof lapoghsrik
@lapoghsrik, Should have as the options in the input. It's just so you can choose between having red or green depending on Close > Open or depending on Close > Close
+1 Reply
@saolof, Thank you . Regards
Reply
Shantala saolof
@saolof, getting error

Script could not be translated from: )|E|
|EMPTY_V1|
|B|isred = style

Please check
Reply
Helllo sir, whats the best setting for 1 hour TF ? I love this volume indicator
+8 Reply
Can any one tell me, MACD Indicator Colour coding moving average i mean, Green line is 26days moving average or 9 days MA??
+4 Reply
EXCELLENT EXCELLENT MİKKEEEMMMEEEL ANLATMAYA GERENK YOKKK.HERŞEY ORTADA.
+4 Reply
You're the king. The guys on the twitter who learn to do two analyzes and follow each other as master can not even pour water in your hand. Thank you
+4 Reply