BitDoctor Volume Analysis

This indicator is built on Volume and analyzes up and down volume to give you a birds eye view what kind of pressure the market has. There are several factors that go into this indicator:

UP Volume
The majority of volume for the duration of the candle was moving up.

DOWN Volume
The majority of volume for the duration of the candle was moving down.

WICK analysis
The wicks of the candles tell a story so extra analysis is given to the size of the wicks to determine absorption.

Basing the data off the high and low compared to the open and close, there's decent probability that up and down volume can be captured. There are many options available with this script as well. It will show icons to determine momentum to help traders make informed decision on the volume in the move.

Release Notes:

Scripts have been updated to adhere to Trading View version 5 requirements. No functionality changes.

Release Notes:

Implementation of custom candle colors (as an option). These colors are based on the following details:
DARK BLUE - Price action is bullish and has positive momentum
DARK ORANGE - Price action is bearish and has negative momentum
LIGHT BLUE - Conditions are improving
LIGHT ORANGE - Conditions are deteriorating
CYAN - Improving w/ Positive momentum
MAGENTA - Deteriorating w/ Negative momentum