Get started
mob.alender

Candle Volume (Alender)

mob.alender  
Candlestick analysis relativevolume
38
0
candlestickanalysis relativevolume
Candle Volume by Alender is an indicator that changes the color of candles depending on the volume.
If you use VSA (Volume Spread Analysis) - this indicator will allow you to quickly assess the market situation.

For plotting, a moving average by volume for the specified period is used. Volume/Average * 100 - percentage of the current volume from the average.

* If the current volume is less than the average - the candle will be proportionally (0-100%) lighter than red (for bearish candles) or green (for bullish candles). For 0% - the candle is as light as possible.

* If the current volume is greater than the average, the candle will be proportionately (100-400%) darker than red (for bearish candles) or green (for bullish candles). For 400% and more - the candle is as dark as possible.
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.

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.

Want to use this script on a chart?