Extreme Volume

This indicator colors volume bars that are significantly higher volume than the vol moving average ( SMA ). Utilizes two multiplier that can be adjusted by user. Defaults are that the indicator colors volume bars yellow if 20% higher than average, and orange if over 50% higher than average.

Reason why i created this indicator is i typically don't care about volume unless it is significantly higher than average. I find extreme volume useful for confirmation of a breakout, etc. This is why the rest of the volume bars are gray, they are still available for reference, but I dont pay much attention until volume is higher than average.

Also, when you load this indicator it will be in its own pane below the chart. To try and figure out how to add it to same pane as the chart was a huge pain in the ass. Once you figure it out it is pretty easy. I'll try to explain below...

Next to the indicator name you have the following options ... Hide, Settings, Show Source Code{}, Delete(X), and More (3 dots)
1) Click on "More" (3 dots)
2) Click on "Move To" then chose "Existing Pane Above"
3) Volume will likely be too large. Volume scale should be on left side, use your mouse to adjust volume smaller
4) Volume will likely be in the middle of your chart, click on it and drag it down.
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?
Feel free to reach out to me @SchamBTC on Twitter or Telegram.
If you like my work you can show your support buy sending a donation to the following BTC address: 3CypEdvBcvVHbqzHUt1FDiUG53U7pYWviV


Hi, this is great, would it be possible to make the volume candles retain their original green and red colours, but just grey out what ever was below the moving average? thanks!
SchamBTC ColinB92
@ColinB92, personally i dont like the green & red bars. Because I am more concerned with combined volume and use candlesticks on the chart to tell me direction. If you want to calculate the red and green you can see how the default volume code is written by going to pine script > new > select 'volume' from the drop down. You could use a combination of that code combined with part of mine to have bar color calculate based on open and closes.
+1 Reply
how do I change line 21 to input different/multiple ma's
SchamBTC GRE666X
@GRE666X, not sure if i exactly understand the question. If you want to change the moving average length or multipliers, you should be able to do that through the inputs and not have to change the code. If you want to do multiple moving averages on the volume then you could copy line 15 and make in lengthMA1 and lenghtMA2, also make similar modifications by copying lines 21 and line 29
GRE666X SchamBTC
@SchamBTC, thanks for getting back so quickly I will try now and let you know how I get on
GRE666X SchamBTC
@SchamBTC, hi so I have been playing but still can't get this to work line 21 is my problem, v1 = sma(volume, lengthMA), rather than using sma i would like to be able to choose between different ma's lets say sma or ema now I have the calculations for both and have named the slowma. so my logic (please excuse me as i am not a coder in any way but muddling through) was to change the sma of line 21 to slowma and that would work but it comes back with " 'slowma' is not a function" which I get. is there a way around this.
SchamBTC GRE666X
@GRE666X, yes i am not a programmer and am teaching myself / learning code the same way. I know @ChrisMoody has an ultimate MA script that allows you to choose several different MA's. All his code is available for viewing, but likely older version of pine script. It is not a volume based indicator, but you can see how he coded the different MA options and try to modify my code. Hope this helps
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