OPEN-SOURCE SCRIPT
Updated Dynamic Volume-Based Buy/Sell Indicator
This script provides a powerful volume-based indicator that visualizes buy and sell volumes, issues alerts for volume spikes, and adjusts color intensity dynamically based on volume size. It includes customizable settings for volume averaging and thresholds, making it adaptable to various trading strategies.
Release Notes
1. Buffer for Intensity Calculation: To prevent overly transparent color coding when volume is near the maximum, a buffer has been added. This ensures that even high-volume bars remain visible, maintaining clarity in volume-based color intensity.2. Customizable Color Options: Users can now customize the colors for buy volume, sell volume, and the high-volume warning highlight. This allows traders to personalize the script’s visual cues to their preferences.
3. Separate Buy and Sell Volume Plots: Instead of combining buy and sell volumes into a single plot, these are now shown separately. This offers more detailed insights into market activity, clearly distinguishing between buying and selling forces.
4. Enhanced Alert Messages: The alert system has been improved to provide more detailed information, including the current volume, average volume, and the threshold multiplier at the time of the alert. This gives traders more context when significant volume spikes occur.
5. Bug Fixes and Syntax Adjustments: The alert message has been adjusted to avoid line continuation errors, ensuring that the script compiles correctly without issues.
Release Notes
Minor alert updateRelease Notes
This Pine Script is designed to visualize the intensity of buying and selling volume based on dynamic color shading. It adjusts the color transparency of volume bars to reflect the relative volume strength, with green indicating buying volume and red indicating selling volume. The intensity of the colors increases with higher volume levels compared to the maximum volume over a specified period. The script also plots the moving average of the volume for reference and highlights volume spikes that exceed a customizable threshold, triggering an alert when such spikes occur.Release Notes
Changed to a more bright color for Average volumeOpen-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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.