SteynTrade

Colored Volume Bars standard deviation from mean

The colour bars:
Green: Price up - Volume > 2 x STD of last 21 bars
Blue: Price up - Volume > 1 x STD of last 21 bars
Maroon: Price down - Volume > 2 x STD of last 21 bars
Purple: Price down - Volume > 1 x STD of last 21 bars
Grey: not high volume bar
Green line: 2 bar sma
Red line: 8 period sma of the greenline
Bollinger band: 55 period sma of the 21 period sma with bands 1.618 deviation from the mean
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//
// @PVSA volume indicator -SteynTrade
//
study("Colored Volume Bars standard deviation from mean", shorttitle="Volume Deviation")
lookback=input(21)
showMA=input(true)
lengthMA1=input(2)
lengthMA2=input(8)
lengthband=input(55)

v1=volume
c1=close
o1=open

vsma1=sma(v1,lengthMA1)
vsma2=sma(vsma1,lengthMA2)
vsma3=sma(v1[lookback],lookback)
vstd=stdev(v1[lookback],lookback)

c=	iff(c1>o1 and v1>(vsma3+(2 * vstd)), green,
	iff(c1>o1 and v1>(vsma3+vstd), blue, 
	iff(c1<o1 and v1>(vsma3+(2 * vstd)), maroon,
	iff(c1<o1 and v1>(vsma3+vstd), purple, gray))))
plot(v1, style=columns, color=c)
plot(vsma1, style=line, color=green)
plot(vsma2, style=line, color=red, linewidth=2)


ma=sma(vsma1,lengthband)
offs=(1.618 * stdev(vsma1, lengthband))
up=ma+offs
dn=ma-offs
mid=(up+dn)/2
plot(showMA?up:na, color=black)
plot(showMA?dn:na, color=black)
plot(showMA?mid:na, color=blue, linewidth =2)
MONEYMENOW PRO
5 months ago
Hi, I m not a coder to spot the difference but just a question.. have u posted this script twice or does the other one have changes.. Thanks..
Reply
SteynTrade MONEYMENOW
5 months ago
Hi yes. Due to a time delay, I had thought it did not post and I did it twice. I do not know how to remove the one post. So they are the same code. I posted a later version of the code
Colour Volume Bars - SteynTrade_V2
and again I did this twice. So if you have some advice on how to remove one of these posts please let me know.
Reply
MONEYMENOW PRO
5 months ago
do u use both the indicators on dialy or any tf.. also where can I get the TDO_LB.. Have u got any more or do u recommend any other indicator and oscillators.. I m new
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SteynTrade MONEYMENOW
5 months ago
Yes, when starting there are so many system, indicators and trading approaches that you can follow. You need to look at all the ideas and develop your own approach. I have developed my approach from a combination of ideas that I have found make sens to me. The two people on TradingView I follow most are @Ichimoku_Trader https://www.tradingview.com/u/Ichimoku_Trader/#published-charts and @Fxprotrader https://www.tradingview.com/u/Fxprotrader/#published-charts. The base for my strategy is the Ichimoku Kinko Hyo indicator and @Ichimoku_Trader has the best ideas on this indicator that I could find on the internet. So based on his system I have adjusted some aspects to fit some principles I believe in. So the main indicators I use are Ichimoku, Traders Dynamic Indicator (TDI), Pivot Points, the 50 & 200 smooth moving averages and this volume indicator. The volume indicator I adjusted form an idea on ForexFactory from a group that follows Price - Volume - S&R Analysis (PVSRA). The base settings I use for the 3 main indicators (Ichimoku-TDI-Volume) are the Fibonacci numbers 8, 21 and 55. Ichimoku gives the price oscillations for these 3 time periods, TDI the sentiment oscillations and this indicator the volume oscillations. So depending on the Time Frame (e.g. Daily, 4h or 1h) you are trading this will give a view as follows: the 21 (blue lines) gives what people on the specific Time Frame you have open are thinking; the 8 (red lines) what the people one Time Frame down and 55 one Time Frame higher are thinking. However, having said all this one should first study the principles of price action without any indicators. The indicators just helps to clarify an understanding of the underlying price action. If you like the Ichimoku indicator as the basis for developing your system I would start with the educational material that @Ichimoku_Traders has posted. He uses the standard Ichimoku settings of 9, 26 and 52. For the TDI indicator search under the indicators for TDI and you will find it there. You can then change the settings to 2,8,21,55 if you are following my logic about the time periods.
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