Volume Speed [By MUQWISHI]

Jan 3

▋ INTRODUCTION :
The “Volume Dynamic Scale Bar” is a method for determining the dominance of volume flow over a selected length and timeframe, indicating whether buyers or sellers are in control. In addition, it detects the average speed of volume flow over a specified period. This indicator is almost equivalent to Time & Sales (Tape) [By MUQWISHI].

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▋ OVERVIEW:


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▋ ELEMENTS

(1) Volume Dynamic Scale Bar. As we observe, it has similar total up and down volume values to what we're seeing in the table. Note they have similar default inputs.
(2) A notice of a significant volume came.
(3) It estimates the speed of the average volume flow. In the tooltip, it shows the maximum and minimum recorded speeds along with the time since the chart was updated.
(4) Info of entered length and the selected timeframe.


(5) The widget will flash gradually for 3 seconds when there’s a significant volume occurred based on the selected timeframe.

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▋ INDICATOR SETTINGS:

(1) Timezone.
(2) Widget location and size on chart.
(3) Up & Down volume colors.
(4) Option to enable a visual flash when a single volume is more than {X value} of Average. For instance, 2 → means double the average volume.
(5) Fetch data from the selected lower timeframe.
(6) Number of bars at chosen timeframe.
(7) Volume OR Price Volume.

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▋ COMMENT:
The Volume Dynamic Scale Bar should not be taken as a major concept to build a trading decision.


Please let me know if you have any questions.
Thank you.

Jan 25

Release Notes

• Rectified speed unit.
  
• Changed the word 'Table' to 'Widget' for indicator settings.
  

Feb 26

Release Notes

• Renamed indicator to “Volume Speed”.
  
• Created options to customize background and text colors.
  
• Added an (ON/OFF) option for making bar scale spaced.
  
• Included the sum of Total Volume.
  
• Added tooltips and info.
  

May 19

Release Notes

Integrated the ColorLab library into the script.