OPEN-SOURCE SCRIPT

Freak Volume

Updated
Freak Volume is a technical indicator designed to identify bars with exceptionally high trading volume. It operates by calculating the mean volume over a specified period and determines high volume thresholds using both multiples of the mean and standard deviations from this mean.

High Volume Identification:
  • Standard Deviation Threshold: Bars with volume exceeding a specified number of standard deviations above the mean are highlighted within the indicator and on the corresponding candlesticks on the chart.

  • Mean Multiple Threshold: Bars with volume exceeding a multiple of the average volume are also highlighted. This highlighting is secondary to the standard deviation threshold, meaning standard deviation-based highlights take precedence.


Price Range Plotting: The indicator offers an option to display the price range of high volume candles, which may serve as potential supply and demand zones or support and resistance levels.

Freak Volume assists traders in visually identifying significant volume spikes that could indicate important market activity or potential turning points by providing multiple methods of high volume detection.
Release Notes
Added Freak Volume Alert
relativevolumeVolume IndicatorvolumeanalysisVolume

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 publication is governed by House rules. You can favorite it to use it on a chart.

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