pigloo

[PW] Volume Standard Deviation

Here is a nice little script that highlights areas of volume using standard deviation, you can choose the look back periods.

This script is based on the excellent script by: @SteynTrade -
I have simplified it a bit and made it readable to my taste using alpha to highlight high volume areas.

Enjoy.
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.

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Comments

Hi sir, many thanks for this tool, whats the indicator for the bar color ? thanks
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Thank you. I would love if you could update to option for more colors based on STD. 0-1X, 1-2X, 2-3X and 3X+ for instance. And I would love to have the option to have RVOl numbers at the Y axis instead of volume.
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Fantastic! Thanks for your excellent work.
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So the highlighted volume bars suggest that the volume was outside of one standard deviation from the mean?
Reply
pigloo JonathanKrier
@JonathanKrier

Bright : Volume > 1 x STD of the look back period.
Very Bright: Volume > 2 x STD of the look back period.
Reply