Indicator: HawkEye Volume Indicator

HawkEye volume, developed by Nigel Hawks, is supposed to be a premier VSA indicator. Documentation on this is scarce (looks like the training seminars/sessions conducted by the parent company cover this in detail), if you come across any (other than what I have mentioned on that chart) do let me know.

I am not sure how much this resembles the commercial indicator out there as I don't have access to one (noticed the "clone" part? :) ). This is a direct port of a similar MT4 indicator. If you have access to the commercial indicator in another platform, do post some comparison results.

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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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Want to use this script on a chart?
// @author LazyBear
// If you use this code, in its original or modified form, do drop me a note. Thx. 
study("HawkEye Volume Indicator [LazyBear]", shorttitle="HVI_LB")

volumeA=sma(volume, length)


u1 = mid1 + (high1-low1)/divisor
d1 = mid1 - (high1-low1)/divisor

r_enabled1 = (range > rangeAvg) and (close < d1) and volume > volumeA
r_enabled2 = close < mid1
r_enabled = r_enabled1 or r_enabled2

g_enabled1 = close > mid1
g_enabled2 = (range > rangeAvg) and (close > u1) and (volume > volumeA)
g_enabled3 = (high > high1) and (range < rangeAvg/1.5) and (volume < volumeA)
g_enabled4 = (low < low1) and (range < rangeAvg/1.5) and (volume > volumeA)
g_enabled = g_enabled1 or g_enabled2 or g_enabled3 or g_enabled4

gr_enabled1 = (range > rangeAvg) and (close > d1) and (close < u1) and (volume > volumeA) and (volume < volumeA*1.5) and (volume > volume[1])
gr_enabled2 = (range < rangeAvg/1.5) and (volume < volumeA/1.5)
gr_enabled3 = (close > d1) and (close < u1)
gr_enabled = gr_enabled1 or gr_enabled2 or gr_enabled3

v_color=gr_enabled ? gray : g_enabled ? green : r_enabled ? red : blue
plot(volume, style=histogram, color=v_color, linewidth=5)