Volume Positive20
Volume Logic for Yellow Breakout Candles
Description:
Overview
This indicator is a specialized volume analysis tool designed to work in synergy with specific price action setups. It focuses on identifying institutional volume activity during "Positive Breakout" phases, specifically when price momentum is moderate and controlled.
How it Works
The script monitors the relationship between price, its Simple Moving Average (SMA), and momentum. When a specific "Yellow Candle" setup occurs on the price chart (Price crossing over SMA with moderate momentum), this volume script highlights the corresponding volume bar in a distinct color (Yellow).
Key Features:
• Contextual Volume Coloring: Volume bars are dynamically colored based on price action. Standard bars follow bullish/bearish colors, while "Signal Volume" is highlighted to show professional interest.
• Liquidity Level Tracking: When a signal is triggered, the script plots a horizontal liquidity line (Volume Level) for a defined period. This helps traders visualize if subsequent volume is higher or lower than the initial breakout volume.
• Momentum Filtering: Unlike standard volume indicators, this tool filters out "exhaustion volume" by ensuring the price momentum is within a sustainable range (Momentum < 3).
How to Use
1. Identify the Signal: Look for the highlighted yellow volume bar.
2. Confirm with Price: Ensure the price chart shows a breakout above the SMA.
3. Analyze the Liquidity Line: Observe if the following bars maintain high relative volume to confirm the strength of the move.
Access
This is a private indicator. To gain access or learn more about the underlying strategy, please contact me via private message.
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact qshm2030 directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Disclaimer
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact qshm2030 directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.