This script is a collaboration with Tradingriot. It improves the regular volume indicator by coloring the bars based on different criteria to provide additional insights into market activity.
Coloring conditions are calculated using a combination of relative volume (current trading volume relative to past trading volume) and price movements (candle high-low range):
1. **High Volume**: This is represented by bars that exceed a user-defined relative volume (RVOL) or are the highest volume over a certain lookback period. They often signal a start or the end of a price move. 2. **Low Volume**: These are bars where volume is lower than a certain RVOL or is the lowest volume over a certain lookback period. Low Volume bars often act as weak spots that later get filled. 3. **Churn Bars**: Churn bars represent periods where there is a lot of volume, but little price movement. They often signal a start or the end of a price move.
Thanks for this great indicator ! Is it possible to add alarms based on this indicator as suggested in the 2 previous comments? Thanks!
DrRodrigoBatista
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Just wonderful! Using it in the right context will increase your proficiency. Thanks for amazing job!
Tip: Is it possible to add alarm to the relative volume candle, such as "Volume Extension Indicator"?
deadzi
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Please add alerts for different type of candles
davidoh50
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Thank you for this amazing indicator! Would it be possible to add alerts for different volume bar types? That would be absolutely fantastic!
Shotokhan
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Suggestion: I think this would be 10 times more comfortable if we could use it like the classic "volume indicator" on the background of the chart.
question: Why "churn bars"? what's the relation you gave in your indicator between volume and the fact they have wicks (if I understand well)? and why did you differentiate them from high and low volume? in this example we have high volume candles with wicks as well and are blue
drdgvhbh
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Can you guys do one for heikin ashi as well?
CryptaNamix
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This is an incredibly useful indicator, great work
Deyannkeyz
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thanks a lot for all your works dude. you good at this !
sotovivan
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I join in the excitement. A very useful indicator, creating alerts for a combination of bars or at least for types of bars would further improve the quality of the product.