OPEN-SOURCE SCRIPT
Updated Volume & Range Spike Diamond

Volume & Range Spike Diamond
Detect significant volume and price range breakouts directly on your chart with this intuitive indicator.
Key Features:
How It Works:
Customization Options:
Alerts Configuration:
Enhance your trading strategy by detecting high-probability breakout opportunities with this reliable indicator!
Detect significant volume and price range breakouts directly on your chart with this intuitive indicator.
This TradingView indicator highlights bullish and bearish breakout opportunities by analyzing both volume and price range spikes. Perfect for identifying strong market movements in real-time.
Key Features:
- Volume Increase Threshold (%): Customize the percentage increase in volume required to trigger a spike.
- Price Range Increase Threshold (%): Define the percentage increase in the price range for additional precision.
- Volume Lookback Period: Set the number of bars to calculate the average volume for comparison.
- Bullish and Bearish Signals: Highlights bullish spikes below bars and bearish spikes above bars using colored diamonds.
- Detailed Labels: Optionally display labels with percentage increases for volume and range.
- Alerts Integration: Receive notifications for bullish and bearish breakout conditions.
How It Works:
- The indicator compares the current bar's volume to the average volume of previous bars over the specified lookback period.
- It also evaluates the price range (high - low) of the current bar against the previous bar.
- If both volume and price range exceed their respective thresholds, a breakout condition is flagged.
- Bullish spikes are displayed with upward-pointing diamonds below the bars, while bearish spikes use downward-pointing diamonds above the bars.
- Optional labels show detailed percentage increases for both metrics.
Customization Options:
Pine Script®
// Inputs
volumeIncreaseThreshold = input.float(50, "Volume Increase Threshold (%)", minval=0, step=5)
rangeIncreaseThreshold = input.float(200, "Price Range Increase Threshold (%)", minval=0, step=5)
lookbackPeriod = input.int(5, "Volume Lookback Period", minval=1, maxval=50)
showLastLabel = input.bool(false, "Show Only Last Label")
volumeIncreaseThreshold = input.float(50, "Volume Increase Threshold (%)", minval=0, step=5)
rangeIncreaseThreshold = input.float(200, "Price Range Increase Threshold (%)", minval=0, step=5)
lookbackPeriod = input.int(5, "Volume Lookback Period", minval=1, maxval=50)
showLastLabel = input.bool(false, "Show Only Last Label")
Alerts Configuration:
- Bullish Volume Breakout: Triggered when a bullish spike is detected.
- Bearish Volume Breakout: Triggered when a bearish spike is detected.
Enhance your trading strategy by detecting high-probability breakout opportunities with this reliable indicator!
Release Notes
Added market hours configuration.Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Support me on Patreon.
👉 patreon.com/MoneyMakerTradingView 👈
👉 patreon.com/MoneyMakerTradingView 👈
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Support me on Patreon.
👉 patreon.com/MoneyMakerTradingView 👈
👉 patreon.com/MoneyMakerTradingView 👈
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.