Colored Volume per Range Bars

Shows relative volume per price range by bar colors.
Release Notes: Use log scale to calculate ranges.
Release Notes: Do not use log on volume.
Release Notes: Go back to linear price difference.
Release Notes: Algorithm rewrite.
Release Notes: Calculate price range by division.
Division works better in daily and weekly timeframes.
Release Notes: Default interval is changed.
Release Notes: Add option to use custom ticker as volume source
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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hi there sorry to bother im using your range bar indicator i like it but i'm still have some trouble on how it works can you breifly explain it and how each color works thanks
+1 Reply
@CR_FX, The indicator shows the dependence of effort (volume) and result (volatility). Red means a big effort with a small result, and blue means a small effort with a big result. In key points, usually, a struggle occurs, which is rendered as a large effort (large volume) with a small result (low volatility).
+4 Reply