SteynTrade

Colored Volume Bars with Standard Deviation from the Mean

I have updated the indicator to help visualize volume . The percentage scale is based on a 21 period look back average . The colored volume bars represent volumes that exceed specified standard deviation of this 21 period average as indicated in the figure. The deviation bands are based on a the 55sma of the 21 period average (brown line). A 8 period sma of the 21 moving average (red line) is also indicated.
Remove from Favorite Scripts Add to Favorite Scripts
//
// @PVSA volume indicator -SteynTrade_v4
//
study("Colored Volume Bars with Standard Deviation from the Mean", shorttitle="Volume Deviation_V4")
lookback=input(21,minval=1, title="Time Frame Base")
showMA=input(true)
lengthMA=input(8,minval=1, title="Signal Ocsillation")
lengthband=input(55,minval=1, title="Base Oscillation")
hline(0, linewidth=1, color=black)
hline(100, title="100", color=green)
v1=volume
c1=close
o1=open

avvol=sum(v1, lookback)/lookback
pervol=(v1-avvol)/avvol*100
signal=sma(pervol, lengthMA)

vstd=stdev(pervol,lookback)

c=	iff(c1>o1 and pervol>(1.664 * vstd), green,
	iff(c1>o1 and pervol>(0.994*vstd), olive, 
	iff(c1<o1 and pervol>(1.644 * vstd), red,
	iff(c1<o1 and pervol>(0.994*vstd), orange, 
	iff(pervol<-(1.281*vstd),fuchsia, gray)))))

plot(pervol, style=histogram, color=c, linewidth=3)
plot(signal, style=line, color=red, linewidth=2)

ma=sma(pervol,lengthband)
offs=(1.644 * stdev(pervol, lengthband))
offs2=(0.994*stdev(pervol, lengthband))
up=ma+offs
up2=ma+offs2
dn=ma-offs2
dn2=ma-offs
mid=(up+dn2)/2
plot(showMA?up:na, color=black)
plot(showMA?dn:na, color=gray)
plot(showMA?ma:na, color=maroon)
plot(showMA?up2:na, color=gray)
plot(showMA?dn2:na, color=black)
coondawg71 PRO
4 months ago
Love the creativity using standard deviations. Nice work. Check out my Arbitrary Price Pivot tool, same kind of concept.
+1 Reply
SteynTrade coondawg71
4 months ago
Thanks, will check it out.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out