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.
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.

Want to use this script on a chart?
// @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")
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)

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


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)

offs=(1.644 * stdev(pervol, lengthband))
offs2=(0.994*stdev(pervol, lengthband))
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)


Love the creativity using standard deviations. Nice work. Check out my Arbitrary Price Pivot tool, same kind of concept.
+2 Reply
SteynTrade cooney_s
Thanks, will check it out.
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