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)
Love the creativity using standard deviations. Nice work. Check out my Arbitrary Price Pivot tool, same kind of concept.
+1 Reply
SteynTrade coondawg71
Thanks, will check it out.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out