Bob-Lablaw

Multi-Volume

Bob-Lablaw Updated   
This indicator displays volume in several formats:

Volume Bar Format:
  • Normal Volume: Shows the normal volume bar colors based on each candle's price direction
  • Up/Down Volume: Breaks down each volume bar into buying volume (volume added when price goes up) and selling volume (volume added when price goes down)
  • Volume Pressure: Breaks down each volume bar based on the length of the candle and its "pressure wick". See below for more information.

Flip Down Volume:
The down volume bar will be displayed below the center line.

Show Delta:
When selected with "Up/Down Volume" or "Volume Pressure", a small line will be displayed at the net volume (difference between up and down volume).

Projected Volume:
Instead of current volume, it will show expected volume at end of candle based on volume per second.

Volume Pressure:
On a green candle:
  • The red part represents the upper wick, the volume as the price comes back down from its high
  • The green part represents the rest of the candle, the volume as the price goes up from its low to the close

On a red candle:
  • The green part represents the lower wick, the volume as the price comes back up from its low
  • The red part represents the rest of the candle, the volume as the price goes down from its high to the close

To Update to Latest Version:
To update to the latest version, just close the indicator and add it again.
Release Notes:
Added SMA, EMA and HMA moving averages for volume. When the Down volume is flipped, it will show separate moving averages for Up and Down volume.
Release Notes:
Fixed problem with volume bars jumping around when switching between tickers. Added a hidden scale line that keeps them relatively consistent.
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.

Disclaimer

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