Colored Volume Bars standard deviation from mean — Indicator by SteynTrade

volume volumespikeanalsis volumespike volumepriceanalysis volumes

The colour bars:
Green: Price up - Volume > 2 x STD of last 21 bars
Blue: Price up - Volume > 1 x STD of last 21 bars
Maroon: Price down - Volume > 2 x STD of last 21 bars
Purple: Price down - Volume > 1 x STD of last 21 bars
Grey: not high volume bar
Green line: 2 bar sma
Red line: 8 period sma of the greenline
Bollinger band: 55 period sma of the 21 period sma with bands 1.618 deviation from the mean

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

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

//
// @PVSA volume indicator -SteynTrade
//
study("Colored Volume Bars standard deviation from mean", shorttitle="Volume Deviation")
lookback=input(21)
showMA=input(true)
lengthMA1=input(2)
lengthMA2=input(8)
lengthband=input(55)

v1=volume
c1=close
o1=open

vsma1=sma(v1,lengthMA1)
vsma2=sma(vsma1,lengthMA2)
vsma3=sma(v1[lookback],lookback)
vstd=stdev(v1[lookback],lookback)

c=	iff(c1>o1 and v1>(vsma3+(2 * vstd)), green,
	iff(c1>o1 and v1>(vsma3+vstd), blue, 
	iff(c1<o1 and v1>(vsma3+(2 * vstd)), maroon,
	iff(c1<o1 and v1>(vsma3+vstd), purple, gray))))
plot(v1, style=columns, color=c)
plot(vsma1, style=line, color=green)
plot(vsma2, style=line, color=red, linewidth=2)


ma=sma(vsma1,lengthband)
offs=(1.68 * stdev(vsma1, lengthband))
up=ma+offs
dn=ma-offs
mid=(up+dn)/2
plot(showMA?up:na, color=black)
plot(showMA?dn:na, color=black)
plot(showMA?mid:na, color=blue, linewidth =2)