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shtcoinr

Volume Based S/R

shtcoinr  
Volume Volatility support Support and Resistance Supply Zone Demand Zone
2110
22
volumestudies volatility support supportandresistance supplyzone demandzone
I got a question if it would be possible to Automatically draw S/R levels based on Volume rather than RSI as I had earlier done in this script;
RSI Based Automatic Supply and Demand
Well it certainly is and it looks as though it might even be tradeable.

The indicator compares the size of volume bars so that if there is a noticeable increase in volume (noticeable here meaning above the indicator threshold) it marks the bar high and low prior to the bigger volume candle.
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.

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