Volume, Relative Volume Highlight — Indicator by Lupo_Investing

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volume simplemovingaverage relativevolume

The indicator plots regular volume bars.
The highlight is given by the current cumulative volume for the day, compared to a custom average (standard 20 periods). The stronger the color, the higher the relative volume is. Stocks moving of higher relative volume have higher chances of making predictable moves.

Release Notes: Added statement to avoid "Internal Server Study Error" on 1 minute chart.

Simplified the code overall

Modified color palette for better differetiantion of levels

Release Notes: Added input box for custom relative volume threshold

Minor fixes to plot to maket it more readable

Release Notes: Changed display image

Release Notes: Corrected formatting error on 1 min scale

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.

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Comments

Edit: The script works from 5 minutes to 120 minutes timeframes

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Hello, thank you for sharing this volume indicator.
Is it possible to highlight the volume of the current bar if the previous bar has a lower volume?

It will be helpful for some VSA signals.
Please let me know,
Thank you.

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dmitry089234

@dmitry089234, do you mean in general or when the high relative volume threshold is active?

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