FREE INDICATOR: VOLUME MOMENTUM by TheLark

For the momentum trader there are plenty of price momentum indicators, here's one that tracks the volume's momentum. Rising momentum in both price and volume is great for any momentum trader.
Add this to your chart, play with the settings, and maybe you'll notice something new!

Grab the source code here:
Installation video by @ChrisMoody here :

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·´¯`·.¸¸.·´¯`· PLEASE THUMB UP OR STAR IF YOU LIKE THIS INDICATOR! ·´¯`·.¸¸.·´¯`·
I'd like as many people as possible to get it :)

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?

study(title ="TheLark Volume Momentum",overlay=false)

//•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•//   
//                                             //
//          VOLUME MOMENTUM BY THELARK         //
//                 ~ 2-18-14 ~                 //
//                                             //
//                     •/•                     //
//                                             //
//    https://www.tradingview.com/u/TheLark    //
//     (please do not remove this heading)     //
//                                             //
//•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•//

// 

//inputs
Length = input(14,minval=1)
atype = input(1,minval=1,maxval=3,title="1=sma, 2=ema, 3=wma")
mv = input(false, title="Multiply the volume?")
cc = input(false,title="Change color?")
//calc
avg = atype == 1 ? sma(volume,Length) : atype == 2 ? ema(volume,Length) : wma(volume,Length)
avgm = mv ? (avg - avg[Length]) * volume : (avg - avg[Length])
//plot
col = cc and avgm >= avgm[1] ? #0094FF : #FF006E
plot(avgm,style=histogram,linewidth=5,color=col)