Vol color bars — Indicator by IldarAkhmetgaleev

Highlight bars according it's volume releative to near candles. This script usefull for VSA trading.
Red bar - extrime high volume
Orange bar - volume is high
Grayish bar - volume is normal
Green bar - volume is low
Blue bar - almost no volume

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="Vol color bars", shorttitle="VolBar", overlay=true)
std_len = input(40, minval=5, title='Deviation lenght')
thresshold1 = input(200, minval=0, title='Thresshold 1') / 100
thresshold2 = input(300, minval=0, title='Thresshold 2') / 100
thresshold3 = input(50, minval=0, title='Thresshold Low 1') / 100
thresshold4 = input(25, minval=0, title='Thresshold Low 2') / 100

color1 = #FF0000
color2 = #FF9100
color3 = #888818
color4 = #00DD23
color5 = #0099FF

avg = stdev(volume, std_len)
highvol1 = volume > avg * thresshold1
highvol2 = volume > avg * thresshold2
lowvol1 = volume < avg * thresshold3
lowvol2 = volume < avg * thresshold4

color = highvol2 ? color1 : highvol1 ? color2 : lowvol2 ? color5 : lowvol1 ? color4 : color3 

barcolor(color)

// upbar = close[1] - close
// plotarrow(upbar, transp=60, colorup=red, colordown=green)